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Ajaokuta Steel Coy to Generate $1.6bn Annually – Buhari

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Ajaokuta Steel Coy to Generate $1.6bn Annually – Buhari

President Muhammadu Buhari says the Ajaokuta Steel Complex will generate 1.6 billion dollars annually and provide 500,000 estimated jobs for Nigerian youths.

Malam Garba Shehu, the Presidential spokesperson in a statement, said Buhari stated this at the Palace of the Ohinoyi of Ebiraland, which he also inaugurated as part of his one-day state visit in Okene, Kogi on Thursday.

Shehu said that the President also spoke of the determination of his administration to position Kogi as an industrial hub as well as a solid mineral power base.

The president explained how the Federal Government achieved the resolution of all legal entanglements that had bogged down the progress of the Ajaokuta Steel Complex.

According to him, the project stands to benefit the people of the state immensely.

“No other single project holds the key to unlocking this vast potential as much as the Ajaokuta Steel Complex which we inherited as a long moribund complex strangulating under a tangle of local and international commercial disputes.

“I am glad to report that as we begin to round off in office, we can genuinely say that our administration has rescued Ajaokuta from all legal disabilities.

”It is now ready for concessioning to a private investor with the right profiles to put it to work for Nigeria in general and Kogi in particular.

”The process has cost this Federal Government over 400million dollars so far, but I consider it money well spent as we move closer to achieving our objective of transforming Kogi State into Nigeria’s iron and steel powerhouse,” he said.

Buhari added: “The benefits of getting Ajaokuta Steel Complex working again are numerous. It would provide over 500,000 estimated jobs and more than $1.6 billion in annual income to the Nigerian economy.

”Nigerians can rest assured that I remain committed to seeing this process to a logical conclusion before the end of my tenure in office.”

The president said that Kogi also stood to benefit in diverse ways when the 614 km (384 miles) AKK gas pipeline which traversed the state commence operations in 2023.

He also affirmed that the All Progressives Congress (APC) had delivered on the promises to Nigerians at all levels.

He said Gov. Yahaya Bello had performed creditably in his two terms as governor of the state.

“We are an administration that prides ourselves in the fulfillment of our electoral promises to the Nigerian people, at both national and sub-national levels.

”This is why I am glad that we have an impressive array of legacy projects through your own state government as proof of our stewardship of Kogi.

“The APC Administration has indelible footprints in Kogi,” he said.

The president cited some of the projects executed by the federal government in the state to include; the Itakpe to Okene bypass, the Obajana to Kabba concrete road, and the Itakpe to Warri railway service, among others.

The Obajana – Kabba Concrete Road was built by Dangote Industries Limited under ‘roads for taxes initiate’ (Executive Order 7).

Also Read: The Crème de la Crème at Buhari’s 80th Birthday bash… 

“I am very pleased to be here today to commission several projects executed by the administration of His Excellency, Gov. Yahaya Bello,” he said.

He commended the governor for rising up to the occasion in many sectors, especially security.

”We are proud of him and I encourage the people of Kogi State to continue to support him and his team as they are working hard to ensure peace, security and development in the state.”

Projects inaugurated by the president included the Reference Hospital Okene, which boasts of the first-ever hyperbaric treatment chamber in Nigeria and the fleet of ambulances attached to it and the new Ohinoyi’s Palace at Okene.

Others were the Ganaja Junction Flyover and interchange at Lokoja; the GYB Model Science Secondary School, Adankolo, Lokoja; the Muhammadu Buhari Square (Civic Centre) at Lokoja; and a fleet of high–tech security vehicles to combat crimes and criminalities.

Earlier in his welcome address, Gov. Yahaya Bello thanked the president for showing leadership and for the various programmes and interventions which had positively impacted the state and its people.

These, the governor said, included the Itakpe – Warri Rail Line which he noted, had brought relief to travellers and business owners in the state.

Bello informed Buhari that the projects inaugurated were in response to his commitment to serve.

He stated that since his swearing – in on 27th January 2016, his administration constituted a multi-sectoral committee that went around the nooks and crannies of the State, identifying the needs of the people.

“This document has been our guide,” he stated.

While acknowledging the commitment of Buhari toward the resuscitation of the Ajaokuta Steel Complex, the governor thanked the president for his unrelenting interest in the project.

Bello also stated that his administration had cordial relationship with the traditional institution in the state, stating that the new Ohinoyi’s Palace being commissioned by President Buhari was a testimony to this.

Earlier, the Ohinoyi of Ebiraland, Dr. Ibrahim Ado, represented by the Ohi of Okengwe, Alhaji Mohammed Anage, on behalf of the traditional rulers of the Central Senatorial Zone of the State, thanked Buhari for his support to Bello’s administration.

He also commended the president for being the first sitting President of Nigeria to visit Kogi on a working visit.

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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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