By Oluwafunke Ishola

An international trade and investment promotion firm, Compass Global Business Services, says it has evolved mechanism to enhance gender development to achieve a safe and sustainable world.

Its Chief Executive Officer, Tokunbo Chiedu, made this in a statement in Lagos.

Chiedu said that the organisation was renowned for collaborating with its strategic partners to provide solutions that focus on global concerns, while promoting empowerment, driving inspiration, and encouraging learning and transformation.

According to her, the firm will hold a virtual edition of the global Female Leaders, and Entrepreneurs Conference (FLEC) from March 23 to 25.

“FLEC is designed to be a convergence to initiate powerful conversations with female leaders, around gender development and the pivotal role gender balance.

“And diversity has to play in navigating the new normal, and particularly toward achieving a safe, and sustainable world for all.

“The overarching theme of the conference focusses broadly on gender development and innovation with emphasis on toolkits to innovate, survive and sustain in the post – pandemic recovery phase,” she said.

Chiedu said that the three days programme would explore the impact of women on the global scene by drawing on case studies of sustainable solutions, and best practices led, developed or owned by women.

She said that this would include compelling success stories from around the globe, with regards to progress being made by women across the spheres of government and policy, business, technology and within corporate organisations.

“A key driver of the FLEC platform is the need to foster new business opportunities, and to engage and strengthen networks in the process for the mutual benefits of the African continent, and the rest of the world,” she said.

Chiedu said that the event would have 30 female leaders, across multiple sectors representing six countries, and four continents to brainstorm and chart a positive course for the audience.

She, however, advised the public to register free of charge for the life transforming programme through the company’s website. (NAN)

By Emmanuella Anokam

The Nigeria Export Processing Zones Authority (NEPZA) has expressed readiness to collaborate with the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) to promote export processing in the country.

Prof. Adesoji Adesugba, NEPZA’s Managing Director, said this when a delegation from NACCIMA, led by its National President, Hajiya Saratu Aliyu, visited him on Wednesday in Abuja.

The News Agency of Nigeria (NAN)  reports that the visit by delegation from NACCIMA,  an umbrella body of the organised private sector in Nigeria was to seek NEPZA’s support in export processing and facilitation for its members.

Adesugba, while acknowledging NACCIMA’s pursuit of economic development said to improve functionality of existing Free Trade Zones, private sector collaboration was key to help boost investments and provide infrastructure support.

“This is our focus going forward. A collaborative engagement between NEPZA and NACCIMA is, therefore, very timely in view of NACCIMA’s role as the “Voice of Nigerian business” committed to leading Organised Private Sector (OPS) growth.

“By providing an enabling business environment to promote their business interests, whatever that may be. With over 60 years’ experience under its belt, NACCIMA is more than qualified to support NEPZA in this quest,’’ he said.

He, however, hoped that the organisations would work together towards achieving the industrialisation agenda and the economic development of the country.

Following Nigeria’s ratification of the Africa Continental Free Trade Agreement (AfCFTA) late 2020, he said NEPZA sought to leverage on its opportunities to service the African market by increasing exports.

Accordingly, he said the goal of the AfCFTA resonated strongly with the aims and objectives of Special Economic Zones (SEZs) in promoting trade and services.

He said that was why NEPZA was currently repositioning its SEZs strategy to support the Agreement.

“The Authority is implementing this by focusing its investment facilitation and capacity expansion on goods and services that the country has high comparative advantages.

“Additionally, there are several additional ongoing reforms aimed at improving efficiency of our zones and boosting exports.

“These include; Review and update of the NEZPA Act to accommodate new initiatives and goals. Realigning the required institutional arrangements and building the capabilities and capacities to deliver.

“It also focuses on overcoming infrastructural and logistics challenges such as access roads and power within zones.

“It seeks to reduce high operating costs within zones to support increased participation of Small and Medium Enterprises in the SEZ’s,’’ he said.

NACCIMA’s president earlier congratulated Adesugba on his well-deserved appointment as NEPZA chief executive officer and hoped that the collaboration would facilitate export in the sector as sought.

Aliyu said that the purpose of the visit by the association was to seek NEPZA’s support in export processing and facilitation for its members across the country. (NAN)

By Chinyere Joel-Nwokeoma

Activities on the Nigerian stock market sustained the upward trend on Wednesday with a gain of 0.14 per cent on bargain hunting in Oando and 21 others.

