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LCM Donates 15 Grinding Machines worth N2m to Isale Eko Traders

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…As EKEDC’s new CEO says: I will fight against vandalism, energy theft***

In furtherance of its corporate social responsibility, the Lagos Channel Management (LCM) has donated fifteen grinding machines valued at N2million to Isale Eko traders, calling on other corporate organisations and well meaning individuals to do same to reduce crime in the country.

Speaking during the presentation of grinding machines to the traders in Lagos, the Managing Director, Danny Fuchs represented by Human Resources Manager of the company, Prince Ifalade Oyekan said that government alone should not be expected to shoulder the responsibility of providing welfare for the needy in the society, urging other corporate organisations and well meaning individuals to lend helping hands.

“We at LCM since 2009 kick started a project of supporting the orphanage homes and the less privilege but we also want to see how we can support able bodied individuals in the society, and that is why we are doing this project”.

“Since I’m from Isale Eko, it will not be well if I do not give back to the society I came from”, Oyekan said.

Recognising the Christmas season as the season of love, Oyekan mentioned that the dredging company also recognises individuals who are not buoyant in the society and will support in their little way.

Lagos Channel Management, Human Resources Manager, Prince Ifalade Oyekan (centre) with the beneficiaries

In attendance at the event Deputy Speaker of Lagos State House of Assembly, Hon Wasiu Eshilokun-Sanni, Senior Special Assistant on Sports to the Governor Anthony Adeyinka Adeboye, Senior Special Assistant on Sports facilities Bolaji Yusuf, Chairman Lagos Island, Hon. Adetoyese Olusi, Hon. Rasaq Ishola Lawal, Princess Omolara Oyekan-Olumegbon amongst others.

The beneficiaries include Adijat Hassan, Kehinde Badiru, Abolore Opebi, Idowu Agboola, Iya Yusuf, Taofeek Aromire, Iyabo Adebara, Sherifat Adeoye, Iya Ayi, Tahibat Salami and Iyabo Awise.

Representative of the beneficiaries, Sherifat Adeoye who expressed in Yoruba was full of gratitude to the organization and promised utilising the machine to its fullest.

“Myself and other beneficiaries are grateful to the company, we cannot thank them enough but we know that God will continue to bless them even as we promise to use this machine very well”, she said.

The grinding machines

Prince Oyekan also announced that three of the grinding machines were given to the vulnerable.

It will be recalled that the dredging giant company recently donated N5million to five orphanage homes in Lagos state.

Read more…YULETIDE: LCM Donates N5m To Five Orphanages

In the meantime, the new Managing Director and Chief Executive Officer (CEO) of the Eko Electricity Distribution Company (EKEDC), Mr Adeoye Fadeyibi, has pledged to step up the fight against vandalism and energy theft in its network.

Fadeyibi stated this in Lagos, assuring that those who engage in material theft and meter bypass would find it regrettable in 2018.

“It is a thing of big concern that whilst we toil day and night to continuously improve on our operations and services, some unpatriotic individuals are engaging in the condemnable act of energy theft and meter by-pass.

“Our advice to such people is straightforward and simple.
“Change your ways or get disgraced or we will explore all legal options, including prosecution and naming and shaming in the media, to bring such saboteurs of our efforts to book.

“Let it be known that though the leadership of the Eko Disco has changed, the business, the market and our products remain the same, just like our goals,’’ he said.

Fadeyibi said that he would ensure that the right people are put in the right roles and equipped with the right tools, in order for the company to effectively meet the expectations of its customers.

“No business thrives when key players work without clear-cut direction about their destination.

“This is why we must set standards for all functions and roles, so we can know how we are faring in the realization of our set goals.

“Our goal is to create more and more inclusive leaders and individuals that go above and beyond towards the realization of our corporate goals.

“For business profitability to be attained, we must plan together, move together and succeed together,’’ he said.

The EKEDC boss promised to ensure regular supply of electricity in its operational territory.

“I will work to ensure we achieve low level of Aggregate Technical & Commercial (AT&C) losses,’’ he added.

The new CEO succeeded Mr Oladele Amoda, the pioneer chief executive of EKEDC who retired last week.

Economy

N672Bn: Sell-offs in Dangote Cement, MTN, Others Push Equity Down By 1.23%

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

…Dangote Cement, Conoil lead losers table

Selloffs in the shares of Dangote Cement, Conoil, and MTN Nigeria, among others, on Friday, dragged the equity market’s performance indices down by 1.23 percent to close the week’s trading sessions.

Specifically, investors lost N672 billion or 1.24 percent, as the market capitalisation, which opened at N54.707 trillion, closed at N54.035 trillion.

The All-Share Index also lost 1.24 percent or 1.228.32 points, to settle at 98,751.98, as against 99,980.3 recorded on Thursday.

Consequently, the Year-To-Date (YTD) return on the index dropped to 32.07 percent.

Selloffs in Dangote Cement, MTN Nigeria,  Fidelity Bank, Sovereign Trust Insurance, and Nestle made the market performance negative terrain.

Analysis of the market activities showed trade turnover drop when compared to the previous session, with the value of transactions down 22.01 percent.

A total of 367.62 million shares valued at N6.78 billion were exchanged in 9,168 deals, compared to 542.95 million shares valued at N8.70 billion exchanged in 9,650 deals posted previously

Meanwhile, Dangote Cement and Conoil led the losers’ table by percentage terms of 10 each to close at N135, and N90.90 per share respectively.

MTN trailed by 9.96 percent to close at N200.70, Thomas Wyatt Nigeria lost 9.78 percent to close at N2.03, while Sovereign Trust Insurance shed 6.52 percent to close at 43k per share.

