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Category: Business and Economy

CBN says contributions to its COVID-19 relief fund hit N15bn
The Central Bank of Nigeria (CBN) on Wednesday said that monetary contributions to its relief fund under the auspices of Private Sector Coalition Against COVID-19 (CACOVID) stood at N15 Billion.
CBN Director of Corporate Communications, Isaac Okorafor, said in a statement in Lagos that the donations were from 37 donors, including individuals, banks and other corporate bodies.
“A breakdown of the contributions showed that CBN and Aliko Dangote donated N2billion each.
“Abdul Samad Rabiu (Bua Sugar Refinery), Segun Agbaje (GTB); Tony Elumelu (UBA); Oba Otudeko (First Bank); Jim Ovia (Zenith Bank); Herbert Wigwe (Access Bank) and Femi Otedola of Amperion Power Distribution donated N1 Billion each to the relief fund.
“Pacific Holding Ltd, Union Bank Plc, Sterling Bank Plc, Standard Chartered Bank, Stanbic IBTC, Citi Bank Nigeria Ltd, FCMB, Fidelity Bank, ECOBank, African Steel Mills and Multichoice Nigeria Limited also made donations.
” Similarly, FSDH Merchant Bank, FBN Merchant Bank, Rand Merchant Bank, Coronation Merchant Bank, Sun Trust Bank, Providus Bank, Wema Bank, Unity Bank, Heritage Bank, Nova Merchant Bank, Polaris Bank and Keystone Bank donated.
“Others are Globus Bank, Titan Trust Bank, Takagro Chemicals Ltd, Ahmadu Mahmoud and Handy Capital Ltd make up the list of those that have sofar made contributions to the Private Sector Coalition Against COVID-19 (CACOVID) Relief Fund domiciled at the CBN,” he said.
Okorafor said that the coalition appreciated the list of good spirited individuals and corporate bodies for hearkening to the clarion call championed by the CBN and the private sector.
He called on more Nigerians and corporate bodies to key into the coalition with a view to supporting the fight against the pandemic.
According to him, Nigeria can overcome the scourge when all hands are on deck.(NAN)
April 2, 2020
NSE: Indices drop further by 0.14%
The Nigerian Stock Exchange (NSE) market indicators on Tuesday recorded further depreciation, dropping by 0.14 per cent.
Specifically, the All-Share Index which opened at 21,330.79 lost 30.32 points or 0.14 per cent to close at 21,300.47.
Similarly, the market capitalisation dipped N16 billion or 0.14 per cent to close at N11.100 trillion compared with N11.116 trillion posted on Monday.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Zenith Bank, UACN, Guaranty Trust Bank, Lafarge Africa and Access Bank.
Analysts at Afrinvest Limited said, “We expect the bearish sentiment to continue, however, there exists bargain hunting opportunities in the equities market.”
Also, Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., said that market outlook would remain unstable during the lockdown period and beyond due to high volatility in developed and developing markets.
Omordion noted that bouquet of stimulus packages had failed to uplift the market.
“This is because there is no clear road map for implementing these fiscal and monetary measures to ensure that they are devoid of the usual bottlenecks”, he said.
Market breadth closed negative with nine gainers in contrast with 11 losers.
Jaiz Bank led the losers’ chart in percentage terms, with a loss of 9.43 per cent, to close at 48k per share.
Ikeja Hotel came second with 9.09 per cent to close at 90k, while Courteville dipped 4.76 per cent to close at 20k per share.
Sterling Bank trailed with 4.17 to close at N1.15, while Transcorp shed 2.94 per cent to close at 66k per share.
On the other hand, GlaxoSmithKline recorded the highest to lead the gainers’ pack in percentage terms, gaining 10 per cent, to close at N4.40 per share.
May and Baker followed with a 9.74 per cent gain to close at N2.14, while NEM Insurance rose by 9.52 per cent to close N2.07 per share.
Wema Bank rose by 6.38 per cent to close at 50k, while Unilever increased by 4.76 per cent to close at N11 per share.
Transactions in the shares of Sterling Bank topped the activity chart with 303.46 million shares valued at N348.75 million.
Zenith Bank followed with 29.65 million shares worth N350.397 million, while Guaranty Trust Bank traded 16.87 million shares valued at N301.16 million.
United Bank for Africa accounted for 14.49 million shares worth N72.58 million, while FCMB Group transacted 9.65 million shares valued at N14.41 million.
In all, investors staked N1.72 billion on 422.01 million shares exchanged in 3,448 deals.
This was against 466.91 million shares worth N1.93 billion achieved in 3,659 deals on Monday. (NAN)
April 1, 2020
COVID-19: Ikeja Electric suspends disconnection of customers
Ikeja Electric (IE) has announced the suspension of all disconnection activities of non-paying customers for a period of two weeks effective April 1, due to the lockdown of Lagos State caused by COVID-19.