Specifically, the All-Share Index improved further by 56.44 points or 0.14 per cent to close at 40,221.30 against 40,164.86 posted on Tuesday.

Accordingly, the month-to-date and year-to-date losses moderated to 5.2 per cent and 0.10 per cent, respectively.

In the same vein, the market capitalisation grew by N29 billion to close at N21.043 trillion from N21.014 trillion recorded on Tuesday.

The uptrend was also driven by price appreciation in medium and large capitalised stocks, amongst which are Oando, Associated Bus Company, Japaul Gold and Ventures, Royal Exchange and Academy Press.

Market sentiment, as measured by market breadth, was positive with 22 gainers against 20 losers.

Oando dominated the gainers’ chart in percentage terms with 10 per cent to close at N3.41 per share.

Associated Bus Company followed with a growth of 9.38 per cent to close at 35k, while Japaul Gold rose by 9.23 per cent to close at 71k per share.

Royal Exchange garnered 8.70 per cent to close at 25k, while Academy Press appreciated by 7.89 per cent to close at 41k per share.

On the other hand, Lasaco Assurance led the laggards’ chart in percentage terms, losing 9.49 per cent to close at N1.24 per share.

Consolidated Hallmark Insurance trailed with 8.33 per cent to close at 33k, while Cornerstone Insurance shed 7.81 per cent to close at 59k per share.

Flour Mills of Nigeria shed 6.94 per cent to close at N28.85, while Wapic Insurance depreciated by 6.90 per cent to close at 54k per share.

Transactions in the shares of Zenith Bank topped the activity chart with 154.62 million shares valued at N4.09 billion.

Guaranty Trust Bank followed with 48.79 million shares worth N1.53 billion, while FBN Holdings sold 25.27 million shares valued at N185.63 million.

Transcorp accounted for 25.14 million shares worth N23.42 million, while United Capital transacted 22.01 million shares worth N136.804 million.

In all, investors traded 469.56 million shares valued at N7.08 billion in 5,470 deals, indicating an increase of 38.94 per cent.

This was in contrast with a turnover of 337.96 milliin shares worth N3.85 billion exchanged in 5,232 deals on Tuesday. (NAN)

By Oladele Eniola

Some stakeholders in the cryptocurrency market on Monday appealed to the Federal Government to lift the ban on its transactions.

The stakeholders advised the government to rather initiate regulations and guidelines that would protect consumers’ investments in the market.

The Central Bank of Nigeria (CBN) had on Feb. 5, prohibited the trade of cryptocurrency and facilitating payment of cryptocurrencies in banks and other financial institutions.

However, following the ban, CBN issued a five-page statement clarifying its position on cryptocurrencies after a regulatory warning to local banking institutions sent shock waves through social media.

In the statement, CBN said the Feb. 5 letter was only a reminder that cryptocurrencies were not legal tender in Nigeria and was reiterating a position the bank had held since 2017, and was not imposing new restrictions on the industry.

Mr Seun Dunia, the Chief Executive Officer of Tradefada.com, a Cryptocurrency Company, said that the Federal Government through the CBN should come up with guidelines to regulate the activities of cryptocurrency market and protect consumers’ investments.

Dania told the News Agency of Nigeria (NAN) in Lagos that the ban would subject people to hardship, adding that many people who had been rendering services in the industry would become unemployed.

“Cryptocurrencies are the biggest financial innovation of the fourth industrial revolution and Nigerians must not be exempted from participating in one of the largest transfers of wealth to be witnessed in recent times.

“In some parts of the world, cryptocurrency is used for conducting transactions in financial institutions.’’

He said that the government should not ban such trading at a time when some people were beginning to show interest in the market.

“This particular trade helped so many people, both the young and the old to get by, especially during the pandemic period and also to deal with the after effect of the pandemic.’’

Dania said that banning it at this critical period would not be good because many people who were into this type of trading would be rendered jobless.

“We appeal to the Central Bank to lift the prohibition placed on regulated financial institutions from providing financial services and reverse the order to close all their bank accounts,” he said.

He said that some of the registered companies functioning as exchanges had been affected negatively by the ban, while crypto transactions had continued in the black market.