On the gainers’ table, The Initiative Plc and FTN Cocoa Processors led by 10 percent each to close at N1.98 and N1.65 per share respectively.

Juli Plc followed closely by 9.97 percent to close at N3.75, Champion Breweries Plc gained 9.94 percent to close at N3.76 and PZ Nigeria rose by 9.93 percent to close at N33.75 per share.

On the activity table, Transcorp led in volume with trade of 57.00 million shares valued at N792.05 million, while Access Corporation sold 31.77 million shares worth N667.8 million.

United Bank of Africa (UBA) traded 28.50 million shares valued at N674.07 million and Fidelity Bank transacted 28.07 million shares worth N297.65.

Also, First City Monumental Bank(FCMB) sold 27.92 million shares worth N227.22 million.

However, market breadth closed positive with 43 gainers and eight losers on the trading floor

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Economy

Equity Market Recovers, Investors Gain N390bn

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

…Sunu Assurances, CWG Plc lead the losers’ table

The Nigerian equity market on Thursday recovered from its three sessions losses, making investors to gain N390 billion.

Improved buy interest in the shares of Guaranty Trust Holding Company(GTCO), Zenith Bank, FBN Holdings, NEM Insurance, Juli Plc, among other top traders, pushed the market performances up.

Specifically, the market capitalization, which opened at N54.317 trillion, gained N390 billion or 0.72 percent and closed at N54.707 trillion.

The All-Share index also rose by 0.72 percent or 714 points to close at 99,980.3 points, compared to 99,266.02 recorded on Wednesday.

Consequently, the Year-To-Date return rose to 33.71 percent.

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

Analysis of the market activities indicated that trade turnover settled higher relative to the Wednesday 5 session, with the value of transactions increased by 49.27 percent.

The market breadth closed positive with 35 gainers and 19 laggards on the trading floor.

On the gainers table, GTCO, NEM Insurance, Juli and United Bank of Africa(UBA) led in percentage terms of 10 each to close at N36.60, N6.60, N3.41 and N22.55 per share, respectively.

ALSO READ: NAFDAC NATIONAL STRATEGIC ACTION PLAN: Partners With Pharmaceutical Supply Chain Stakeholders

Champion Breweries also gained 9.97 percent to close at N3.42 per share.

On the other hand, Sunu Assurances led the losers’ table by 10 percent to close at N1.17, followed by Eterna Plc by 9.81 percent to close at N14.25 per share.

CWG Plc trailed by 9.76 percent to close at N9.55, Morison Industries Plc shed 9.58 percent to close at N1.51 and Cadbury Nigeria lost 9.52 percent to close at N19 per share.

A total of 542.95 million shares valued at N8.70 billion were exchanged in 9,650 deals, compared to 396.23 million shares valued at N5.83 billion exchanged in 10,549 deals posted on Wednesday.

On the activity table, UBA led in volume and value with 93.71 million shares traded in deals worth N2.07 billion, Transcorp followed with 54.08 million shares traded in a value of N692.19 million.

Japaul Gold Group sold 34.33 million shares worth N65.77 million, Sterling Nigeria transacted 28.49 million shares valued at N129.15 million and Fidelity Bank sold 27.09 million shares worth N270.74.

Meanwhile, market breadth closed positive with 35 gainers and 19 laggards on the trading floor.

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Economy

NGX Opens Week Weakly, As Market Sheds N1.82trn

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

 …MTN and Dangote Cement lead the Losers’ Table 

Transactions resumed on the Nigerian Exchange Ltd. (NGX), on Monday, on a negative posture with the market indices declining by 3.15 percent due to selloffs.

Specifically, the market capitalisation which opened at N57.849 trillion, shed N1.82 trillion or 3.15 percent to close at N56.028 trillion.

Similarly, the All-Share Index(ASI) also dropped by 3.15 percent or 3,330 points to settle at 102,393.23, compared to 105,722.78 achieved on Friday.

As a result, the ASI Year-To-Date (YTD) return fell to 36.94 percent.

The market was dragged down due to selloffs in the shares of MTN Nigeria, Dangote Cement, and Zenith Bank.

On the losers’ table, MTN and Dangote Cement led in percentage of 10 each to close at N247.50 and N686.70 per share, respectively.

NGX Group trailed by 9.76 percent to close at N22.20, NEM insurance dropped 9.74 per cent to close at N6.95, while Tantalizers lost 9.52 percent to close at 38k per share.

On the contrary, Juli Plc led the gainers table by 9.52 percent to close at N1.61.

Dangote Cement followed with an increase of 8.64 percent to close at 88k per share.

Sunu Assurances garnered 6.74 percent to close at N1.90, while ABC Transport gained 6.67 percent to close at 96k per share.

Nigerian Aviation Handling Company Plc (NAHCO) also appreciated by 5.86 percent to close at N30.70 per share.

On the activity chart, Guaranty Trust Holding Company (GTCO) led with a trade of 28.85 million shares valued at N1.13 billion.

Also, Transcorp sold 20.14 million shares worth N275.93 million, while Access Holdings traded 15.90 million shares worth N359.5 million.

FBN Holdings sold 15.87 million shares worth N450.74 million and Zenith Bank transacted 15.84 million shares valued at N568.04 million.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 7.58 percent.

Meanwhile,  273.85 million shares valued at N7.44 billion were exchanged in 9,688 deals, compared to 342.52 million shares worth N8.05 billion in 8,395 deals on Friday.

Meanwhile, the market breadth closed negative with 36 declining stocks and 16 that appreciated.

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