Mrs Folake Soetan, Acting Chief Executive Officer, made the announcement in a statement in Ikeja on Wednesday.
President Muhammadu Buhari had on Sunday in a nationwide broadcast announced the 14 days lockdown Lagos State, Ogun and the Federal Capital Territory, from 11pm on March 30, as part of efforts to contain the spread of Coronavirus.
Soetan said the suspension of the disconnection activities was to ensure that customers who could not afford to pay their March bills due to the closure would continue to enjoy supply until the stay at home order was lifted.
According to her, customers who wish to pay their bills can also do so using any of the DisCo’s designated online payment platforms.
She said: “Our prepaid customers can buy energy online using any of your preferred online banking or merchant platforms. You can also visit our website to purchase vending units.
“In line with treating our customer first, using technology now policy, our customer service representatives will be available to respond to all your complaints and inquiries in a prompt and professional manner.
“We will leverage on our world class communication tools online and via social media to attend to your complaints and inquiries while also increasing the turnaround time for resolution.
“All employees on essential services throughout this lockdown period are committed to ensuring that you get the best customer service and have been mandated to deliver in line with our processes and best practices.
“We, therefore, implore you to avoid giving any monetary inducement to any of our employees as we carry out the job of serving you better.
“At Ikeja Electric, the job is not done until it is done. It is our job to serve you.
“In carrying out their job, our trained engineers will deploy globally accepted safety procedures and practice social distancing, and all that is required to contain the spread of COVID-19.”
While urging IE’s customers to cautiously observe the stay at home order and other safety measures, she noted that defeating the pandemic requires a collective effort by all and sundry.
She said the DisCo was committed to ensuring that its customers enjoy steady and quality supply throughout the difficult period and beyond.
Soetan said: “We recognise the fact that electricity supply is critical to our ability to stay safe, clean and indoors.
“As one of the companies designated as essential services, we have put measures in place to ensure that our engineers and technicians are available to clear all forced and unforced outages, while also continuing with preventive maintenance programmes.
“We, therefore, solicit the support of customers to cooperate with our staff as they carry out their duties, while we restate our commitment to deliver steady electricity supply in line with our allocation.” (NAN)
April 1, 2020
Lockdown: Ilorin residents appeal for palliatives
Some residents of Ilorin have on Tuesday called for palliatives to cushion the effect of the stay at home order I posed by the State Government.
They complained of lack of money to buy food for themselves and their children, which they said is as a result of the lockdown policy to prevent spread of Coronavirus (COVID-19) to the state.
The Kwara Government had on March 23, directed residents to stay-at-home to complement Federal Government effort at containing COVID-19 pandemic.
The restriction in movement affected all commercial vehicles, including government, private and public offices and shops, with exceptions of food, provisions and pharmaceutical shops.
Speaking with NAN in Ilorin, Mr Saheed Olapeju, a vehicle repairer said that the action taken by the government is commendable, but there is need to make preparation for the lower class, as most of them depend on their daily income.
“We rely on our hard earned money, through the work of our hands, but with this disease that the world is battling with, we had to stay indoor and there is no other means to provide for ourselves and our family
“Many of us have finished the little food we have at home and there is no how we can work and get money to buy another food. We are broke and stranded
“Government should come to our aid, so that we will not fall ill as a result of hunger,” he said.
Mr Tope Isa, a foot wear seller, said that the government only allowed those that are selling food, drinks and medicine store, which he said has affected the living condition of other businessmen.
“We do not know when this stay-at-home will last, and we did not plan for it, which is the reason why many of us have started asking for help from the rich people in our area.
“It is shameful to ask for help, but more painful not to get assistance from those you relied on, and those you believed can help,” he said.
A trader, Madam Iya Tawa said that there is poor sales, adding that many people are complaining of no money and are begging to buy on credit, for them to pay later.
“Even those of us that are allowed to sell drinks and provisions are finding it difficult to sell well, as many of our customers are complaining of no money, since they could not open their shops
“Some youths have started behaving cunny, thereby looking for how to maneuver their way to buy one thing and steal three other things in the process.
“This is so unfortunate. We plead to government to assist us by all means and reduce this hunger that is already affecting us,” she said.
Some youths have started stopping vehicles in Oja-Oba market, Ilorin, begging for money to buy food, while others are sited by the road sides looking dejected. (NAN)
April 1, 2020
Gombe Govt moves to mitigate economic impact of COVID-19
Gombe State Government says it’s taking measures to mitigate the effect of Coronavirus (COVID-19) on the economy of the state.
Mr Muhammad Magaji, Gombe state Commissioner of Finance and Economic Development, disclosed this in an interview with the News Agency of Nigeria, (NAN) on Wednesday in Gombe.