He said that his firm and some other innovative Nigerian exchanges were servicing high level customers with due diligence were being observed in addition to some of the strictest anti-money laundering policies in line with international financial standards.

“CBN should see these exchanges as their partners whom they should work with and learn from,’’ he said.

Dania said that trading in cryptocurrencies had become global and could help the economy to grow in many ways.

“There are sophisticated tools which stakeholders have access to that can be very useful to the Federal Government.

“This includes chain analysis which has helped several countries to solve high-level crimes associated with cryptocurrencies.

“Trading in cryptocurrencies has also helped Nigeria in job creation.

“The industry has employed and grown several block chain and software developers, traders, educationists and other direct and indirect opportunities.’’

Mr Tayo Akinteju , who trades on Tradefada.com also joined  other traders in Cryptocurrency to plead with the Federal Government to reverse the ban.

Akinteju said that the platform had helped him to cushion the effects of the pandemic during the lock down.

“I lost my job during the pandemic. So, a friend introduced me to the platform and taught me how to trade.

“When I got to understand the basics, I was so happy because it helped me to get by as I was able to provide for my family.

“The recent ban has made it a major setback for me,” he said.

Mr Nuru Saheed, another stakeholder also called for the lifting of the ban, noting that sustaining it would add to the sufferings of the people.

“The platform should be regulated; if that is done, the government will be able to control the market.

“The total ban of the market will have negative effects on the country’s economy,” he said.

NAN reports the since the announcement by the CBN, some global exchanges had suspended the Naira deposits on their platforms. (NAN)

By Rabiu Sani-Ali

The Federal Government, on Friday, said it had signed a 25 megawatt Independent Power Project (IPP) agreement, to enhance electricity supply to industries in the Kano Free Trade Zone (KFTZ).

Mr Richard Adeniyi-Adebayo, the Minister of Trade, Industry and Investment, who stated this during a facility tour of the KFTZ, in Kano, explained that the agreement was signed with a reputable firm and that the project was expected to be completed within 11 months.

He said the government also initiated viable programmes to fast track infrastructure development and provision of other facilities to encourage investment in the KFTZ.

“We are investing money on infrastructure,  the major constraint to investors is power. People need power to invest and when the power gets here, this place will blossom.

“Already we have expression of interest from companies who want to set up their industries here. We are trying to increase the amount of land and the capacity of facilities to be able to cope with the demand,” he said.

According to the minister, the Federal Government had evolved proactive measures to encourage investments that would stimulate industrial growth, to enable indigenous companies compete favourably with industries elsewhere.

“We are trying to take advantage of the African Continental Free Trade Area (AfCFTA) to encourage investors to come and invest in Nigeria. It is our desire and hope to make Nigeria an industrial hub of Africa,” he said.

Adebayo added that the ministry was implementing sound policies and programmes to assist investors, to enable them run successful and profitable enterprises.

He said the ministry was in discussions with the Bureau for Public Enterprises (BPE), adding that no decision had been taken on the proposed privatisation of Kano and Calabar Free Trade Zones.

He assured that decision on the issue would be to the best interest of the country and investors.

The minister further commended the management of the Nigeria Export Processing Zone Authority (NEPZA) and its staff over commitment toward promoting investment in the zone.

In a remark, Prof. Adesoji Adesugba,  Managing Director of NEPZA, thanked the minister for the visit and his support to the Authority.

Adesugba advised investors to avail themselves opportunities of the Free Trade Zones to enable them compete in the AfCFTA.

Also, Mr Umar Sani-Marshall, one of the investors urged the minister to address power and other challenges facing the zone, to enhance their operations.

The News Agency of Nigeria (NAN) reports that Adebayo, accompanied by the Minister of State, Maryam Katagum, and other officials of the ministry, inspected ongoing housing projects and some enterprises in the zone. (NAN)

By Vivian Emoni

A consulting firm, Xploit Consulting says it has collaborated with Access Bank to train  82 youths on Information Communication Technology (ICT) skills in Karu and Keffi Local Government Areas, Nasarawa State.

The company’s Programme Officer, Mr Oluwatobi Ojo, who stated this on Friday in Keffi, while addressing the beneficiaries said that the training covered digital skills that were related to communication technologies.

