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Gelegele beach to create 5000 jobs, developer

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Gelegele beach to create 5000 jobs, developer

…As APC Chieftain says: ‘Why we are at war with Obaseki’***

An enterprenuer and developer of the Gelegele Beach, in Ovia North East Local Governement Area of Edo, Mr Olu Omaghomi on Sunday highlighted that the beach when completed, will generate no fewer than 5000 direct and indirect jobs.

Omaghomi stated this in Benin on Sunday while speaking on the reason for embarking on the ambitious project.

He said aside creating jobs, the beach is meant to expose the tourism potential of the state to the outside world.

He said the Gelegele beach, which will be the first beach in the entire state, would cost N69  million and would open up economic activities of nine communities in the area and by extension, the state.

The developer,  who said no less than N11 million had already been expanded on the project, however, said support, in form of collaboration was needed to fast track the completion of the project.

According to him, “For now, I am solely responsible for the amount of work that has been spent here, and I dare say that a lot has been achieved with much more still needed to be done.

“Basically, opening of the land, sand filling/dredging of the location has been done. The next line of action is to begin planting of trees, building of an artificial pool, floating boat, water bike and chalets”, he indicated, noting that when completed, the beach would have facilities such as floating bar, Golf court, Bush bars among others.

“Apart from the need to create jobs and expose the tourism potential of Gegegele to the world, it must be known also that the community is a historic one, it was through it that the British invaded Benin in 1897.

“This is in addition to the fact that Gelegele, an Ijaw community, has been abandoned by successive governments of Edo State.

Gelegele is also an oil producing community and home to the Gelegele forest reserve and marine activities; the Gelegele river links Lagos through the atlantic ocean,” he stated.

In the meantime, a chieftain of the APC in Edo, Gen. Charles Airhavbere, on Sunday explained that a faction of the APC is at loggerheads with Gov. Godwin Obaseki because the governor has “refused to listen to voice of reason.’’

Speaking in Benin, Airhavbere, a former soldier turned politician, said that Obaseki lacked interpersonal skills needed to make the difference in the exalted office.

The party chieftain said that the governor had resorted to use of raw power in dealing with his political associates, a development, he said, had alienated many APC stalwarts in the state.

Edo State is billed for governorship polls next August.

Airhavbere, who contested for the plum job with Obaseki in 2016, said the APC would never know peace in Edo with the way the governor was relating with other members of the party.

He said that contrary to what Obaseki wanted people to believe, agitations in the state were not because of “stomach infrastructure’’ or a quest for the resources of the state by the party members.

“It was never about godfather and god-son struggling for the control of government or resources of the state.

“It is all about ensuring governance with human face and our resolve is to check the destructive approach to governance in Edo State and put our party on the path of moral rectitude, transparency and inclusion.

“The struggle is all about a governor who lacks interpersonal relationship skill; who is vindictive and repelled by the presence of his party members and without provocation, resorts to anger and pugnacious display of raw power.’’

Airhavbere said that Obaseki had failed to fulfil his electoral promises and had refused to embrace dialogue, consultation, negotiation and compromise.

“This is a governor who believes in all ramifications that he is above the people and who has suddenly become a tyrant.

“We cannot fold our arms and watch helplessly. With these traits, it is obvious that the governor was never psychologically and emotionally prepared to be a leader.”

The party chief said it was because of these issues that ‘authentic’ members of the party came together on Nov. 13, to abolish the Edo Peoples Movement and suspend the governor, his deputy Philip Shaibu and the Secretary to State Government, Mr Osarodion Ogie.

He said that the suspension was also to send a signal to Obaseki that it was not going to be business as usual in the countdown to upcoming governorship elections.

“Edo is the only APC state in the South-South and we are not ready to lose the state.”

Also read:  Gov. Obaseki swears in new Health Commissioner

Airhavbere said that APC members remained loyal to the National Chairman of the party, Mr Adams Oshiomhole, assuring that everything would be done to protect the party from people bent on destroying it.

But reacting to the latest developments in the APC, the Edo Commissioner for Information, Mr Paul Ohonbamu, said the intra-party crisis was a battle for dominance and liberation between the national chairman of the party and the governor.

He described the purported suspension of Obaseki and other people from the party as an exercise in futility.

The commissioner said that Airhavbere and his group were being used to embarrass the governor, stressing that the governor was elected by the people and that the disgruntled APC members lacked powers to suspend him.

He recalled that the South-South Vice-Chairman of the party, Mr Elias Enag, had since described the suspension as null and void.

Ohonbamu described Obaseki as a “beautiful damsel of democracy’’, who is being sought by many political parties.

 

 

Economy

Selloffs In MTN, Others Drag Market N25bn Down

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Selloffs In MTN, Others Drag Market N25bn Down

…RT.BRISCOE, Tantalizer lead the losers’ table 

 The equity market on Wednesday lost N25 billion due to selloffs in MTN Nigeria, Dangote Sugar and Guaranty Trust Holding Company (GTCO), among other stocks.

Specifically, the market capitalisation, which opened at N56.670 trillion, shed N25 billion or 0.04 per cent to close at N56.645 trillion.

