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33rd Enugu International Trade Fair was hitch free – ECCIMA

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… As Exhibitors commend organisers over security arrangement***

Mr Jasper Nduagwuike, President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) has expressed satisfaction with the conduct of the 33rd Enugu International Trade Fair.

Speaking at the closing ceremony of the 12-day fair, Nduagwuike said that the chamber enjoyed the total support of its numerous exhibitors, participants and visitors.

Also read: Kebbi to host 2022 Joint Trade Fair – Commissioner

He adjudged the fair as successful and hitch-free as it did not record any form of insecurity as insinuated.

According to him, in the course of the fair, testimonies were heard, relationships were born, networks were created, orders were placed and hands were shaken over concluded business deals.

We are indeed grateful to God.

“What we have seen this year, is a pointer to the fact that what we always believed about the 34th Enugu International Trade Fair will come to pass,” he said.

Nduagwuike explained that the fair was slowly returning to the pride of place it occupied in the 80s and ’90s.

He pledged to work harder to move it higher, adding that, there was no doubt that the government would continue to cooperate with it to ensure that the fair was brought to where it ought to be.

He, however, appealed to the Federal Government, to support the fair the same way it supported Lagos and Kaduna trade fair sites.

“Even if it is due to paucity of funds, they cannot develop us to the extent they did for Lagos and Kaduna, they should at least build an exhibition hall and an administrative block for us.

“My administration has decided to build a new pavilion which will be inaugurated on or before the opening ceremony of the 34th Enugu International Trade Fair,” the president said.

Nduagwuike lauded Dangote Industries and Nigeria Breweries for sponsoring the fair, adding that they were no breaches of security throughout the fair.

The president expressed the hope that more foreign firms would participate in the 34th Enugu International Trade Fair in 2023.

“As we speak, we are proud to state that about 20 countries have already indicated their willingness to be part of next year’s fair.

“It is a fair that will have the greatest number of new participants, this year we had over 15 new firms that participated in our fairs.

”We hope to have more participants next year and by God’s grace, it will only get better,” Nduagwuike said.

Speaking at the event, the Permanent Secretary, Ministry of Commerce and Industry (MCI), Enugu State, Mr Godwin Anigbo said the insecurity in the state was not as it was being speculated.

Anigbo, represented by the Director of Administration in the ministry, Mr Nwabueze Chukwude, said Enugu was peaceful unlike other states in the South-East.

He lauded the participants for being part of the history, urging investors to invest in the state.

“Enugu state has ease way of doing business as there was no issue of double taxation in place,” he said.

The newsmen report that countries like the Republic of Namibia, China, India and Ghana attended the  33rd Enugu fair which lasted for 12 days starting from March 25 to April 6.

In the meantime, some exhibitors at the Enugu International Trade Fair have commended the organisers for putting up a water-tight security arrangement.

They spoke with the newsmen in Enugu as the fair ended on Wednesday.

Newsmen report that the trade fair, organised by the Enugu Chamber of Commerce, Industries, Mines and Agriculture (ECCIMA), opened on March 25.

One of the exhibitors, Mr Onyeka Nduka, from Fedan Investment Ltd., said the chamber needed to be commended in spite of some understandable lapses during the event.

Nduka said that it was gratifying that no case of theft or loss of personal effects was reported during the fair.

He, however, said that ECCIMA needed to do more in the area of publicity, to ensure that the people of the area got to know what was happening.

Nduka also appealed to the organisers of the fair to reduce the N200. 00 entry ticket in subsequent fairs, considering the economic situation in the country.

“Beyond this, it will also be nice if there is at least one day where buyers will have free access to the fair.

This will encourage patronage.

“We came all the way from Lagos and need to make sales.

Though we have not been meeting our expectations, we will also be here next year by the grace of God,” Nduka said.

Also, the Enugu/Ebonyi Territorial Manager, Tumy Tumy Foods Industries Ltd., Mr Mathias Ajogu, said that the bad economic situation in the country affected the fair.

Ajogu said that the 2022 edition was different from what was obtained in previous years.