Ojo, who underscored the importance of ICT, said that the training was initiated to address the digital skill gap in the country.

He said that the firm decided to equip young people with basic and intermediate skills to make them employable for better and effective use of their other skills.

Ojo said that the training would also enable them manage their businesses in accordance with the global evolving trends in technology.

According to him, the youths are trained on computer literacy, internet safety and responsibility, use of Microsoft office suite, social media marketing, website development, mini importation and affiliate marketing.

Mr Oluwatobi Bello, Head of the Marketing, Access Bank Karu Branch, Nasarawa said that the exercise would offer them opportunities in their various fields.

Bello enjoined the participants to take the training seriously as it would help them improve their businesses and other corporate engagements.

The Esu Karu, Dr Luka Baba, while thanking the organisations for exposing the youths to digital skills, said that the COVID-19 pandemic had propelled the digitisation of the world.

The traditional ruler called on the participants to embrace the change and ensure that they advanced in the system.

The Chairman of Karu Youth Council, Mr Danladi Betusan, urged the youths to build on the training to impact positively on their businesses.

Betusan advised the participants to ensure that they explored opportunities around them and learnt more on the ICT system as the effort would better their lives.

Speaking on behalf of the participants, Mr Dogara Abu thanked the two firms for bringing the training to their doorsteps.

Abu promised that they would give their best by ensuring that they made better use of the knowledge impacted from the training. (NAN)

By Nefishetu Yakubu

A firm, Univasa Nigeria Ltd. has  inaugurated an online ride-hailing transport service, empowering no fewer than 170 drivers in Edo.

Speaking at the inauguration of the app-based taxi booking in Benin, the Chief Executive Officer, Ben Adeniyi, said the initiative was to ease the stress of commuters who went to parks to board taxis.

Adeniyi, represented by the General Manager, Univasa Nigeria Ltd., John Oyakhinome, said the e-hailing services would be expanded to other states before the end of 2021.

He said that bonuses, such as annual healthcare insurance and referrals, would be given to drivers based on the number of rides they attracted.

According to him, a tracking device has been installed in the vehicles in the event of car theft.

“All they need to do is to press the distress signal and the customers care service will immediately notify the nearest police station,” Adeniyi said.

He said that the ride-hailing features could also be used offline on application. (NAN)

By Chinyere Joel-Nwokeoma

The bears maintained leadership on the Nigerian Stock Exchange (NSE) on Wednesday with investors losing N15 billion due to persistent profit taking on blue chips.

Specifically, the market capitalisation dipped N15 billion or 0.07 per cent to close at N21.169 trillion in contrast with N21.184 trillion recorded on Tuesday.

Also, the All-Share Index dropped 29.03 points or 0.07 per cent to close at 40,465.32 from 40,494.35 posted on Tuesday.

The month-to-date loss increased to 4.6 per cent, while the year-to-date gain moderated to 0.50 per cent.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are Beta Glass, Japaul Gold, Fidson Healthcare, Consolidated Hallmark Insurance and Vitafoam.

Market breadth was negative, with 22 stocks laggards against 18 gainers.

Beta Glass led the losers’ chart in percentage terms with 9.75 per cent to close at N50 per share.

Japaul Gold and Ventures came second with 8.86 per cent to close at 72k, while Fidson Healthcare lost 8.55 per cent to close at N5.35 per share.

Consolidated Hallmark dipped 7.89 per cent to close at 35k, while Vitafoam Nigeria shed 7.56 per cent to close at N7.95 per share.

Conversely, Julius Berger dominated the gainers’ chart in percentage terms, gaining 9.73 per cent to close at N20.30 per share.

LivingTrust Mortgage Bank, formerly Omoluabi Mortgage Bank, followed with 9.68 per cent to close at 68k, while Honeywell Flour Mill garnered 9.60 per cent to close at N1.37 per share.

Cornerstone Insurance grew by 9.26 per cent to close at 59k, while UPDC Real Estate Investment Trust appreciated by 7.41 per cent to close at N5.80, per share.

In the same vein, the total volume of shares traded declined by 31.49 per cent with 244.20 million shares worth N2.65 billion in 4,083 deals.

This was in contrast with a total of 356.43 million shares valued at N5.76 billion exchanged in 5,040 deals on Tuesday.

