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N350bn Fund: Experts Advise NLC To Shelve Proposed Strike

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9 years ago

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President, Microsoft International, Jean-Philippe Courtois (left) and Lagos State Governor, Akinwunmi Ambode, during a visit of Microsoft team to Government House in Lagos on Monday.

President, Microsoft International, Jean-Philippe Courtois (left) and Lagos State Governor, Akinwunmi Ambode, during a visit of Microsoft team to Government House in Lagos on Monday.

Some financial experts
have advised the NLC to shelve its proposed strike in view of the disruption it could bring to the planned injection of N350 billion to the economy this week.
The Tide learnt that the Federal Government plans to start releasing the N350 billion it intended to use quarterly to “reflate” the economy this week.
The experts said in Lagos that the strike would have ripple effects on the economy, particularly the capital market if it was not nipped in the bud.
Prof. Uche Uwaleke, the Head of Banking and Finance Department, Nasarawa State University, Lafia, said the strike was not necessary now in view of the planned injection of the fund.
Uwaleke said the release of the fund would increase activities at the equity end of the capital market.
“The major factor that will revive the stock market this week is the release of N350 billion for capital projects as widely reported last week”.
Alhaji Rasheed Yussuf, a former President, Association of Stockbroking Houses of Nigeria (ASHON), said there was the need to sustain investor’s positive reaction to the resolution of the 2016 budget impasse.
Yussuf said investors’ expectation of faithful implementation of the capital budget contributed to the current capital market rebound.
He said that implementation of capital projects would lead to creation of jobs and increased demand for goods and services.
“The overall effect will be that manufacturing companies will make more profit and that will lead to strong demand for their shares.
“So, the market is expected to continue to show a strong progress.
“When capital vote is released, it means uncompleted projects and new projects will commence,” he said.
Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., Lagos, said the release of funds would boost investors’ confidence in the capital market.
Meanwhile, the NSE All-Share Index last week appreciated by 739.43 points or 2.88 per cent to close at 26,441.03 against 25,701.60 posted in the previous week.
Also, the market capitalization, which opened at N8.841 trillion, grew by N258 billion or 2.92 per cent to close at N9.099 trillion.
Tiger Brand led the gainers’ table in percentage terms by 50.13 per cent or N2 to close at N5.99 per share.
It was followed by Diamond Bank which gained 44.29 per cent or 62k to close at N2.02, while FCMB Group increased by 30.30 per cent or 30k to close at N1.29 per share.
On the other hand, University Press topped the losers’ chart during the week in percentage terms by 14.21 per cent or 81k to close at N4.89 per share.
MRS Nigeria trailed with a loss of 9.73 per cent or N4.36 to close at N40.47, while Caverton dropped by 8.48 per cent or 14k to close at N1.51 per share.
A turnover of 1.83 billion shares worth N14.47 billion were exchanged in 20,058 deals last week in contrast to the 910.66 million shares valued at N6.41 billion traded in 15,023 deals in the preceding week.
The Financial Services sector led the activity chart in volume terms, accounting for 1.47 billion shares worth N10.69 billion in 11,038 deals.
The Conglomerate sector followed with a total of 187.03 million shares valued at
N313.29 million exchanged in 1,545 deals.
The third place was occupied by the Consumer Goods industry with turnover of 74.73 million shares worth N2.05 billion achieved in 3,633 deals.

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NPA Assures On Staff Welfare 

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1 week ago

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June 27, 2025

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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1 week ago

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June 27, 2025

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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1 week ago

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June 27, 2025

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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