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Oyebola OwolabiFebruary 26, 2024 agos state government and Jospong Group of Companies, Ghana have agreed to transform waste management in the city. The Memorandum of Understanding (MoU) was signed on Monday, February 26, by the Commissioner for the Environment and Water Resources, Tokunbo Wahab, and the Chief Executive Officer of Jospong, Joseph Agyepong. The MoU will see to the establishment of a material recovery facility to reduce downstream pressure (waste disposal volume) at landfills. It will also ensure Compact/Mobile Transfer loading stations to replace current stationary plants and reduce waste at pressure points such as markets. The agreement will be perfected through the Lagos Waste Management Authority (LAWMA) and Lagos State Wastewater Management Office (LSWMO), to see an overall improvement in waste management. Wahab noted that the agreement ‘marks a significant milestone in our collective journey towards transforming the landscape of waste management in Lagos State’. Read Also: Edo 2024: PDP’s Ighodalo calls for issue-based campaigns He added: “We are not just signing a document; we are inaugurating a partnership that embodies our shared vision for a cleaner, healthier, and more sustainable Lagos. The challenges of solid and liquid waste management in our rapidly growing megacity are well documented. Lagos, with its vibrant population, bustling markets, and dynamic industries, generates substantial amounts of waste that require innovative, sustainable management solutions. It is our responsibility, as stewards of this city’s future, to address these challenges head-on. “This partnership with the Jospong Group, a leader in environmental and waste management services in Africa, represents a great leap forward in our commitment to enhancing the quality of life for all Lagosians through effective waste management. Together, we will develop integrated solid and liquid waste management facilities that not only meet the current needs of our city but also anticipate the demands of our growing population. “Our collaboration will focus on the pillars of technology, advocacy, enforcement, and the promotion of circular economy innovations such as recycling, composting, reuse, and waste-to-energy projects. These efforts are crucial for reducing the environmental footprint of waste, creating jobs, and fostering sustainable development in Lagos. “Let us take this moment to reaffirm our commitment to building a sustainable future for Lagos. Together, with the Jospong Group, we are setting the foundation for a cleaner, greener, and more prosperous Lagos.” Related Posts House help ‘steals’ employer’s $51,000 in Lagos Lagos plans vegetable exports’ facility Lagos food hub holds weekly fair Agyepong, in his remarks, described the problem of environmental sanitation as not a matter of convenience, ‘but a cornerstone of public health as stipulated by the Sustainable Development Goal (SDG) 6 of Clean Water and Sanitation. He lamented that ‘regrettably, millions of the citizens continue to suffer due to inadequate access to infrastructure, proper sanitation facilities, and water treatment facilities’. Agyepong assured upstream operators (waste collectors) that there are plans to support them with equipment to make their work more effective and efficient since Jospong’s focus is on downstream waste management and not collection. He promised to provide 2,000 tricycles to support the Association of Waste Managers (AWM) in their business. Permanent Secretary (Office of Environmental Services), Dr. Tajudeen Gaji, noted that Lagos, as the commercial nerve centre of Nigeria, experiences an influx of migrants with consequences like over-population, increasing environmental pollution, and waste problems among others, which have become matters of serious concern to this administration. He said: “I believe this MoU signals a new dawn for Lagos and, in no time, issues related to solid waste management will become history. I look forward to seeing the fruits of our collaboration, for a clean and healthier Lagos.” Present at the event were Commissioners for Justice and Attorney-General, Lawal Pedro (SAN), Finance, Abayomi Oluyomi, and Chairman of the House of Assembly Committee on Environment, Taiwo Afinnih, among others.