Transactions in the shares of FBN Holdings topped the activity chart with 52.32 million shares valued at N381.49 million.

Transcorp followed with 24.81 million shares worth N23.82 million, while Guaranty Trust Bank accounted for 16.53 million shares valued at N512.53 million.

Zenith Bank traded 13.98 million shares worth N349.28 million, while Vitafoam transacted 12.08 million shares valued at N94.52 million. (NAN)

By Ismaila Chafe

President Muhammadu Buhari has felicitated with former Minister of Finance and Economy, Dr Ngozi Okonjo-Iweala on her election as Director-General of the World Trade Organisation.

By the victory, Buhari said Okonjo-Iweala has brought joy and more honour to the country.

The president’s congratulatory message is contained in a statement by his Senior Special Assistant on Media and Publicity, Malam Garba Shehu, in Abuja on Monday.

According to him, as the Harvard-educated and renowned economist takes up another onerous task of service to the world and humanity.

“Her track record of integrity, diligence and passion for development will continue to yield positive results and rewards to mankind,’’ the President said.

Buhari affirmed that Okonjo-Iweala, who over the years set major records of economic reforms in Nigeria as Minister of Finance, and later Minister of Foreign Affairs, would excel in her new position.

He expressed the hope that the former Nigerian minister would validate the global mandate of repositioning and strengthening the multilateral institution for the greater good of all.

The president joined family, friends and colleagues in wishing Okonjo-Iweala well in her new endeavour.

The News Agency of Nigeria (NAN) reports that Okonjo-Iweala’s election follows months of deadlocked discussions among WTO members on who should be chosen as the next director-general.

The former WTO chief, Roberto Azevedo, stepped down in August, a year earlier than his second four-year term was set to end.

The delays in the appointment of WTO chief reportedly stemmed from the reluctance of former U.S. president, Donald Trump, to approve the Nigerian economist’s candidacy.

The Trump administration favoured South Korean Trade Minister Yoo Myung-hee.

However, after Joe Biden assumed the presidency, the South Korean minister decided to quit the race paving the way for Okonjo-Iweala’s selection. (NAN)

By Itohan Abara-Laserian

Mr Johnson Chukwu, Chief Executive Officer, Cowry Asset Management Ltd., has said that Foreign Direct Investment (FDI) was crucial to boosting capital inflows for funding of the country’s capital projects.

Chukwu said this while presenting a paper titled: ‘Addressing Nigeria’s fiscal challenges – Exploring Alternative Funding Approach,’ on Thursday in Lagos.

The webinar was organised by the Capital Market Correspondents Association of Nigeria (CAMCAN).

He stressed the need for appropriate policies that would attract more FDIs into the country for infrastructure development.

He noted that Nigeria recorded 1.44 trillion dollars  inflow of FDI in 2015 as against $1.028 trillion reported in 2020.

“It is a far cry compared to countries like Ghana whose receipts are two times what Nigeria realised and Egypt which is seven times what we received.

“The FDI is an important source of capital funding for a country like Nigeria. Nigeria needs to come out with appropriate policies that will attract FDI, especially on foreign exchange.

”This is because as it stands today, a country may not have the wherewital to fund most infrastructure like the telecommunications sector, specifically Nitel.

“Looking at the size of the economy, what we get as capital inflow is nothing compared to the size of the economy,” Chukwu added.

He said that Nigeria needed to look at foreign exchange policies and sectors of the economy that the country could create appropriate incentives to attract foreign capital.

Chukwu observed that Nigeria has a huge revenue challenge when compared with its expenditure.

“Nigeria has a huge revenue short fall which means we have to look for fund outside government budget .

“Total revenue has remained largely flat between 2015 and 2020.

“In 2015, total revenue realised by the Federal Government stood at N3.24 trillion as against N3.47 trillion reported as of November 2020.

“There has been a steady growth in expenditure. As of 2015, total expenditure stood at N4.76 trillion in contrast with N6.24 trillion recorded from January to November 2020.

“The challenge we have in this country is a revenue challenge, we don’t have the revenue size to support the type of government we run. That’s why our recurrent expenditure has been increasing while our revenue remains flat.

“We need alternative sources of funding approach to finance the country’s development,” Chukwu said.

He added that once capital expenditure was not growing, the country would not develop. (NAN)