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Aiteo’s spill impacted our fishing, farming- Bayelsa-Rivers communities

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Aiteo’s spill impacted our fishing, farming- Bayelsa-Rivers communities

… As OPS tasks FG on fuel subsidy removal***

The Nov. 5 oil spill from a well operated by Aiteo in Nembe has spread to communities, fishing and farming settlements in the Abureni clan in the Ogbia and the Abua/Odual Local Government Areas of Bayelsa and Rivers states respectively.

The elders and leaders of Abureni Kingdom, led by the monarch, Collins Daniel, said this during a press conference in Yenagoa on Tuesday.

Daniel said that the massive leak did not only affect Nembe communities but also his communities criss-crossing the two neighbouring council areas in both states.

He was flanked by the national president of Ogbia Brotherhood, Seiyibofa Azibalagoa; chairman of Ogbia LGA, Mr Ebinyu Turner.

Also at the event are some paramount rulers of Abureni communities, including Chief Inatimi Okiori, Chief Milton Eghoi-Ikoni, Chief James Ewa-Adisa, Chief Simeon Opuso and Chief Michael Edighotu.

Daniel listed some of the impacted communities to include, Idema, Eboh, Obeduma, Iduma, Emago-Kugbo, Akani (Oghan), Amorokeni, Amuruto I and II, Oruan (Atubo I), Emalo and Abu.

Others are Oboghe, Adueni, Emata-Theophilus (Mokili), Omomema, Ebililagh, Emata-Amoni, Emaerkirika, Emataiwaribo, Obhyoghan, Emata-Abiosi, Idumanamugbo, Emata-Inemo and Emataebi.

Daniel, while calling for succour to the communities said: “This incident is one that has led to economic losses, environmental pollution, environmental degradation, misery and diseases to our people.”

According to him, the oil firm’s management had not visited any of the communities and the king to show empathy as well as send relief materials and medical supplies to reduce the rising trauma among persons displaced by the incident.

Daniel, therefore, demanded proper clean-up of the entire Abureni communities and settlements affected by the spillage, using renowned experts and deploying international best practises.

He also called for remediation of the polluted environment and assessment of all property belonging to the people in order for the oil company to pay adequate compensation without discrimination.

“We demand the involvement of Abureni communities and their leaders in stakeholders’ meetings concerning the oil spill.

“Construction of the 25 km Ogbia Town-Iduma-Kugbo Road, being the legacy project earlier agreed to be done by SPDC (Aiteo’s predecessor).

“This will assuage the Abureni communities and improve their social relations with Aiteo.

“Justice should be done to all host, affected and impacted communities and individuals, including non-indigenes doing businesses on our land,” Collins said.

In his remarks, the chairman of Ogbia LGA, Ebinyu Turner, who commended the people of Abureni Kingdom for conducting themselves peacefully, called for thorough clean-up of the pollution and payment of compensation to the people.

Also, Mr Alagoa Morris, an Environmentalist, explained that the Santa Barbara River which was polluted by crude discharge for more than one month flows in opposite directions subject to high and low tides.

He said that the phenomenon was responsible for the spread of crude oil from the well to tributaries of Santa Barbara River and creeks in Nembe as well as Abureni settlements in Bayelsa and Rivers.

The newsmen report that the demands are sequel to the fulfilment of the pledge of support to affected communities by Gov. Douye Diri when he visited the spill site on Dec 1.

The items include 350 bags of rice, 200 bags of beans, 200 bags of garri, 100 bags of salt, 1000 cartons of noodles, 50 cartons of beverages, 50 cantons of 2 in 1 soap for bathing and 50 cantons of sugar.

The management of Aiteo had in two separate occasions within the past one month sent trucks of food items, medical supplies and cash donations to the impacted communities.

 

In another development, the Organised Private Sector of Nigeria (OPSN) has urged Federal Government to take steps to address possible socio-economic issues arising from the proposed removal of fuel subsidies.

The Chairman, OPSN, Mr Taiwo Adeniyi, made this known at a news conference on Tuesday in Lagos.

Adeniyi said that the controversy being generated by the proposed fuel subsidy removal was getting to a “crescendo”, hence, the need to guide government and other stakeholders.

“We urge that government should first, as a matter of boosting Nigerians and other stakeholders confidence and demonstrating its goodwill, address the following as a prerequisite to the total removal of the subsidy:

“The resuscitation of the four refineries that millions of dollars had been invested in their Turn Around Maintenance or outright sale of the refineries to private investors to enhance their sustainability.

“Also, specific reliefs to address the anticipated drastic reduction in the citizen’s disposable income and standard of living.

“It is expected that an increase in fuel price will have a direct and immediate consequence on transportation and costs of foodstuff, among others: a more sustainable, well-thought-out relief should be proposed.

“Specific relief to workers and organised businesses, not only to reduce the immediate effects of the increase, but reliefs that will ensure and enhance the capacity of businesses to remain sustainable and continue to provide jobs, ” he said.

The OPSN urged the government to engage critical stakeholders, including employers and organised labour, with the view to arriving at a more realistic strategy to cushion the effects of the subsidy removal on workers, employers and the generality of Nigerians.

He said also that past efforts at providing palliatives had proved to be shallow and unsustainable.

“We state that fuel subsidy removal based on the argument of international oil prices and other parameters without considering the context of those climes will be unrealistic within the context of our environment.

“The nation cannot afford any form of economic disruption and industrial disharmony as this could sound the death-knell of many organisations, ” Adeniyi said.

The chairman expressed concern over recent pronouncements by the government on reintroducing the excise duty on carbonated drinks.

He said that the economic situation which necessitated the suspension of the excise in 2009 had not abated and businesses currently face greater hardship than what was obtained in 2009.

“The introduction of the tax will be counter-productive as it will lead to further stifling of businesses in that industry.

“We, therefore, urge the government to jettison the idea of reintroducing the excise duty on carbonated drinks.

“However, it should continue to support and promote the industry to attain full recovery after the onslaught of the pandemic.

“Also, position the industry to further accommodate the teeming unemployed Nigerians, particularly the youths,” Adeniyi said.

 

 

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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