February 26, 2024 By:Amos Okioma, THEWILL The Movement for the Sustainable Development of the Niger Delta (MSDND) has expressed support for the positions advocated by Former President Olusegun Obasanjo and ex-Niger Delta warlords regarding the percentage of crude oil stolen from the Niger Delta region. The group backs Obasanjo's assertion that poor record-keeping and substantial crude oil theft, reaching 80%, contribute to the economic challenges facing Nigeria. MSDND's Publicity Secretary, Kelvin Orughoe, emphasized the need for President Bola Tinubu to address crude oil theft seriously, urging him to engage with former militant leaders who possess a master plan to combat the menace. The group alleges that cartels, collaborating with state and non-state actors, coordinate crude oil theft, and senior officials at the Nigerian National Petroleum Corporation Limited (NNPCL) are aware of the situation. The Niger Delta ex-militant leaders, after a stakeholders' meeting, called on the federal government to focus on increasing the nation's Gross Domestic Product (GDP) and advocated for states to control and manage their natural resources. MSDND commended Obasanjo and the former militant leaders for addressing the issues and offering solutions to alleviate the economic crisis in Nigeria. They echoed the call for increased production to balance exports and imports, emphasizing the need for states to have more control over their natural resources. The statements reflect the ongoing concerns about crude oil theft, economic challenges, and resource management in the Niger Delta region.

The Israeli army said the strikes targeted Hezbollah air defense systems in retaliation for the Iran-backed group downing one of its drones in south Lebanon earlier on Monday. By Donatus Anichukwueze Updated February 26, 2024 The image captures smoke rising from the site of an Israeli air raid in the southern Lebanese town of Ghaziyeh on February 19, 2024. At least two Israeli airstrikes hit southern Lebanon near the coastal city of Sidon. Tensions between Hezbollah, a Hamas ally, and Israel have led to near-daily exchanges of fire across the border since the Israel-Hamas war began on October 7. Israel struck Hezbollah targets near the city of Baalbek on Monday, killing two group members, security sources said, the first such attack on Lebanon’s east since hostilities began after the Gaza war erupted. The Israeli army has announced that the recent airstrikes were aimed at Hezbollah's air defense systems in response to the Iran-backed group's downing of an Israeli drone in south Lebanon on the same day. As a result of the Israeli strikes, two Hezbollah members lost their lives near Baalbek, according to a statement from a security official in Lebanon to AFP. Another security source has independently verified this casualty count. Earlier reports indicated that the Israeli strikes targeted a building utilized by Hezbollah in a Baalbek suburb and a warehouse near Baalbek that belonged to the Shiite Muslim group. The escalation of tensions between Israel and Hezbollah continues to unfold in the region. Both sources cited in the report requested anonymity as they were not authorized to speak to the press. Hezbollah later confirmed that two of its fighters were killed by Israeli fire, with a source close to the group verifying that they were indeed killed in the Baalbek strikes. The Israeli army stated that it targeted Hezbollah "aerial defense" sites in the Bekaa valley in response to the launch of a surface-to-air missile that downed an Israeli drone. Notably, this marks the first Israeli attack on Hezbollah outside Lebanon's south since the eruption of the conflict on October 7 between Israel and the Palestinian militant group Hamas, which is also an ally of Hezbollah. On the same day, later in the evening, an Israeli strike targeted a car in southern Lebanon, resulting in at least one fatality, according to information provided by local rescuers to AFP. Further details on the incident were not immediately available. Since October 8, Hezbollah and Israel have engaged in near-daily exchanges of fire. While the skirmishes have been mainly confined to the border between the two countries, Israel has occasionally conducted strikes in other parts of Lebanon, including in the capital, Beirut. During a funeral procession for a Hezbollah fighter, Hassan Fadlallah, one of the group's lawmakers, strongly criticized the strikes on Baalbek, a Hezbollah stronghold near the border with Syria. Fadlallah, in a televised address, asserted, "This Zionist encroachment will not push us to retreat; it will rather increase our determination." The remarks underline the heightened tensions and resolve on both sides amid the ongoing conflict. As of my last knowledge update in January 2022, Hezbollah is designated as a terrorist organization by several countries, including the United States, Canada, the European Union, the Gulf Cooperation Council, the Arab League, and others. It is important to note that designations can be subject to change, and I recommend checking with official government sources for the latest information. Regarding the provided text, it mentions Hezbollah's strong response to Israeli aggression in Baalbek and emphasizes their determination to retaliate. It also notes that Israel's Defense Minister stated there would be no let-up in Israeli action against Hezbollah, even in the event of a ceasefire and hostage deal in Gaza. The ongoing conflict has resulted in casualties on both sides.

