Business

Capita Market Operators Seek Downward Review Of Interest Rates

Published

11 years ago

August 12, 2015

L-R: Director General, Securities and Exchange Commission (Sec), Mounir Gwarzo, Executive Commissioner, Corporate Services,Sec, Hon. Zakawanu Garuba and Executive Director, Nigeria Stock Exchange, Ade Bajomo, at the second quarter post Capital Market Committee (Cmc) meeting in Lagos, recently

Some capital market operators yesterday called for downward review of the money market interest rate to boost investment at the nation’s capital market.
They told our source in Lagos that high yield of money market instruments were discouraging investors from investing in the capital market.
National Secretary, Independent Shareholders Association of Nigeria (ISAN), Mr Bayo Adeleke, said that investors were patronising long-term investment windows due to high yields offered by treasury bills (TBs) and bonds.
Adeleke said that the interest offered by money market instruments were discouraging investors from staking their money in the capital market.
He said that banks invest more on TBs and bonds due to high interest rather than lending to the real sector or investing in the capital market.
Adeleke said that developments in the economy had called for a shift in the nation’s macroeconomic management for development.
Managing Director, Compass Securities Ltd, Mr Emeka Madubuike, said the market would continue to experience fluctuations unless the incumbent government releases its economic blue print.
Madubuike said the Central Bank of Nigeria (CBN) should adopt macroeconomic measures that would boost economic activities.
He, however, called on investors to take advantage of the current low price of equities and increase their stake in the market.
“Prices are low and very good for new investors to come in and increase their stake in the market,’’ Madubuike said.
Meanwhile, the All-Share Index appreciated on Monday by 1261.44 points or 4.18 per cent to close at 31,441.71 compared with 30,180.27 posted in the corresponding period.
Also, the market capitalisation which opened at N10.345 trillion rose by N432 billion or 4.18 per cent to close at N10.777 trillion due to price gains.
Evans Medical led the gainers’ table in percentage terms, increasing by 38.39 per cent or 21k to close at 75k per share.
Transcorp increased by 29.13 per cent or 60k to close at N2.66, while PZ Industries advanced by 25.26 per cent or N6.96 to close at N34.51 per share.
On the other hand, Northern Nigerian Flour Mills topped the losers’ chart, dropping by 14.14 per cent or N2.19 to close at N13.30 per share.
Academy Press declined by 13.19 per cent or 12k to close at 79k, Paints and Coatings Manufactures went down by 13.04 per share or 15k to close at N1 per share.
Overall, 2.38 billion shares worth N18.99 billion traded in 19,769 deals last week against 1.37 billion shares valued N17.95 billion exchanged in 17,391 deals in the preceding week.
The Financial Services Industry led the activity chart with 1.99 billion shares worth N13.19 billion traded in 11,232 deals.
The Conglomerates Industry followed with a turnover of 106.53 million shares worth N425.53 million transacted in 1,150 deals.
The third place was occupied by Natural Resources Industry with 100.02 million shares valued N50.10 million achieved in 16 deals.

Business

Entrepreneur Fetes Indigenous Patronage …Tasks Govt, NDDC, Others On Procurement

Published

1 day ago

August 3, 2026

The Tide

The Managing Director, Izonbakumo Enterprise Ltd, a Bayelsa based welding and fabrication firm in Yenagoa, the State capital, Esther Bakumo Angese has commended citizens of the state for patronising her brand and products.

The entrepreneur gave the commendation yesterday while speaking with newsmen in her office, saying though female folks shy away from learning the welding and fabrication trade owing to its nature, the profession is lucrative and worthwhile.

The CEO advised against Youth idleness across the State, noting that she has been in the welding and fabrication enterprise for 14years now, adding that her passion for the trade was due to her love for designing ordinary irons into beautiful master pieces as finished products.

“I’ve been in this business for 14years now, and still counting. I did my apprenticeship with someone here in Bayelsa State. After my graduation from apprenticeship, I started in a small scale before getting to this current level.

