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LASG, LFTZ stakeholders meet, brainstorm on solutions to host communities’ challenges

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Sanwo-Olu Urges Use of Innovative Technologies in Solving Challenges

The Lagos State Government has charged communities around the Lekki Free Trade Zone (LFTZ) to have a clear understanding of the ongoing development in the area.

The Managing Director, Global Impact Environmental Consulting (GIEC) Ltd. Dr. Babatunde Osho, who represented the Lagos State Government, gave the advice at a stakeholders’ meeting in Lagos on Wednesday.

Osho said the stakeholders needed to provide lasting solutions to some of the challenges confronting the host communities.

The GIEC boss said that information from the community stakeholders showed some issues between the government, community and the Free Zone tenants.

He noted that this informed the need for a laid down framework guiding the operations between all parties involved in the development of Lekki Free Zone.

“Before any development can take place, we need to find out the needs of the communities and sign a MoU before going further.

“Based on the challenges emanating from the development of the zone, the government needs to assess the plan on ground and its responsibility toward addressing the challenges to provide solutions.

“Governor Babajide Sanwo-Olu is trying to be proactive looking at the kind of investment that will take place along Lekki axis and understand that such development comes with both the positive and negative.

“This meeting is so we have the laid down plan that will guide the government in view of future occurrences,” he said.

He noted that in developed countries, before setting up a Free Trade Zone, strategy environmental and social assessment policy was embarked on.

Osho said that the company would come up with a framework that would tackle how government could address the challenges confronting the affected communities.

He said that the issue of land acquisition would be addressed with recognition of the international best practices in view of recommending Land Acquisition and Resettlement Policy Framework.

Osho said that there was a need for predictive studies based on the gradual development at the free zone, to avoid disaster in the future.

He said that the government also wanted to document various vegetation that had gone as a result of the development and find ways to preserve such.

The Director, the Ministry of Physical Planning and Urban Development, Mr. Omololu Obayomi, said the Lagos State Government had engaged in a separate master plan for Lekki area due to the development emanating lately.

He urged communities affected to cooperate with the government as the incoming development would provide jobs for their youths and develop their environment.

A representative of the Ministry of Transport, Assistant Director, Transport Operation Department, Mrs. Fausat Jenty, urged the community to be law-abiding and obey road signs to avoid accidents along the trade corridor.

A representative of the Ministry of Trade Commerce and Industry,  Sector Unit Head, Mr Abiodun Okesanya, pleaded with the community to co-operate with the Lagos State Government to enable them to benefit from the development.

Mr. Wasiu Ayeola, of Lekki Costal, urged the government to apply global practices to any development that would be taking place in their community.

Ayeola called for the signing of Memorandum of Understanding with the government for future development, to achieve set desired

He urged the government to intervene on the issue of employment and land acquisition.

The Community Leader, and Chairman Lekki Worldwide, Chief Tajudeen Jegede, called for the establishment of traditional leaders in Lekki communities to improve further development.

Chief Morufu Alowonle, from Tiye community, Lekki, said that there was no development in Lekki after the commencement and relocation due to the trade zone.

“Initial agreement with tenants at the free zone is that they will help us to train our children from secondary schools to university level.

“We gave them a list of 666 students, they shortlisted to 444 and later came back and told us that they would train only 160 students,” Alowonle said.

The Women Leader, Origero Community Lekki, Madam Olubunmi Giwa, said they did not have primary schools in their community and had no market for them to trade.

Giwa urged Government to intervene in getting jobs for their children.

She said that an idle mind is the devil’s workshop, adding that if they remained idle that they could become miscreants which they never prayed for.

She urged Government to intervene and provide lasting solutions to their challenges and improve their livelihood in the affected communities

 

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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