Goodness AdaoyicheFebruary 26, 2024 "TUC Urges President Tinubu to Import Food Items Amidst Soaring Cost and Protests Amid ongoing protests over economic hardship and soaring living costs, the Trade Union Congress (TUC) has advised President Bola Tinubu to consider importing food items as a measure to alleviate the situation. TUC President, Festus Osifo, addressing journalists in Abuja on Monday, expressed deep concerns about the widespread hardship across Nigeria. Osifo highlighted that the current level of hardship is unprecedented, even when compared to past military regimes. Attributing the challenges to the government's poor patronage of locally made products and services and a lack of capable leadership, Osifo suggested a temporary relaxation of the national drive for food sufficiency. He proposed that the government should purchase sufficient quantities of food items from around the world and distribute them to vulnerable Nigerians. Osifo emphasized that importing food at this juncture could help curb the hyper-inflation of food in the country. He called on the federal government to permit the importation of food items for Nigerian consumption within the next two weeks. In addition, Osifo advised President Tinubu to strengthen his economic management team, urging him to look beyond party or tribal affiliations to appoint capable individuals from across the world. The goal is to assemble a team capable of developing homegrown solutions to address the current hardships faced by the nation."

COLLABORATION February 26, 2024, by Zerina Maksumic U.S.-based Helix Energy Solutions Group has won a contract for deepwater well intervention with Esso Exploration and Production Nigeria (ESSO) for a project located approximately 97 kilometers offshore Nigeria. "Helix Secures Major Well Intervention Contract in Nigeria's Erha and Usan Fields. Helix Energy Solutions has announced a significant contract for its Q4000 Dynamic Positioning 3 (DP3) riser-based semi-submersible well intervention vessel in Nigeria's Erha and Usan fields. The activities, set to commence in September 2024, will extend into 2025. Under the contract, Helix will deploy the Q4000 for integrated well intervention services, including a 10k intervention riser system, remotely operated vehicles (ROVs), project management, and engineering services. These services will cover a spectrum from production enhancement to plug and abandonment in water depths ranging between 700 and 1,500 meters. Scotty Sparks, Helix’s Executive Vice President and Chief Operating Officer, expressed enthusiasm, stating, "We are pleased to announce this contract for the Q4000. We are eager to strengthen our relationship with Esso and to further establish our presence as the leader for well intervention services in West Africa." The Q4000, described as an offshore platform, is versatile, capable of executing various tasks, including subsea well intervention, field and well decommissioning, subsea equipment installation and recovery, well testing, and emergency well containment. This contract follows Helix Energy Solutions' recent extension of its decommissioning contract with Trident Energy do Brasil, aligning with the evolving dynamics of the well intervention market. The extension, scheduled to commence in the fourth quarter of 2024, is a direct continuation of the existing contract, reflecting the company's continued commitment to delivering reliable services in the energy sector."

Published on February 26, 2024 By Emmanuel Ugwueze "Enugu State Governor, Dr. Peter Mbah, Hails Light-Up Nigeria Project as Catalyst for Southeast Industrialization Governor Peter Mbah of Enugu State has lauded the Light-Up Nigeria Project, emphasizing its significance in heralding a new era for power and industrialization in the Southeast region. Governor Mbah believes that resolving the power challenge is pivotal, as other sectors are expected to fall into place once efficient power supply is secured. Commending the Federal Government and the Niger Delta Power Holding Company (NDPHC) for initiating the project aimed at bolstering power supply to industrial clusters in the Southeast, Governor Mbah urged regional industrialists to fully embrace and capitalize on the initiative. He sees the project as aligned with his administration's disruptive approach to governance, marked by innovative thinking. Speaking at the Southeast Business Roundtable and the launch of the Light-Up Nigeria Project – Southeast, attended by Vice President Senator Kashim Shettima in Enugu, Governor Mbah stated, "The Light-Up Nigeria Project today is, in my view, a new dawn for power in the Southeast and one of the most innovative initiatives in the power sector." Highlighting the project's focus on efficient power dispatch through bilateral sales agreements, Governor Mbah stressed the potential benefits, including improved access to affordable power, reduced costs for the productive sector, increased productivity, and job creation. He acknowledged the project's relevance in the current push to boost production, drive exports, and strengthen the domestic currency. Governor Mbah pledged continued support from his government to industrialists and private investors across the state, aiming to complement the positive impact expected from the Light-Up Nigeria Project. He emphasized the need for disruptive initiatives in the current Nigerian landscape, signaling a departure from business as usual to 'business unusual.'"