Magaji said that the quick-fix measures being taken by the state government were to strengthen the Internally Generated Revenue base to ensure that it meets most of its needs in terms of the aspirations of the people.
He said the state had commenced reviewing its 2020 budget to reflect the effect of the pandemic on the economy with a view to maintain financial discipline as allocation from Federal Government dwindles.
“For us in Gombe, we have started to look at our budget for 2020 and already in the process of reviewing it to reflect the changes that have already been adopted by the Federal Government.
“Our budget should also reflect the reality, so that we capture correctly what we expect as revenue from federal allocation and that of course, translate to a reduction in the overall revenues accruable to the state.
“It therefore means that we have to scale down on the budget and activities we have outlined for the year 2020,”he said.
The commissioner added that the state government had also put in place austerity measures aimed at containing the recurrent expenditures to ensure that it reduces the recurrent expenditure to the barest.
He stated that part of such measures led to the suspension of the N30,000 minimum wage after due deliberation with labour leaders in the state while also slashing the salaries of all political appointees.
“Last week, we had a meeting with labour and we agreed to suspend the N30,000 minimum wage. We have done that to enable the state pay salaries.”
Magaji said the worst days were yet to be seen but, “as a responsible government, we will try to ensure that we are able to pay salaries and meet our minimum obligations within those periods.
“All we will do is to ensure that we become very strict with our spending. Ensure that whenever we don’t need to spend money; we don’t.
“We begin to plan ahead for those months that will be extremely difficult.”
He, however stated that though the review of the 2020 budget would affect the capital projects but, “It does not mean that some of these projects will not be undertaken.
“But it may take a longer time for the projects to come to reality.”
According to Magaji, the lesson from the impact of the coronavirus on the nation’s economy only tells us that we need to diversify by encouraging people to move into other sectors to harness the potentials there.
“In Gombe state, we are making moves to diversify our economy and this is the reason Gov. Inuwa Yahaya is passionate about the industrial park and already, we have investors.
“They want to partner with us to ensure that the project comes to fusion within a very short period. This will provide jobs, create more taxes for government and enhance the corporate image of the state.
While commending the federal government for efforts to diversify the nation’s economy through agricultural sector, the commissioner appealed for more supports for states from the Federal Government.
“The Federal Government should assist states by suspending all the FGN intervention loans for at least a year to allow states have more money to pay salaries and undertake other obligations,”he said. (NAN)
April 1, 2020
COVID-19: Association orders closure of mining sites
The Miners Association of Nigeria (MAN) on Monday, in Abuja, directed that all mining operations in the country be closed down because of the coronavirus pandemic, until the situation improves.
The association gave the directive in a statement, saying that this had become necessary because the country’s mining sites are not in tandem with social distancing.
The statement was jointly signed by Mr Dele Ayanleke and Alhaji Kabiru Mohammed the organisation’s
National Secretary and National President respectively.
It noted that coronavirus had become a global pandemic plaguing the entire nation and continents of the world.
It said the association had been monitoring the developments and measures being taken at mitigating the effects of this monumental health challenge and curbing its spread.
The statement noted that such measures were especially by the Federal and State Governments andhealth authorities at both local and international levels.
“And having also considered the peculiar nature of our mining activities which are mostly domiciled in the rural communities with attendant lack of health and other basic amenities.
“Infiltration of illegal immigrants and high level of social contacts and interactions among the mine workers and other camp dwellers, the association has come to the conclusion that the state of our mining sites is not in tandem with social distancing.
“It is in the light of the above that the National Executive Council of Miners Association hereby directs all our members across the nation to close all mining operations forthwith, until the nation survives this global emergency,” it said.
It appealed to other non-member miners to heed this directive in the overall national interest.
According to the statement, any window of entry of the virus into any of our minefields may spell doom at all efforts at curbing its spread.
“We are not unaware of the cumulative economic and operational costs of the adherence to this directive on the investments of our members and other miners.
“We plead that they should regard this call as our sacrificial contributions to deliver our nation, fellow citizens, ourselves and other residents from the pandemic of
coronavirus.” the statement stressed.
President Muhammadu Buhari in a nationwide broadcast on Sunday on the coronavirus pandemic, ordered the complete lockdown of Abuja, Lagos and Ogun from 11.00 p.m on Monday.
The total number of those infected by the coronavirus in the country as at Sunday, according to Nigeria Centre for Disease Control (NCDC) stood at 111 with one death recorded.
20 states in the country had also directed a lockdown of activities to forestall the spread of the virus. (NAN)
March 31, 2020
COVID-19 lockdown: Prices of perishables crash in Jigawa
Prices of perishables have crashed in Guri Main Market, in Jigawa following the lockdown by Federal Government over COVID-19.
