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Lagos Govt, LCFE sign agreement on Imota Rice



As part of its organic growth strategy, Lagos Commodities and Futures Exchange (LCFE) has signed an agreement with the Lagos State Government through the Ministry Agriculture to jointly drive the development of Lagos Rice value chain.

The agreement, sealed last week is expected to bridge the yearning gap in rice production in Nigeria, create different financial instruments that will boost economic activities in the Lagos Rice Mill, Imota through LCFE, generate employment opportunities and boost government revenue.

The Special Adviser to Lagos State Governor on Rice, Dr Olurotimi Fashola and the Permanent Secretary, Ministry of Agriculture, Mrs Olatokunbo Emokpae, signed the agreement on behalf of Governor Babajide Sanwo-Olu.

LCFE was represented by its Managing Director, Mr Akin Akeredolu-Ale, the Company Secretary, Mrs Fatima Lawal while Mr Adeyemi Oba, who signed on behalf of LCFE’s subsidiary, Commodities Tradenet Limited.

Dr Fashola explained that the Lagos State Partnership with LCFE was a win-win, saying,“This is the first time any subnational will do this. We are happy about this partnership.”

According to him, it is a form of sustaining the initiative of ensuring massive production of rice in Lagos State and for the befits of the entire country.

“We would like to thank Mr Governor once again, the Capital consumption of rice in Lagos state is the highest in Nigeria.

“When you consider smuggling, and all the rice that is brought into Lagos you will understand that Lagos has a taste for good rice and it has the highest consumption rate of basmati rice. The Lagos Rice Mill Imota, is playing to this taste,” said Fashola.

Responding, Mr Akeredolu-Ale stated that LCFE is committed to the Lagos State Government and the Rice Mill and The Exchange would drive the support of the Capital Market towards the ecosystem.

“I would like to commend Mr Governor and his team for seeing the need to bridge this gap with the IMOTA rice mill. The Imota Rice Mill is a great project by Mr Governor and the Lagos State government. This mill will drive development of the Rice Value Chain and meet the rice demand needs of the nation.

“Our duly licensed Capital market professionals are already working on various financial instruments to deepen the Rice Value Chain. Investors are eager to start investing in the Rice Mill and other rice backed commodity instruments. Exchange accredited aggregators have already started supplying paddy to the mill and more are enroute to the mill as we speak

“This signing ceremony is an opportunity to build stakeholder confidence for a great reception of the financial instruments by the Capital market,”Akeredolu-Ale said.

In her closing remarks, Mrs Emokpae thanked LCFE and the financial advisers for their perseverance and tenacity for ensuring that this project happens.

After the signing, the agreement was presented symbolically to the team of financial Advisers, led by the Group Managing Director, GTI Capital, Mr Abubakar Lawal; the Chief Executive Officer, Dominion Trust Limited, Dr Wale Oshinowo; and the Chief Executive Officer, Santrust Securities Limited, Mr Femi Sanusi.



capital market

FBNH, Access Corporation lead gainers on NGX



First Bank of Nigeria Holdings and Access Corporation led gainers on the Nigerian equities market on Monday.

This is as investors also lost N132.43billion on the Nigerian equities market yesterday.

The NGX All-Share Index advanced by 0.17 percent, closing at 71,353.81 basis points, compared to the previous day’s gain of 0.25 percent, which closed at 71,230.48 basis points.

YTD, the NGXASI stands at 39.22 percent. 

The total volume traded advanced by 28.12 percent to close at N746.67 million, valued at N5.95 billion and traded in 9,267 deals. UNIVINSURE was the most traded stock by volume with N161.10 million, while ACCESSCORP was the most traded stock by value with N1.47 billion units traded.

The Gate Index closed flat at 188.47, while the Toni index advanced by 1.39 percent to close at 371.15 basis points.

At the close of trading, the market recorded 32 gainers, 20 losers, and 69 unchanged. FBNH topped the gainers list, while ETRANZACT topped the list of losers.