Goodness Adaoyiche The House of Representatives has said that the new Nigerian constitution will be ready in 24 months. Deputy Speaker of the House of the Representatives and chairman of the House Committee on Constitution Review, Benjamin Kalu, disclosed this at the formal inauguration of the House Committee on the review of the 1999 constitution. Kalu said the plan to make a new Constitution available is to give the President time to study the alterations before signing them into law away from the busy schedule of election year. “Our constitution, the foundation of our democracy, stands as a testament to our collective aspirations for a just, equitable, and prosperous society. Yet, as we confront the realities of the 21st century, it is incumbent upon us to recognize the imperative for constitutional reform, to ensure that our laws reflect our people’s evolving needs and aspirations,” he said. Kalu said the House has so far recieved bill proposals for the establishment of state police; state access to mines; increased participation of women in politics; clear specification of the taxes/levies to be collected by each tier of government and the provision for the office of the Mayor of the Federal Capital Territory Abuja. He noted that several bill proposals that were passed, but did not make the president’s assent during the fifth constitution alterations have been brought back to the current amendment. The bill proposals include powers of the National Assembly and State Assemblies to summon the President and State governors, and requirements of the government to direct policies towards ensuring the rights to food and food security. According to him, this highlights the dynamic nature of the constitution review process and its salientness to the democratic strengthening of the country, adding that the House was willing to accommodate more proposals to enhance the Constitution and strengthen the nation’s democracy. He said the House was awaiting an executive-sponsored bill proposals that reflect issues on the renewed hope agenda of the President. “As we embark on this journey, let us draw inspiration from the words of great leaders who have come before us. Let us remember the wisdom of Tafawa Balewa, who spoke of the necessity of unity and collaboration inbour efforts to build a brighter future,” he said. “Together, let us reaffirm our commitment to democracy, justice, and progress. Together, let us rise to the challenge and build a brighter future for Nigeria, a future that is truly of the people, by the people, and for the people.”

Sunday Okobi There is an unfolding drama in the Edo State Labour Party (LP) as Alhaji Lamidi Basiru Apapa-led faction has announced Dr. Hilton Idahosa, as its candidate for the Edo State governorship election scheduled to hold on September 21, 2024. led by Julius Abure had on February 23, declared Olumide Apata as its governorship candidate following the primary election conducted by in Benin-city, the Edo State capital. However, in a parallel election held in Benin-city last Saturday (February 24), Dr. Hilton Idahosa, emerged the winner of the Apapa faction of the LP with 917 votes. His closest rival scored 17 votes while the third contender garnered 12 votes. However, it has emerged that Apapa, who was not present during the primary election held in Benin-city, had allegedly written a (secret) letter to the Independent National Electoral Commission (INEC) on February 22, 2024, in which he submitted the names of Anderson Uwadiae Asemote and Monday Ojore Mawah as governorship and deputy governorship candidates respectively of the party. The letter signed by Apapa, as the acting national chairman, and Alhaji Saleh Lawan, as acting National Secretary, read in part: ‘‘We write to submit the names of our candidates that emerged from our governorship primary election conducted today (February 22, 2024) in Benin, Edo State. ‘‘You will recalled that we had earlier notified the commission about the conduct of our party governorship primary today, and we hereby forward the names of our party flag bearer for the September 21, 2024, governorship election.’’ Reacting to the development, Idahosa, who is a United Kingdom-based lawyer, described the purported letter from Apapa as fake. He explained that the primary election, which was earlier slated for February 21, was shifted to February 24, to allow for exigencies. According to him, “There was no primary election conducted on February 22, as purported in the said letter from Apapa to INEC.” He said the election in which he emerged as a candidate was conducted by the LP state officials at the secretariat of the party on First East Circular Road, Benin-city. Idahosa noted that the said letter is the handiwork of mischief makers, who are bent on causing disaffection within the ranks of the party. He further noted that he has the backings of the state leaders and the party members, as well as that of Apapa and his team, disclosing that the true position will be made known in the coming days as his team is in dialogue with both the Apapa team and leaders of the party in the state.