A bag of onions now goes for N3,500 instead of the usual N8,000, while a bag of dry pepper that was sold for N9,500, has dropped to N7,000.
Also, a bag of chili pepper sold at N5,000, now cost N3,000, while a bag of dried tomatoes has dropped to N6,000 from the old price of N8, 000.
A bag of soybeans now goes for N8,000 as against the previous price of N13,200.
The Chairman, Perishable Sellers Association in the market, Alhaji Musa Zugo, said that the crash was due to the lockdown which had prevented customers from going to the market.
“Majority of our customers from Lagos, Ogun, Abuja and Port Harcourt are no longer coming because of the lockdown in the country.
“Very few customers come to the market and you know, if demand drops, price also drops,” he said.
Zugo, however, appealed to the federal government to assist in cushioning the effect of the lockdown on the poor and the vulnerable in the country.
“The federal government need to come up with a strategy to assist the people at the lower cadre of the society who rely on daily earnings to survive.
“If you keep this category of people at home with nothing to fall back on, they will die of hunger,” he said. (NAN)
March 31, 2020
CBN suspends cheque clearing amidst 2 weeks lockdown
The Central Bank of Nigeria (CBN) on Monday suspended clearing of cheques until further notice following the lockdown in Lagos, Ogun and FCT to contain the spread of COVID-19 pandemic.
The suspension was announced in a circular to Deposit Money Banks and the Nigeria Interbank Settlement System (NIBSS) by the Director of Banking Services at CBN, Mr Sam Okojere.
President Muhammadu Buhari on Sunday ordered a lockdown in Lagos, Ogun and the FCT with effect from 11 p.m. on Monday, March 30 FCT), as a response to contain the coronavirus (COVID-19) pandemic.
The bank explained that in view of these developments and in furtherance to the Bank’s effort to ensure hitch-free clearing and settlement activities, the CBN had therefore suspended it until further notice.
The apex bank further stated that the clearing of cheques instruments in the Nigerian clearing starting from March and for the avoidance of doubt, no fresh cheque instrument would be allowed to pass through March 31.
The CBN noted that only returned cheque would be treated on the said date.
“However, settlement activities for electronic instruments will continue to hold during this period of suspension”. (NAN)
March 31, 2020
COVID-19: Cross River turns back 35 US oil workers
On Monday, the government of Cross River state turned 35 American oil workers back over coronavirus screening.
The state government was said to have asked the workers to go for further screening in Lagos or Abuja before they would be allowed in.
It was gathered that they were later taken to Abuja.
A Charter flight said to be from the United States on Monday landed at the Murtala Muhammed International Airport, Lagos, with the Americans heading to Calabar, Cross River State.
An eyewitness said the Americans came into the country to work with the Nigeria National Petroleum Corporation.
According to findings, after screening by officials of the Port Health Services, the Americans were taken to Calabar onboard an Air Peace charter flight.
An industry source said the flight was part of the special flights granted permission by the Federal Government to land during the suspension of all commercial and private jets movements in the country due to the shutdown of the international airports over COVID-19.
The source said an approval was given by the Ministry of Aviation before the flight.
A circular by the Nigerian Civil Aviation Authority banning travel until further notice had exempted aircraft in state of emergency, over flights or those operations for humanitarian purposes.
Others exempted included medical and relief flights, alternate aerodrome identified in the flight plan, and technical stop where passengers do not disembark and cargo flights.
March 31, 2020
Lockdown: EKEDC assures customers steady power supply
The management of Eko Electricity Distribution Company (EKEDC) on Tuesday assured its customers of steady power supply in spite of shutting its offices outlets in Lagos and Ogun state.
Mr Godwin Idemudia, the General Manager, Corporate Communications Unit, EKEDC, said this in a statement in Lagos.
According to him, the company’s staff will be available to rectify faults within its network.
EKEDC on March 30 shut down its office and outlets in Lagos, Ogun and Federal Capital Territory.
The shut down was in compliance with the Federal Government’s lockdown of the two States and FCT to curtail the Coronavirus (COVID-19) spread.
Idemudia said the offices and outlets would be closed throughout the lockdown period, but its staff would still carry out their usual services under EKEDC franchise area.
He said that the action was part of its efforts to prevent the spread of COVID-19.
Idemudia said that the technical crew of the company would be on standby to repair faults and ensure constant electricity supply.
He urged customers within the network to report faults resulting to darkness in the areas through the company’s hotline telephone numbers and website.
“Our men are on shift duties of 24 hours daily to make sure our customers obey the stay at home order.
“The public are hereby advised to cooperate with our staff when they see them in their area with proper means of identification ( ID card).
“The company will ensure that all faults are rectified to enable you enjoy this period of lockdown with your families with steady electricity supply.
“We are also advising customers to make use of the electricity bill payment channels to pay their bills this period,” he said. (NAN)
March 31, 2020