Thus, market breadth closed positively as the Market Breadth Index (MBI) is 0.17x.

UNIVINSURE had the highest volume contribution with 21.58 percent, while ACCESSCORP and UNITYBNK followed closely behind.

According to the value chart, ACCESSCORP is at the top with a 24.68 percent contribution. UBA and ZENITHBANK followed closely behind.

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capital market

FG raises oil price, exchange rate projections



The Federal Government of Nigeria has pegged its 2024 projections for crude oil and the dollar to naira exchange rate at $77.96 and N750 respectively.

This new projection is a deviation from the earlier projection announced by Atiku Bagudu, Minister of budget and planning in October.

Bagudu had earlier stated that the FEC established a reference price of $73.96 per barrel for crude oil and an exchange rate of N700/$ as key assumptions for budgetary planning.

“Now, it was presented on the background of the commendable measures that have been taken since June in order to restore macroeconomic stability by particularly the deregulation of petroleum prices, which we maintained that subsidies are gone and indeed the regulation of the foreign exchange market,” he said.

Nigerian NewsDirect however gathered that the projected crude oil price benchmark by the Federal Government is below the $94.91 projection of the US Energy Information Administration (EIA) and the $100 a barrel forecast by Goldman Sachs for next year.

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Mr Adeniyi, Vitafoam’s Group CEO, bags award for excellence



Mr Taiwo Adeniyi, Group Managing Director and Chief Executive Officer of Vitafoam Nigeria PLC, has been crowned the CEO of the year-Manufacturing, by Africa Safety Award for Excellence (AfriSAFE) in Lagos recently.

The  prestigious Award, described by market watchers as the Grammy Award for manufacturers, celebrates  outstanding individuals and organisations who have demonstrated total commitment to Quality, Safety,  Community Social Responsibility (CSR) Projects and strong Sustainability Initiatives.

The Award, the 5th in the series, recorded 18716 entries, of which only 105 were shortlisted across five African Countries. Adeniyi towered above his peers in all the adjudged metrics.

Besides, Adeniyi had earlier clinched the Africa’s Manufacturing (Mattress/Foam) Brand CEO of the Year at the Africa Brand CEO Awards  2023, while Vitafoam, a frontline manufacturer of rigid foams and other household materials, under Adeniyi, had also won the Iconic Mattress Brand  of the Year at the Brandcom Awards 2023.

In a Statement co-signed by the Publisher, Brand Communicator and Convener, Brandcom Awards and Project Co-ordinator, Brandcom Awards, Mr Joshua Ajayi and Jeremiah Agada respectively, the virtues of Vitafoam that placed the Company ahead of the curve are explained: “ Amongst all other nominated manufacturing companies, our distinguished panel of assessors made up of experts and seasoned marketing and communications professionals came to the conclusion that VITAFOAM stood head above shoulders among others in this category to emerge winner, considering that it has consistently delivered high-quality mattresses, captured the trust of consumers, and played a pivotal role in shaping the mattress market. It showcases the brand’s enduring legacy, commitment to sleep comfort and innovation, and its ability to meet or exceed industry standards.”

Market watchers were quick to say that Vitafoam under the leadership of Adeniyi had consistently sustained a high level of profitability and generous dividend policy.

Appraising Vitafoam’s trajectory of topnotch performance at 60 last year, Adeniyi provided a clue that defines the company’s competitive edge, “We offer a vast array of high and superior quality products that present the customers with multiple unique choices. We do not benchmark ourselves with what is available in the market. 

“We benchmark ourselves with global standards and what global standards say is that your product must be fit for a purpose. Customer-centricity is at the centre of our operations.

“The sustained growth and good performance from the company is predicated on customer centric operations, focused on quality from the view point of our customers. In Vitafoam, our investment in state-of-the-art Technology and People have been the driving force.”

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