“We in ADD urge Nigerians to continue to support the military under General Musa,” said the CSO. NEWS AGENCY OF NIGERIA • FEBRUARY 26, 2024 President Bola Tinubu, Nuhu Ribadu,DIG Kayode Egbetokun, Maj.-Gen. Christopher Musa, Maj.-Gen. Taofeeq Lagbaja,AVM H.B. Abubakar,Maj.-Gen. EPA Undiandeye,Rear Admiral E.A. Ogalla [Credit; NTA/Facebook] Acivil society organization, Advocates for Democracy and Development (ADD), says those calling for the military to overthrow the civilian government benefit from the country’s insecurity. The convener of ADD, Gbenga Osho, said this in a statement on Monday in Abuja. Osho said the enemies of Nigeria had resorted to calling for a coup to cause chaos in the society, having observed that the military was gaining the upper hand in the war against bandits, terrorists and other criminals. He described the coup mongers as “wicked and retrogressive,” saying they did not mean well for the country. The group’s convener commended the chief of defense staff, Christopher Musa, for sending a stern warning to those calling for a coup d’état. He said the defense chief had described the coup mongers as “enemies of Nigeria” and vowed the full weight of the law would crush them. According to him, Mr. Musa made it clear that the Armed Forces of Nigeria were there to protect democracy. Osho said the military had continued to make sacrifices to keep the country safe and secured from chaos, adding that it had been a valuable asset in deepening democracy in Nigeria. “We are glad that time and time again, the present leadership of the Armed Forces of Nigeria under Gen Christopher Musa has said the military is loyal to the constitution and President Bola Tinubu. “We in ADD urge Nigerians to continue to support the military under General Musa, who have shown determination to quickly restore peace and stability and remain loyal to the constitution of the Federal Republic of Nigeria,” the group stated. (NAN)

#News James Emejo writes on current efforts by the monetary authority to reset the economy even as the apex bank assures Nigerians that the  prevailing hardship is temporary There is no gainsaying the fact that Nigerians are currently facing tough times – following a cocktail of policy reforms particularly in the financial system. At the inception of the administration of President Bola Tinubu, there was the bold decision to end petrol subsidy which immediately impacted the cost of transportation and impact on prices of good and commodities.Among other things, the administration further set out to introduce reforms in the country’s Foreign Exchange (FX) market by floating the Naira which had currently become weaker against the United States’ Dollar. Also, key macroeconomic indices remained poor – inflation, currently at 29.90 per cent continues to wreak havoc on the economy coupled with the benchmark interest rate which is at 18.5 per cent – implying a negative interest rate regime.If anything, the current FX crisis which has impacted cost of living remained one of the biggest headaches for economic managers. Prices of food and essential items have more than tripled in recent times. The National Bureau of Statistics (NBS) disclosed that Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities rose to 29.90 per cent in January compared to 28.92 per cent in the preceding month. Year-on-year, headline inflation was 8.08 per cent higher compared to 21.82 per cent in January 2023.Food inflation rate increased by 11.10 per cent year on year to 35.41 per cent compared to 24.32 per cent in January 2023, while core inflation which excludes the prices of volatile agricultural produces and energy also rose by 4.71 per cent to 23.59 per cent year on year compared to 18.88 per cent in January 2023.For instance, the prices of cement which Nigerians were hitherto assured to crash this year have more than doubled from about N5,000 to between N12,000 and N15,000 per bag alongside other building materials. The development has been partly blamed on rising gas rates and import duties which had been raised in recent times. However, the current economic quagmire has been blamed on faulty fundamentals which the current administration is making frantic efforts to address. One of the major concerns had been that the country remains a major import-depended economy that constantly requires FX to import food and commodities and well as fund education, vacation abroad among others – its inability to industrialise and become a net exporter of goods remains one of the factors contributing to the present hardship. Nigeria has not been able to earn enough dollars to cater for its growing import needs, thereby putting enormous pressure on the local currency. Temporary ChallengesOnly recently, the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, insisted these costs of reforms are temporary, adding