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Economy

Anambra Govt. signs N396m contract for establishment of waste recycling plant

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The Anambra Government has signed $1.1 million (N396m) contract for the establishment of plastic waste recycling plant in the state in partnership with a private firm, Redivivus Industries Ltd.

The contract also included recycling and management of other waste materials in the state using the services of scavengers.

The project with an investment portfolio of about a million dollars will make use of existing UNDP site at Ogbunike, Oyi Local Government Area of the state.

During the ceremony at Governor’s Lodge at Amawbia, Awka on Thursday, Gov. Willie Obiano said that the partnership would help in clearing waste materials that littered the streets and drainages in the state.

Obiano praised the engagement of waste scavengers by the firm to generate plastics and other materials that could be recycled.

The governor urged the state Ministry of Environment to organise the sector properly by introducing a pilot scheme that would help households and offices to separate their wastes efficiently for easy recycling.

He stressed that the scheme if properly managed would not only rid the state of waste materials, but created jobs and wealth.

The Managing Director, Anambra Investment Promotion and Protection Agency (ANSIPPA), Mr Jide Ikeakor explained that the project would promote a beautiful waste that would generate wealth in the economy.

He noted that the agreement would create more than 50 direct jobs and improve the state’s Internally Generated Revenue (IGR) by making waste management profitable.

The Managing Director of the contracting firm, Mr Emeka Ajekwu said the project would bring innovation into the management of wastes through the recycling of plastic wastes and other materials.

Ajekwu pointed out that the firm had established a network of waste scavengers that supply at the moribund UNDP structure in Ogbunike to help in sustainable environmental management.

“In mid-2018, Redivivus Industries moved to the moribund structure established by the UNDP and Anambra Government in Ogbunike on a pilot basis.

“I am proud to say that we have since brought the location to life, employed no fewer than 44 permanent staff and an additional 16 contract staff. In 2018, we recycled 320,000 kg of plastic wastes,” Ajekwu added.

The State Commissioner for Environment, Mr Mike Okonkwo said the move would help in solving the menace of plastic wastes in Anambra as well as bringing social and economic benefits to residents.

 

Economy

CBN injects $297.92 into secondary market

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The Central Bank of Nigeria (CBN), has injected  297.92 million dollars into the retail Secondary Market Intervention Sales (SMIS).

The bank’s Director, Corporate Communications Department, Mr Isaac Okorafor made this known in a statement in Abuja on Friday.

Okarafor disclosed that CBN also injected CNY21.2million in the spot and short-tenured forwards segment of the inter-bank foreign market.

According to him, the United States dollars-denominated transactions are to meet requests in the agricultural and raw materials sectors, while those in Chinese Yuan are for Renminbi-denominated Letters of Credit.

The director reiterated that the bank’s management was satisfied with the continued stability in the foreign exchange market.

He assured that the CBN remained committed to meeting  foreign exchange needs of all sectors of the economy.

Meanwhile, N358 was exchanged to a dollar, while CNY1 exchanged at N46 at the Bureau De Change (BDC) segment of the foreign exchange market on Friday.

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Economy

No electricity tariff increase has been approved yet —— NERC

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The Nigerian Electricity Regulatory Commission (NERC), says no tariff increase has been approved by the commission yet.

In a statement, Mr Usman Arabi, NERC’s General Manager, Public Affairs, however,  in a statement on Friday in Abuja said it was still consulting with stakeholders.

He said that the commission  wished to notify the public that no tariff increase had been approved by the commission contrary to the impression in some quarters.

“However, the commission in the discharge of its statutory responsibilities enshrined under the  Electric Power Sector Reform (EPSR) Act, shall continue to undertake periodic reviews of electricity tariffs in accordance with prevailing tariff methodology.

`In all instances of such reviews and rule-making, the commission shall widely consult stakeholders and final decision shall be  taken with  due regard of all contributions,” he said. .

Arabi said that the commission wished to provide guidance that the minor review implemented by the commission was a retrospective adjustment of the tariff regime released in 2015

He said that this was to account for changes in macroeconomic indices for 2016, 2017 and 2018, “thus providing certainty about revenue shortfall that may have arisen due to the differential between tariffs approved by the regulator and actual end-user tariffs,” he said

 

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Economy

NSE: Market indices upbeat, up by 0.62%

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Trading on the Nigerian Stock Exchange (NSE), for the third consecutive days, maintained a bullish trend to close the week upbeat.

The Nigeria News Agency reports that the crucial market indices on Friday appreciated further with a growth of 0.62 per cent.

Specifically, the market capitalisation of listed equities inched N33 billion or 0.62 per cent to N13.524 trillion from N13.441 trillion achieved on Thursday.

Also, the All-Share Index rose by 170.51 points or 0.62 per cent to close at 27, 800.17 points against 27,629.66 posted on Thursday.

An analysis of the price movement table shows that Nestle led the gainers’ table, growing by N10 to close at N1, 230 per share.

Unilever followed with a gain of N2.45 to close at N29.45, Guaranty Trust Bank gained 90k to close at N27.90 per share.

Forte Oil improved by 66k to close at N16, while C & I Leasing also added 60k to close N7.30 per share.

Conversely, Dangote Cement Industry recorded the highest loss to lead the losers’ table, declining by 50k to close at N166.50 per share.

Continental Reinsurance trailed with a loss of 10k to close at N1.50, while Dangote Sugar Refinery was down by 10k to close at N1.30 per share.

Triple Gee lost 7k to close at 63k, while Unity Bank declined by 6k to close at 63k per share.

Similarly, the volume of shares traded closed higher with a total of 1.24 billion shares valued at N3.29 billion in 3,644 deals.

This was in contrast with 272.60 million shares worth N4.49 billion exchanged in 3,425 deals on Thursday.

Sovereign Trust Insurance Plc was the most active stock, trading 900.02 million shares valued at N216 million.

FBN Holding followed with an account of 80.12 million shares worth N401.08 million, while Courtville traded 55.07 million shares valued at N12.11 million.

Access Bank sold 36.42 million shares worth N236.89 million, while Transcorp exchanged 34.56 million shares valued at N36.94 million.

JNC/GOK

Edited by Olagoke Olatoye

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Economy

Multiple subscriptions: SEC regularises over 3.4bn shares

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Economy

FMDQ’s transition to full exchange will create competition – SEC

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