“I’ve trained several apprentices, including two girls. One of the girls is currently doing very well in far away Ebonyi state, and I’m glad about it. I’ve also partnered with the Industrial Training Fund (ITF) in the training of apprentice.

“Women don’t really like Welding and fabrication because they felt it’s a man’s thing, but here am I by God’s infinite mercies and grace. I want to sincerely thank Bayelsans for their patronage. Some of my customers would tell me, ‘I’m buying your product because you’re from this State’. And I so again want to honestly, appreciate all of them for the patronage”, She added.

Meanwhile, Mrs Angese has charged the Bayelsa State Government, the Niger Delta Development Commission (NDDC), and the Nigerian Content Development and Monitoring Board(NCDMB), to consider the Izonbakumo Enterprise and other indigenous welding and fabrication firms based in the State for job placements in the course of contract execution which requires welding and fabrication services.

She alleged that her firm and others lack patronage from the trio of the State Government, the NCDMB and the NDDC while executing projects which involve their trade even though they have the requisite technical know-how.

“I’ve been to Government, NCDMB and NDDC project sites in different parts of this State where Welding and Fabrication are needed, but what I’ve seen and can attest to is the fact that welders and fabricators in this State are sidelined. What we see are welders from outside this State doing all Government, NDDC and NCDMB jobs in this State.

“Bayelsa Welders are far better than many of the ones I’ve seen on Government, NCDMB and NDDC project sites in various sites across this State. Ironically, it’s only when these welding contractors who are given these jobs by them fail to deliver according to specifications and timelines these welders resort to hiring our own here in the state to help them. And so while does the Government, the NDDC and NCDMB not give us these jobs instead?”, She queried.

by: Ariwera Ibibo-Howells, Yenagoa

Business

Jonathan Applauds NCDMB, China’s Model for Shaping Nigeria’s Local Content Policy

Published

1 day ago

August 3, 2026

The Tide

Nigeria’s former President, Goodluck Ebelle Jonathan has expressed satisfaction over the enactment of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010, and the attendant benefits accruing to the nation both at the federal and community levels since the emergence of the NCDMB.

The former President said this during his opening address at the 2026 edition of a programme tagged, ‘SweetCrude Dialogue, themed “Through the Python’s Eye: 70 Years of Oil and Gas Production,” at the Nigerian Content Tower (NCT), headquarters of the Nigerian Content Development and Monitoring Board(NCDMB) in Yenagoa, the Bayelsa State capital

The erstwhile Nigerian leader stated that over time, the NCDMB has assumed the critical role of business enabler, recalling that he gave assent to the NOGICD Bill which established the Board with enthusiasm and promptness in 2010.

Jonathan also said the inspiration to establish the Board was bourn out of his visit to China as head of a trade delegation to that country during his days as Deputy Governor of Bayelsa State between December 1999-2005, saying almost everything used in the Chinese oil industry was sourced locally.

He said China became a major global player in oil and gas after the massive discovery of crude oil at the Daqing Oilfield in the northeastern Heilongjiang Province in 1959, three years after a similar discovery in Otuabagi community in the Oloibiri district of present-day Ogbia Local Government Area of Bayelsa State.

He averred that the China experience set him wondering why the case of Nigeria in that sector was so completely different, noting that upon his return to Nigeria from his Chinese trip as deputy governor, he was profoundly upset over the enormous economic losses arising from near-total dependence on foreign expertise, equipment, machinery, production inputs, and technology, among other things.

The former Nigerian Leader commended the NCDMB for its successes and the organisers of the Dialogue, ‘De Mangrove Conversations’ led by Mr. Biobele Da-Wariboko, for the concept and the zeal that had brought them thus far.

“Bringing people from all walks of life to have a conversation on the oil and gas industry is critical. Community issues, ‘state dilemma demand careful attention even as the Petroleum Industry Act (PIA), 2020, has made appreciable impact”, Jonathan said.

