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NGX-ASI approaches 100,000 points, as market capitalisation gains N1.6trn

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The NGX All-Share Index (NGX-ASI) is approaching 100,000 points as the market closed higher by 2,848.85 points, ending the day with a negative market breadth.

Now at 31.89 percent, the NGX-ASI advanced by 2.97 percent, closing at 98,616.97 basis points, compared to the previous day’s gain of 1.30 percent, which closed at 95,768.12 basis points.

Meanwhile, the NGX Market CAP also recorded a gain of N1.56 trillion in Naira terms.

The All Share Index which tracks the general market movement of all listed equities on the Nigerian exchange was 55,738.35 on 30 May 2023, a day after Tinubu was sworn in. In July it rose to 65,091. By 24 December, it reached 73,768, which as Bloomberg reported on 1 November, when the ASI first crossed the 70,000 mark, was the highest on record.

As at the close of trading on Friday 19 January, the index leapfrogged to 94,538.12, more than 69 percent growth, since last May, creating yet another huge record.

Market capitalisation has also grown exponentially from N30.3 trillion recorded at the end of May 2023 to over N51.7 trillion on 19 January 2024. This means investors have gained more than N20 trillion within the past nine months.

Meanwhile, the total volume traded advanced by 3.56 percent to close at N747.51m, valued at N16.28bn and traded in 16,589 deals. TRANSCORP was the most traded stock by volume with N77.71m units traded, while DANGCEM was the most traded stock by value with N3.11bn units traded.

The Gote Index advanced by 8.54 percent to close at 355.54, while the Toni index declined by 4.20 percent to close at 667.41 basis points.

At the close of trading, the market recorded 17 gainers, 56 losers, and 47 unchanged. BUACEMENT topped the gainer’s list, while DEAPCAP topped the list of losers.

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Diri sets up committee on new minimum wage

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Gov. Douye Diri of Bayelsa has set up a committee to work out modalities for implementation of a new minimum wage for workers in the state’s civil service.

The committee is headed by Secretary to the State Government, Prof. Nimibofa Ayawei.

Other members included the Head of Service, Mrs Biobelemoye Charles-Onyeama, the Commissioner for Finance, Maxwell Ebibai, his Labour, Productivity and Employment counterpart, Ebiuwou Koku-Obiyai and the Chief of Staff, Government House, Mr Peter Akpe.

The committee has the end of May 2024 to submit its report.

Diri made the pronouncement on Wednesday at the 2024 Workers Day celebration at the Peace Park in Yenagoa.

The governor assured that his administration would implement a new minimum wage once the committee submitted its report, adding that the state workers always have emoluments as their federal counterparts.

Diri stressed that the welfare of workers had always been a top priority of his administration as attested to by the numerous worker-friendly policies he initiated.

He equally promised to commence the building of a new befitting secretariat complex for civil servants to accommodate the increasing workforce.

The state’s helmsman, who described workers as the backbone of development in society, attributed the achievements in his first tenure to the support and contributions of civil servants.

He called for continuous harmonious working relationship with his government in order to bequeath lasting legacies.

The Bayelsa helmsman also approved an annual step increment for civil servants, release of funds for completion of the state secretariat of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC).

“The committee is to immediately look into what the Federal Government has done on the proposed minimum wage and see the possibility of domesticating it in Bayelsa.

“It is given until the end of May to submit its report.

“My dear workers of Bayelsa, you have done so well. You know that you are the engine room of this government. We have succeeded because you have done so well. We receive commendations everywhere we go.

“In terms of infrastructure, human capacity building and other sectors, we have done well. I say you should continue to keep it up.”

According to him, together, we are building a Bayelsa of our dreams, a beacon of hope, a model of progress and a testament to our unity of purpose.

“The tangible evidence of these fruitful collaborations is that abundantly, we have made it clear for all to see in the plethora of transformative legacy projects that now span the length and breadth of our state, touching the lives of all Bayelsa people.

“Let us continue to work together so that the future of our state will be established.

“Beyond the ongoing renovation, we will look at the option of building a new state-of-the-art secretariat complex to accommodate the expanding workforce,” he said.

Earlier, the workers eulogised the governor for his labour-friendly policies that had improved their working condition.

In a joint address by the chairman of the NLC, Comrade Barnabas Simon, and his TUC counterpart, Comrade Laye Julius, the workers specifically thanked the governor for approving payment of wage award to all categories of workers in Bayelsa.

“We thank you for the regular conduct of promotion exercises and implementation, prompt payment of salaries of workers and pensioners, among others.

“Organised labour in Bayelsa is most sincerely grateful for your kind and favourable disposition to the needs and aspirations of workers in the state.

“Your open-door policies and swift response to most of our demands in the last four years is highly appreciated,” they said.

They, however, appealed for an upward review of the wage award, improved transportation system for workers, and mapping out of acquired lands for civil servants.

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Gov. Sani unveils N500m loans scheme for workers

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Gov. Uba Sani of Kaduna State has unveiled a  N500 million revolving loans scheme for civil servants in the State.
Sani disclosed this on Wednesday in Kaduna during the 2024 May Day Celebration .
Sani symbolically distributed  dummy cheques to some workers amidst cheers while announcing the more economic empowerment initiatives for the workers
He also reaffirmed his commitment to prioritise workers’ welfare and equip them appropriately within available resources.
Sani emphasised the importance of a motivated workforce for the success of his administration’s Rural Transformation Agenda, addressing the theme ‘People First’.
Sani stressed the centrality of citizens in development and governance, highlighting the strategic partnership forged with labour unions to advance workers’ interests and improve living conditions.
He also listed ongoing efforts to attract investments, provide training, and enhance job opportunities for the citizens.
Sani assured continued attention to human capital development and poverty reduction through various government interventions.
The governor further disclosed ongoing consultations with labour unions at both federal and state levels to negotiate a decent salary increase for the state and local government workers.
Earlier, the Chairman of the Nigeria Labour Congress (NLC), Mr Ayuba Magaji, commended Sani for his personal attendance at the May Day Celebration, marking a significant departure from the past nine years.
He also expressed gratitude for the governor’s prompt payment of salaries and allowances as well as the involvement of labour unions in decision-making processes
The highlight of the occasion was a  march past by various unions and affiliates of the NLC as well as the Trade Union Congress (TUC)
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Lagos-Calabar Coastal road: ‘You have no claim’ – Umahi attacks Landmark Beach owner

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Minister of Works, Dave Umahi has said the Group Chief Executive Officer and founder of The Landmark Group, Paul Onwuanibe, cannot claim compensation from the Federal Government in connection with the demolition of structures for the Lagos-Calabar Coastal Highway.

The Federal Government is currently demolishing properties along the shoreline to create a pathway for the Lagos-Calabar Coastal Highway.

The Landmark Group, owners of the Landmark beach in Lagos State, is believed to be one of the organisations that will be highly affected by the demolition.

However, Umahi has insisted that infrastructures belonging to Landmark were spared, hence the owner can’t make claims on the Federal Government.

Addressing journalists, the minister said the beach was on the right of way and shoreline.

He said: “No claim for Landmark, we spared all his infrastructure, we don’t pay for the demolition of shanties because it is on our right-of-way, 15 meters from the shoreline, so he has no claim.

“We made all efforts to spare his infrastructure. The Landmark owner is acting like a politician, me I’m an engineer.

“While he does all the politics, I am an engineer, I’ll do the engineering work. I don’t know the attention he is seeking.”

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