Business

N350bn Fund: Experts Advise NLC To Shelve Proposed Strike

Published

10 years ago

May 18, 2016

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.

Business

Agency Gives Insight Into Its Inspection, Monitoring Operations

Published

5 days ago

January 12, 2026

The Tide

The Director, South South Zone National Agency for Food Drug Administration and Control (NAFDAC), Pharmacist Chujwuma P.Oligbu has said its thorough implementation of its core mandate of monitoring has no link with witch-hunting or fault finding as perceived at some quarters.

Oligbu, made this known when he spoke as as guest at the maiden Rivers state Supermarkets stakeholders’ Seminar/Workshop in Port Harcourt recently.

Rather, he said they were mere opportunities for education, correction and continuous improvement.

The Agency’s South South Boss, noted that Supermarket operators who maintain transparent records, cooperate during inspections, and promptly address identified gaps demonstrate professionalism and commitment to public health standard.

He listed the deserving essence of supermarket operation to include the key aspects of supermarket operation that deserves emphasis is product sourcing.

“Supermarkets must ensure that all regulated products stocked on their shelves are duly registered with NAFDAC and sourced from legitimate manufacturers or distributors”, he said .

According to him, the presence of unregistered, expired, counterfeit, or improper labelled products undermines consumer confidence and poses serious health risks.

He pointed out that such has the likelihood of exposeing supermarket operators to legal sanctions that could damage their reputation and financial stability.

The NAFDAC Operator, further enlightened the participants that mere registration of a particular product with the Federal agency do not guarantee absolute consumption safety.

“Temperature control, cleanliness, pest control, stock rotation, and proper shelving are not optional practice; they are essential components of compliance”, he said.

The South South zonal director also told the operators of supermarket that their employees rotine training on the basis of the product they display for sale is of utmost importance.

In her presentation a Breast Milk Nutrition Expert , Professor Alice Nte of University of Port Harcourt Teaching Hospital (UPTH), was against the body’s prime attention to breast milk substitute or baby milk in supermarkets as well as its advertisement or promotion.

Nye jerked up the importance of mothers breast milk to the newborn baby and added that it help in fighting against childhood diseases, infections and combating cancer in breastfeeding mothers.

Meanwhile, NAFDAC Deputy Director, South – South Zone , Mrs. Riter Chujwuma educated the participants on the guidelines for global listing, and the need to adhere strictly to rules guiding global listing to avoid confiscation of their imported products.

By: King Onunwor

Business

BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS

Published

5 days ago

January 12, 2026

The Tide

The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.

In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.

According to the data, more than 4.3 million new BVNs were issued within the one-year period, underscoring the growing adoption of biometric identification as a prerequisite for accessing financial services in Nigeria.

NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.

Analysts linked the growth largely to regulatory measures by the CBN, particularly the directive to restrict or freeze bank accounts without both a BVN and National Identification Number (NIN), which took effect from April 2024.

The policy compelled many customers to regularise their biometric records to retain access to banking services.

Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.

The programme has been widely regarded as a milestone in integrating the diaspora into Nigeria’s formal financial system.

A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.

However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.

The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.

Business

AFAN Unveils Plans To Boost Food Production In 2026

Published

1 week ago

January 9, 2026

The Tide

The leadership of the All Farmers Association of Nigeria (AFAN) has set the tone for the new year with a renewed focus on food security, unity and long-term growth of the agricultural sector.

The association announced that its General Assembly of Farmers Congress will take place from January 15 to 17, 2026 at the Abuja Chamber of Commerce and Industries, along Lugbe Airport Road, in the Federal Capital Territory.

The gathering is expected to bring together farmers, policymakers, investors and development partners to shape a fresh direction for Nigerian agriculture.

In a New Year address to members and stakeholders, AFAN president, Dr Farouk Rabiu Mudi, said the congress would provide a strategic forum for reviewing past challenges and outlining practical solutions for the future.

He explained that the event would serve as a rallying point for innovation, collaboration and economic renewal within the sector.

Mudi commended farmers across the country for their determination and hard work, despite years of insecurity, climate-related pressures and economic uncertainty.

According to him, their resilience has kept food production alive and positioned agriculture as a stabilising force in the national economy.

He noted that AFAN intends to build on this strength by resetting agribusiness operations to improve productivity and sustainability.

The AFAN leader appealed to government institutions, private investors and development organisations to deepen their engagement with the association.

He stressed the need for collective action to confront persistent issues such as insecurity in farming communities, climate impacts and market instability.

He also urged members to put aside internal disputes and personal interests, encouraging cooperation and shared responsibility in pursuit of national development.

Mudi outlined key priorities that include increasing food output, expanding support for farmers at the grassroots and strengthening local manufacturing through partnerships with both domestic and international investors adding that reducing dependence on imports remains critical to protecting the economy and creating jobs.

He stated that the upcoming congress will feature the launch of AFAN’s twenty-five-year agricultural mechanisation roadmap, alongside the announcement of new partnerships designed to accelerate growth across the value chain.

Participants, he said wi also have opportunities for networking and knowledge exchange aimed at transforming agriculture into a more competitive and technology-driven sector.

As part of its modernisation drive, AFAN is further encouraging members nationwide to enrol for the newly introduced Digital ID Card.

Mudi said the initiative will improve transparency, ensure proper farmer identification and make it easier to access support programmes and services.

Reaffirming the association’s long-term goal, he said the vision of national food sufficiency by 2030 remains achievable if unity and collaboration are sustained.

He expressed optimism that with collective effort, Nigeria’s agricultural sector can overcome its challenges and deliver a more secure and prosperous future.

Lady Usendi