“People are complaining because there is no money anywhere.

“If buyers do not come, it will discourage us, but we believe things will be better next year.

“We have been attending this trade fair and will continue to come, as no manufacturer will produce and keep, instead of selling,” he said.

Ajogu said that ECCIMA deserved commendation on the manner they organised the event without security hitches.

Another exhibitor, Mrs Helen Ajayi, said that unlike what they were hearing about the South-East in terms of insecurity, the area had been peaceful.

Ajayi said that the presence of security men in the trade fair complex made her comfortable.

 

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Economy

NGX Market Capitalisation Gains N836bn

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Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

…Tantalizers, NASCON lead the losers’ chart 

The Nigerian Exchange Ltd.(NGX) market capitalisation, which opened at N57.697 trillion on Tuesday, gained N836 billion or 1.45 percent closing at N58.533 trillion.

Also, the All-Share Index rose by 1.45 percent or 1,480 points to close at 103,524.44, as against 102,044.84 recorded on Monday.

As a result, the Year-To-Date (YTD) return rose to 38.45 percent.

Interest in Telco heavyweight and Tier-one banks such as MTN Nigeria, UBA, Access Corporation, Guaranty Trust Holding Company(GTCO), and sustained interest in Transcorp Power(TransPower) kept the market in the green.

Market breadth closed positive with 35 gainers and 14 losers.

On the gainer’s chart, UBA led in percentage terms of 10 to close at N25.30, followed by MTN by 9.98 percent to close at N243.50 per share.

Julius Berger also gained 9.71 percent to close at N61, While Access Corporation rose by 9.51 percent to close at N22.45 per share.

Veritas Kapital Assurance went up by 9.38 percent to close at 70k per share.

Conversely, Tantalizers led the loser’s chart by 7.89 percent to close at 35k, and National Salt Company of Nigeria(NASCON) trailed by 6.77 percent to close at N53.70.

Morison Industries Plc shed 6.62 percent to close at N1.41, C&I Leasing lost 6.45 percent to close at N3.48, while Cutix Plc dropped 6.30 percent to close at N2.53 per share.

However, analysis of the market activities showed trade turnover settled lower, relative to the previous session.

The value of transactions was also down by 16.76 percent.

A total of 565.79 million shares valued at N14.23 billion were exchanged in 11,519 deals,  compared to 436.90 million shares valued at N17.09 billion exchanged in 11,344 deals traded on Monday.

On the activity chart, Transcorp led in volume with 170.72 million shares traded at a value of N3.13 billion, Access Corporation followed by 48.57 million shares valued at N1.06 billion.

GTCO sold 39.04 million shares worth N165.80 million, Jaiz Bank traded 36.78 million shares valued at N72.51 million and UBA transacted 31.96 million shares valued at N796.24 million

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Economy

SIFAX Group Appoints Basil Agboarumi As Executive Director

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SIFAX Group, one of the leading business conglomerates in Nigeria with investment in Maritime, Aviation, Oil & Gas, Haulage & Logistics, Financial Services, and Hospitality, has appointed Basil Agboarumi as its new Executive Director of corporate and Intergovernmental Affairs.

Agboarumi recently completed his term as the Managing Director/CEO of the Skyway Aviation Handling Company Plc. (SAHCO Plc.), one of the subsidiaries of SIFAX Group.

Agboarumi holds a National Diploma (OND) in Mass Communication from the Federal Polytechnic, Auchi and a Higher National Diploma (HND) in Mass Communication from the Federal Polytechnic, Oko, a Master in Communications (MSc) from the Lagos State University and a Certificate in Creative Design & Digital Communications from the School of Media & Communications of the Pan-Atlantic University, Lagos. He also holds a Management Certificate in Civil Aviation from Concordia University, Montreal, Canada.

Basil Agboarumi, Executive Director, Corporate and Intergovernmental Affairs

After the privatization and subsequent takeover of SAHCOL by SIFAX Group in 2009, Agboarumi was appointed the Head of Corporate Communications to spearhead the re-branding of the new company. He was subsequently appointed the company’s Managing Director in 2018. Under his leadership, SAHCO Plc was listed on the Nigeria Stock Exchange while many airlines, both local and foreign, signed business deals with the company due to its excellent and cutting-edge services which include passenger handling, ramp handling, and cargo handling.