The All-Share Index also dropped 0.04 per cent, or 43.3 points, to close at 100,032.32, as against 100,075.59 recorded on Tuesday.

As a result, the Year-To-Date (YTD) return slipped to 33.78 per cent.

United Capital led 10 per cent to close at N36.30, Africa Prudential followed by 9.88 per cent to close at N8.90, and Cutix gained 9.86 per cent to close at N6.13 per share.

Oando rose by 5.63 per cent to close at N16.90, and Julius Berger advanced by 4.79 per cent to close at N87.50 per share.

Conversely, RTBRISCOE led the losers’ log with 5.71 per cent to close at 66k, and FTN Cocoa Processors trailed by 4.44 per cent to close at N1.72 per share.

Tantalizer declined by 4.26 per cent to close at 45K, Neimeth International Pharmaceuticals shed 3.53 per cent to close at N1.64 and Consolidated Hallmark Plc lost N3.45 to close at N1.40 per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up 35.71 per cent.

A total of 1.10 million shares valued at N10.08 billion were exchanged in 8,720 deals, compared to 368.39 million shares valued at N7.42 billion exchanged in 8,151 deals posted previously.

Jaiz Bank led the activity log-in volume with 528.49 million shares worth N1.15 billion, Cutix followed by 194.64 million shares worth N1.19 billion.

Zenith traded 77.75 million shares valued at N3.11 billion to lead the log-in value, Universal Insurance transacted 36.26 million shares worth N12.35 million and FCMB sold 33.88 million shares worth N257.09 million. 

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Economy

Stock Market Maintains Positive Trends, Up 0.11%

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Stock market maintains positive trends, up 0.11%

…Redstarex, Deap Capital lead the losers’ table 

 The Nigerian stock market maintained its positive trends on Tuesday, increasing the overall market index by 0.11 per cent.

Investors gained N62 billion or 0.11 per cent as the market capitalisation, which opened at N56.608 trillion closed at N56.670 trillion.

The All-Share Index also advanced by 0.11 per cent or 109.3 points to close at 100,075.59, compared to 99,966.28 recorded on Monday.

As a result, the Year-To-Date (YTD) return rose to 33.84 per cent.

Sustained by interest in Tier-one banking tickers such as Zenith Bank, FBN Holdings, United Bank For Africa (UBA), and Access Corporation, alongside United Capital, UACN and other advanced equities drove the market’s positive performance.

Meanwhile, market breadth closed positive with 19 gainers and 15 losers on the floor of the Exchange.

On the gainers’ table, United Capital led by 10 per cent to close at N33, Cutix Plc followed by 9.84 per cent to close at N5.58 and Sunu Assurances gained 7.75 per cent to close at N1.39 per share.

Cornerstone Insurance rose by 7.69 per cent to close at N2.10 and UACN went up by 7.42 per cent to close at N15.20 per share.

On the other hand,  Redstarex led the losers’ table by 9.82 per cent to close at N3, and McNichols Plc trailed by 9.01 per cent to close at N1.01 per cent.

Deap Capital Management and Trust Plc lost 5.77 per cent to close at 49k, Eterna Plc declined by 4.44 per cent to close at N17.20 and Universal Insurance shed 2.78 per cent to close at 35k per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up 0.78 per cent.

A total of 368.39 million shares valued at N7.42 billion were exchanged in 8,151 deals, compared with 362.43 million shares valued at N7.37 billion exchanged in 8,405 deals posted previously.

Zenith Bank led the activity table in volume and value with 57.42 million shares worth N2.25 billion, and Access Corporation followed with 36.75 million shares valued at N707.17 million.

Guaranty Trust Holding Company(GTCO) also sold 29.16 million shares valued at N1.33 billion, Jaiz Bank traded 28.34 million shares worth N60.94 million and UBA transacted 20.31 million shares valued at N466.16 million.

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Economy

Sanitary Pads: Reps Query Minister Over N65m Spent On New Year Party, Others

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 The Minister of Women Affairs, Mrs Uju Kennedy-Ohaneye has drawn the ire of the House of Representatives following the unguarded manner she allegedly spent monies which included expenditures of N45 million for a New Year party and, N20 million for sanitary pads.

The House of Representatives which has now queried the minister, also frowned on her other unrelated expenditure which includes N1.5 million for vehicle fuel.

Rep. Kafilat Ogbara, Chairman, House Committee on Women Affairs, led the interrogation of the Minister, over the non-payment of N1.5 billion to contractors despite the fund release in Abuja.

She said that the investigative hearing was aimed at uncovering the truth and not witch-hunting the Minister and the officials of the ministry.

The committee also investigated the alleged diversion of funds meant for contractor payments, following a petition from contractors.

The committee also sought clarification on funds appropriated for the African First Lady’s mission and the whereabouts of the N1.5 billion meant for contractor payments.

The minister however denied the allegations of misappropriation, overspending, and non-payment to contractors.

The procurement officer confirmed contractors’ claims, and the Director of Finance and Administration acknowledged only paying approved contracts.

It would be recalled that the committee had at its last sitting summoned the minister to appear before it to explain the rationale behind the non-payment.

The committee also ordered the stoppage of all 2024 contract processes by the Ministry of Women’s Affairs until the whereabouts of the money for the said contracts are determined

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