that the decisions and policy interventions of the apex bank would in no time address a lot of fundamental issues bothering Nigeria’s macroeconomic credentials and “ultimately put us on a surer path to prosperity.”Addressing lawmakers on the state of the economy, the CBN governor blamed Naira’s weakness on increased FX demand pressures fueled by speculative forex demand, inadequate forex supply, increased capital outflows, and excess liquidity. According to him, the shift to a market-driven exchange rate (floating) was intended to create a stable macroeconomic environment and discourage currency hoarding, adding however, that the short-term volatilities are due to arbitrage and speculation.He said: “We must understand that the genuine issue impacting the exchange rate is the simultaneous decrease in the supply of, and increase in the demand for, US Dollars. It is also clear that the task of stabilising the exchange rate, while an official mandate of the CBN, would necessitate efforts beyond the bank itself. It will also include actions by corporates and individuals to reduce our frequent demand for the dollar for business and personal needs.” He said: “To address exchange rate volatility, a comprehensive strategy has been initiated to enhance liquidity in the FX markets. This includes unifying FX market segments, clearing outstanding FX obligations, introducing new operational mechanisms for BDCs and IMTOS, enforcing the Net Open Position limit, Open Market Operations and adjusting the remunerable Standing Deposit Facility cap among others.Also lately, the CBN declared that going forward, International Oil Companies (IOCs) would only be allowed to repatriate a maximum of 50 per cent of export proceeds in the first instance, adding that the balance of 50 per cent of export proceeds may be repatriated after 90 days from the date of inflow of the proceeds. Moreover, the central bank prohibited the payment of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) by cash going forward, stressing that PTAs and BTAs must henceforth be disbursed through electronic channels only, including debit or credit cards to curb abuses and boost transparency in FX transactions.Furthermore, the central bank announced the review of the allowable limit of price deviation for exports and imports to -15 per cent and +15 per cent of the global average prices, respectively under the Price Verification System (PVS).All the measures were aimed at addressing the persisting liquidity challenges in the economy which had worsened living conditions.He said: “These measures, aimed at ensuring a more market-oriented mechanism for exchange rate determination, will boost foreign exchange inflows, stabilize the exchange rate, and minimize its pass-through to domestic inflation.” Reforms’ early fruitsCardoso told the lawmakers that indeed, in spite of the temporary economic hardship, the reforms so far implemented by the central bank have already started yielding early results with significant interest from foreign portfolio investors (FPIs) that have already begun to supply the much-needed foreign exchange to the economy.According to him over $1 billion had been invested in the Nigeria Treasury Bill auction of N1 trillion which saw an oversubscription recently.He pointed out that “Our measures aimed at improving USD supply into the Nigerian economy, has significant potential in taming the volatility of the exchange rates. However, for these measures to be sustainable, we must as a country, moderate our demand for FX.“We must understand that the genuine issue impacting the exchange rate is the simultaneous decrease in the supply of, and increase in the demand for, US Dollars. It is also clear that the task of stabilising the exchange rate, while an official mandate of the CBN, would necessitate efforts beyond the Bank itself. It will also include actions by corporates and individuals to reduce our frequent demand for the dollar for business and personal needs.” Structural constraints, money-supply as contributors to inflationAccording to Cardoso, the upward trend in food inflation was primarily due to supply shocks caused by insecurity, climate-induced factors including flood and rainfall shortage in some cases, inefficient, subsistent and seasonal farming practices as well as importation bottlenecks that had impacted the prices of imported food items.He stated that the recent exchange rate volatility had fueled more foreign demands for agricultural products, especially, from neighbouring countries.He said while this presents an opportunity to expand and boost agricultural output, hence creating jobs in the sector, supply constraint exacerbated demand, instigating more inflationary pressures. On the money supply side, the CBN governor insisted that money supply remained one of the factors fueling the current inflationary