Also Speaking, the Executive Secretary of the NCDMB, Engr. Felix Omatsola Ogbe, represented by the Director, Monitoring and Evaluation Directorate, Mr. Esueme Dan Kikile Esq, noted that the theme of the Dialogue provided a vital vintage point to evaluate the nation’s oil and gas historical journey, analyze its current milestones, and chart an ambitious path for Nigeria’s energy future.

Ogbe commended the former President for decisive action in bringing the NOGICD Act and the NCDMB into reality, pointing out that in pursuit of its core mandate, which is to “supervise, coordinate, and monitor compliance with local content metrics, deliberately building domestic capacities, while ensuring that a significant portion of industry spending is retained in Nigeria.

The Board has grown local content participation to 61 per cent in 2026, up from less than five per cent in 2010″.

The Board’s Scribe said the NCDMB’s strict enforcement of its Human Capacity Development Initiative (HCDI) Guidelines has resulted in every major industry project allocating dedicated resources toward training of Nigerian engineers, geologists, technicians, and seafarers, and that its flagship “60-40” Graduate Training Models and global technical certifications to specialized vocational training for host communities has “institutionalised a continuous pipeline of industry-ready professionals”.

On the key projects and accomplishments, both completed and ongoing, he listed the iconic 17-storey NCDMB Nigerian Content Tower (NCT), the Oloibiri Museum and Research Centre (OMRC), Nigerian Oil and Gas Park Scheme (NOGaPS), an industrial park at Emeyal one in the Ogbia local Government Area of Bayelsa State, and another at Odukpani, Cross River State.

He also mentioned other initiatives of the Board as the Gas processing infrastructure in the Gbarain hub in Bayelsa State for reliable feedstock distribution to power and industrialisation in the State and the Niger Delta region, the Polaku Gas Project Footprint, and the Brass Shipyard and Nigeria Liquefied Natural Gas (NLNG) Fertiliser Project Alignment as some of the laudable achievements of the Board.

Engr. Ogbe also listed other projects of the Board as the ‘Back-to-the-Creek Initiative’ which he said was focused on taking development, empowerment, and opportunities directly to the grassroots, where oil and gas activities have most impacted.

“By anchoring these transformative initiatives, human capital development, and high-level investments in Bayelsa State, the Board is transitioning the cradle of Nigeria’s oil history from a mere extraction zone into an active centre of commercial, technological, and industrial value retention”, he said.

In his goodwill message, the Bayelsa State Governor, Senator Douyi Diri, represented by his Deputy, Dr. Peter Akpe, stated that for a gathering to examine 70 years of the oil and gas industry in Nigeria, there could not have been a better place for the event than where it all began.

Governor Diri commended the organisers, whom he described as distinguished writers, researchers, and professionals of the Niger Delta for putting on the programme.

In a related message, Delta State Governor Sheriff Oborevwori, represented by his Chief of Staff, Prince Johnson Erijo, challenged all stakeholders to strive at all times to fulfill public expectations.

He stated that as evaluation of progress in the oil and gas industry was being undertaken, there was need for leaders to renew their commitment to host communities.

On his part, the Managing Director of the Niger Delta Development Commission (NDDC), represented by his Chief of Staff, Mr. Julius Oworibo, said the Dialogue should remind the audience where Nigeria as a nation is coming from, where she is now in terms of achievements in the oil and gas sector and benefits that have accrued to oil-and gas-producing communities as well as where as a nation, Nigeria is striving to be.

In a keynote address, Professor Ibibia Lucky Worika, of the Centre of Advanced Law Research at the Rivers State University, Port Harcourt, observed that for 70 years oil has defined Nigeria’s economy, influenced her politics, shaped its foreign relations, financed its development, fuelled conflicts, inspired innovations, and transformed Nigeria’s place in the global energy landscape.

He pointed out that the Niger Delta has borne the burden of oil and gas exploitation for 70 years and that the entire ecosystems have suffered irreversible damage.

“Environmental justice is not an optional policy aspiration, but a constitutional, moral and developmental imperative”, he said.