Agboarumi has over 25 years of professional in public relations, reputation management, brand development, media relations, business development, and government relations.

Speaking on the new appointment, Dr. Taiwo Afolabi, Chairman, SIFAX Group, said Agboarumi brings vast experience and records of achievements to his new role, adding that these qualities will help him succeed in the new role.

He said: “He demonstrated the capacity and ability to navigate different terrains as a leader during his time as the Managing Director of SAHCO. The COVID-19 pandemic hit shortly after he took over the reins at SAHCO, but he was able to steer the ship of the company to profitability despite the uncertainties that characterised the global aviation business at the time. I am convinced the Group will benefit tremendously from his wealth of experience as he assumes this new role.”

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Economy

NGX All-Share Index Crosses 100,000 Mark

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Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

…Guinness Nigeria and FTN Cocoa Processors lead the losers’ table

The All-Share Index, one of the performance indices of the Nigerian Exchange Ltd.(NGX), on Thursday, crossed a 100,000 mark for the second time in the year.

Having crossed the mark on Jan. 24, and later dropped, the All-Share Index specifically added 0.75 percent or 744 points to settle at 100,335.3, compared to 99,591.64 posted on Wednesday.

Consequently, investors gained N420 billion or 0.75 percent, as the market capitalisation which opened at N56.310 trillion, closed at N56.730 trillion.

Also, the Year-To-Date (YTD)return rose to 33.19 percent.

Improved buy interest in the shares of Dangote Sugar, MTN Nigeria, Transcorp Power, Oando Plc, and Cornerstone, alongside other top gainers drove the equity market to a positive terrain.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 9.11 percent.

However, market breadth closed negative with 33 losers and 25 gainers.

On the gainers table, Dangote Sugar and MTN led in percentage terms of 10 percent each to close at N50.60 and N201.30 per share, respectively.

Transcorp Power followed closely by 9.99 percent to close at N351.30, while Juli Plc added 9.96 percent to close at N4.97 per share.

National Salt Company of Nigeria (NSCN) rose by 9.92 percent to close at N47.65 per share.

On the other hand, Guinness Nigeria and FTN Cocoa Processors led the losers’ table by 10 percent each to close at N45.90 and N1.53 per share, respectively.

Transcorp also lost 9.95 percent to close at N17.10, Ikeja Hotel shed 9.93 percent to close at N6.08, while Redstarex declined by 9.87 percent to close at N3.38 per share.

Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

A total of 554.72 million shares valued at N17.73 billion were exchanged in 9,708 deals, compared to 416.48 million shares valued at N19.51 billion exchanged in 9,338 deals.

On the activity table, Transnational Corporation (Transcorp) led both in volume and value with 301.36 million shares traded in value of  N5.65 billion.

Sterling Nigeria sold 33.32 million shares worth N150.78 million, while FBN Holdings traded 23.21 million shares valued at N773.91 million.

Also, United Bank of Africa (UBA) transacted 18.38 million shares worth N400.29 million and Zenith Bank sold 17.08 million shares valued at N583.93 million.

Reacting, a stockbroker with Premium Capital, Mr Victor Ibrahim, said that the improved performance of the equity market was due to renewed investors’ expectations from the current government’s policies.

Ibrahim stated in Lagos that investors were keying into the future benefits of the economy by boosting their investment in the equity market.

He said, “The stock market is a leading indicator of the Nigerian economy and as such, with government policies such as the free-flow economy, investors confidence in our market has been boosted.

“The artificial scarcity of dollars in order to underprice or devalue the Naira is also another indicator.

“This is because the price of stocks in the Nigerian equity market is cheaper for foreign investors and those local investors who have dollars in reserve.

“While the Nigerian economy may presently appear tough, investors are keying into the future opportunities in the current government’s policies with the belief in the capacity of President Bola Tinubu.”

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