Business

Capita Market Operators Seek Downward Review Of Interest Rates

Published

10 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

NPA Assures On Staff Welfare

Published

1 day ago

June 27, 2025

The Tide

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

Business

ANLCA Chieftain Emerges FELCBA’s VP

Published

1 day ago

June 27, 2025

The Tide

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

Business

NSC, Police Boost Partnership On Port Enforcement

Published

1 day ago

June 27, 2025

The Tide

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