Earlier in his welcome address, the convener of ‘De Mangrove Conversations’, Mr. Biobele Da-Wariboko, said the group emerged out of the need to ensure that Niger Delta’s enormous resources and contributions to Nigeria’s development were not swept into historical oblivion by the swift currents of ethno-religious and hegemonic politics ravaging the nation’s polity.

by: Ariwera Ibibo-Howells, Yenagoa

Business

Vet Doctors Vow Support To Check Rabies Spread In Rivers

Published

1 day ago

August 3, 2026

The Tide

Following report of a suspected case of rabies in Rivers state,The Rivers state chapter of Nigerian Veterinary Medical Association (NVMA) has pledged it’s technical support to partner with the State Government in checking it spread the state.

Chairperson of the Association Dr Gloria Daminabo said this during a courtesy visit to the Acting Permanent Secretary Rivers state Ministry of Agriculture Mrs Tomma Oruye in her office in Port Harcourt.

She said the association is ready to support the state government with technical advice, as well as create awareness in order to ensure that it does not spread thereby constituting public c health concern capable of affecting both animal and human

“This reminds us that animal diseases can quickly become public health concern if they are not detected and contained early.

“As an association, we are ready to support the ministry with technical advice, dieses awareness, vaccination campaigns and any professional assistance required to protect both animal and human being “, she said.

Daminabo also described the Association as not merely a stakeholder but partners in the advancement of agriculture in the state.

According to her”, over the years the association has remain a dependable technical partner to the ministry

“Our members have consistently supported government vaccination campaigns across the state, particularly in bridging the manpower gaps where additional veterinary expertise was required

She said beyond field services, the association has remain a strong voice for advocacy through media engagement and stakeholders interactions, stressing the NVMA has consistently drawn attention to critical issues affecting livestock development and public health including the need for increase veterinary manpower and the establishment of a functional Government Veterinary hospital in the state.

Daminabo described NVMA as the umbrella professional body for veterinarians in Nigeria, stressing the visit was to formally introduce the Executive Committee of the state chapter as well as cement the existing relationship between the Association and the Ministry of Agriculture

“In Rivers State, our membership spans the Ministry of Agriculture, academia, the military and other security agencies, private veterinary practice, research institutions and development programmes.

“We are privileged to have experts in poultry medicine, companion animal practice, livestock production, pathology, diagnostics, epidemiology, wildlife medicine, disease surveillance, food safety and veterinary public health”, the President said.

She said the Association has remain a dependable ally with the state ministry of agriculture especially in the area of livestock development

Daminabo also called for the employment of more veterinary Doctors in the state

“We have also partnered with the Ministry during programmes such as World Food Day, World Rabies Day and other activities aimed at promoting agriculture, food security and public health awareness.

“Today, we are delighted that many of these aspirations are gradually becoming a reality”, She said.

She also commended the state Governo Sir Siminalaye Fubara for the

employment of four veterinary doctors and three laboratory personnel, as well as the establishment and operationalisation of the Rivers State Veterinary Hospital and Diagnostic Centre,

“For these achievements, we sincerely thank His Excellency, the Governor of Rivers State, Sir Siminalayi Fubara, for listening to the concerns of the veterinary profession and taking decisive action.

“These developments have been widely acknowledged within the Nigerian Veterinary Medical Association nationwide and have also received commendation from our National President, Dr. Moses Arokoyo.

“We see ourselves not merely as stakeholders but as partners in the advancement of agriculture. Whenever the Ministry calls upon us, we shall always be willing to deploy our technical expertise in the interest of animal health, public health and food security”, She added.

The association also requested for the full equipping of the Rivers State Veterinary Hospital and Diagnostic Centre, “particularly its diagnostic laboratory as accurate diagnosis remains the foundation of effective treatment and disease control.

“A well-equipped diagnostic centre will support livestock farmers, improve productivity, reduce the indiscriminate use of antimicrobial drugs, combat antimicrobial resistance and strengthen disease surveillance within the State.

The Association also presented a plaque to the Acting Permanent Secretary in recognition of her support, hospitality and commitment to strengthening agriculture and the veterinary profession in Rivers State.

By: John Bibor