pressure.He said: “For instance, an analysis of the trend of the money supply spanning over 9 months shows that M3 increased from N52.01 trillion in January 2023 to N68.25 trillion in November 2023 representing N16.24 trillion or 31.22 percent increase over the period. Increase in Net Foreign Asset (NFA) following the harmonisation of exchange rates and the N3.22 trillion ways and means advances were the major factors driving the increase in money supply. “We have also halted quasi-fiscal measures totaling over 10 trillion naira by the Central Bank of Nigeria previously disguised as development finance interventions. These measures had contributed to increase in money supply thereby raising prices to the levels of Inflation we are grappling with today.”Nonetheless, he said the CBN’s adoption of inflation-targeting framework involved clear communication and collaboration with fiscal authorities to achieve price stability, potentially leading to lowered policy rates, stimulating investment, and creating job opportunities.” Analysts hail reforms, lament rising pricesSpeaking to THISDAY on the current hardship and policy reforms, Managing Director/Chief Executive, SD&D Capital Management Limited, Mr. Idakolo Gbolade, said the measures introduced by the central bank had caused more revenue inflows into the country. But he  expressed worry over the rising cost of living, adding that the government needed to do more ameliorate the sufferings of the peopleHe said: “The federal government have witnessed tremendous increase in revenue due to floating of the Naira and is projected to enable the FIRS achieve its revenue target for the year. However, dollar continues to surge against the Naira due to speculation, excessive purchase of the greenback by some people to edge inflation which has led to increasing scarcity of the US dollars.” He said: “These reforms by the CBN just like the fuel subsidy removal is coming at a time when the ordinary Nigerian is already on the edge due to low purchasing power and astronomical increase in cost of goods and services with no rise in income.“So, to an average Nigerian these reforms have only added to their already bad situation. It is agreed that good reforms could take time to turnaround a very bad economy but in the Nigerian situation all the bullets are aimed at the people without a way of escape.“The reforms would have been bearable if there were meaningful palliative or realistic efforts to assuage the hardship in the land.”

#News Kayode Tokede Capital market analysts have predicted that investors’ profit-taking will continue to rock the stock market of the Nigerian Exchange Limited (NGX) this week as stock investors seek policy direction from the Central Bank of Nigeria (CBN) to trigger the positive sentiment. It was another profit-taking outing last week for the stock market on the back of weak sentiment which was spurred by higher yields outlook in the fixed-income market as portfolio rebalancing continues ahead of expected 2023 corporate earnings and outcome of the Monetary Policy Committee (MPC) of CBN. Specifically, the NGX All-Share Index declined by 3.44 per cent week-on-week (W-o-W) to close at 102,088.30 basis points, while the overall market capitalisation lost N1.99 trillion to close the week at N55.861 trillion. The MPC is scheduled to convene on February 26th and 27th, marking its inaugural meeting for the year and the first for the current CBN governor, following two postponements in the latter half of 2023. This will also be the first session of the newly constituted committee since the change of guard at the CBN. A group of analysts at Cowry Asset Management Limited said, “we anticipate the bearish sentiment to continue as the market seek catalyst and policy direction from economic managers to trigger the positive sentiment. “However, as we anticipate more corporate releases for the final quarter of 2023, investors will begin to rebalance their portfolio in their search for alpha amidst the rising fixed income yields and outcome of the monetary policy meeting. Meanwhile, we continue to advise investors on taking positions in stocks with sound fundamentals.” Afrinvest Limited said:  “in the new week, we expect bargain-hunting opportunities to boost market performance.” Analysts at Cordros Research stated that it expected limited bargain-hunting activity in the near term due to prevailing negative sentiments driven by movements in fixed-income market yields and uninspiring earnings releases. They anticipated a decisively hawkish stance from the MPC regarding interest rates, aligning with the CBN’s commitment to achieving price stability. “Our projection is for a significant increase in the monetary policy rate by 150basis points while leaving other parameters constant. The anticipated increase in the policy rate would be in contrast to the prevailing global trend, where many central banks are scaling back on rate hikes and contemplating reductions. “We expect the MPC’s decision to be primarily influenced by the soaring inflation, which rose to a multi-decade high of 29.90%, and the depreciation of the currency,” Cordros Research added. The chief operating officer of InvestData Consulting Limited, Mr Ambrose Omordion said “we expect mixed sentiment to continue as players digest the latest GDP data and outcomes of the recent auctions of Debt Management Office (DMO) and Central Bank of Nigeria (CBN) in the face of expected audited corporate earnings and ongoing portfolio rebalancing. “This is amidst the volatility and upcoming policy meeting, while pullback at this point will add more strength to upside potential. As such, investors should take advantage of price correction. Also looking at the trends and events across the globe and domestically.” According to Exchange, the sectoral performance was largely downbeat as the see-saw movement continues across stocks. The NGX Insurance and NGX Industrial goods indices were the least performing as they pared previous week gains by 8.91 per cent and 7.94 per cent week on week, while the NGX Banking index recorded a weekly loss of 2.10 per cent. On the flip side, the NGX Consumer goods index posted a weekly gain of 2.01 per cent and the NGX Oil & Gas index rose by 0.01 per cent W-o-W. The market breadth for the week was negative as 14 equities appreciated in price, 66 equities depreciated in price, while 74 equities remained unchanged. Juli led the gainers table by 59.18 per cent to close at N2.34, per share. SUNU Assurance followed with a gain of 17.42 per cent to close at N2.09, while FBN Holdings (FBNH) went up by 10.71 per cent to close to N31.00, per share. On the other side, Morison Industries led the decliners table by 32.66 per cent to close at N1.67, per share. Consolidated Hallmark Insurance followed with a loss of 19.35 per cent to close at N1.25, while Sterling Financial Holdings Company declined by 18.69 per cent to close at N4.35, per share. Overall, a total turnover of 1.377 billion shares worth N31.584 billion in 42,040 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 1.559 billion shares valued at N36.497 billion that exchanged hands previous week in 42,546 deals. The Financial Services Industry (measured by volume) led the activity chart with 960.519 million shares valued at N16.844 billion traded in 19,669 deals; contributing 69.77 per cent and 53.33 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 115.241 million shares worth N1.511 billion in 2,859 deals, while the Oil and Gas Industry traded with a turnover of 80.866 million shares worth N1.721 billion in 2,726 deals. Trading in the top three equities; Guaranty Trust Holding Company (GTCO), FBN Holdings (FBNH) and Transnational Corporation (measured by volume) accounted for 343.584 million shares worth N9.431 billion in 5,659 deals, contributing 24.96 per cent and 29.86 per cent to the total equity turnover volume and value respectively.

#news Developers have canvassed improved regulations in the housing sector to increase citizens’ access to land accessibility. They made this call during an interaction with journalists after a Real Estate/Housing Reporters’ Workshop held recently in Abuja. The event was themed “Promoting Real Estate Investment through Informed Media Alliance and Sustained Professionalism”. The Managing Director of Leisure Court Estate Limited, Segun Abolaji, urged the government to make land affordable by regulating the ownership of land. Related News Operators worry over falling. Housing firms, developers reject N8,000 cement. Developers reject N8,000 cement. “There is no regulation for real estate in Nigeria, unlike in America, where possession of land is regulated. It is even more difficult for real estate people to apply for land and get direct allocations than the politicians who are not pressed to sell the land because they do not need the money and resell at exorbitant prices to real estate practitioners. “Another factor why affordable houses cannot be realistic is because of the cost of cement and building materials. Only Gipson is sourced outside the country, yet the cost of building materials is skyrocketing,” he noted. He called on the government to regulate the possession of land to make affordable housing feasible, adding that the feasibility of affordable housing lied in the lower costs of cement and building materials. He added, “The government must make land affordable by regulating the ownership of land to achieve affordable housing. In addition, the Nigerian attitude to make more profit inflames the problem. People take undue advantage of every situation making the business challenging for the practitioners, because it all adds to make housing costly.”