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Envoy advises Nigerian investors on Grenada investment opportunities

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Envoy advises Nigerian investors on Grenada investment opportunities

The Honorary Consul of Grenada to Nigeria, Abidemi Sonoiki, has highlighted some areas of opportunity for Nigerian investors in the Caribbean country.

Sonoiki, who became the honorary consul in May 2022, stated that during a press briefing at the Honorary Consulate of Grenada in Lagos recently.

He said that from the financial space to real estate, medical tourism, and education, there were opportunities that Nigerians could tap into for profitability.

The honorary consul remarked, “Grenada itself is the pride of the Caribbean. They are positioned for greater heights. They need further exposure, they need help, partnership, and collaboration with Africans. Don’t forget that they are originally from Africa but settled there. The time has come for us to migrate or go there for businesses and integrate.

The current president of Grenada is the one championing the development that is going on in the Caribbean. We only need more of the fintechs and banks to go there and things would change. The five-year vision is for their president and Nigeria to be people who would be championing things across the globe and the resources are in abundance on both ends. Nigerians on their own are big on real estate and tourism is the key thing there.

“In my visits there, there is a shortage of housing, Airbnbs, short-lets and such, so you must book ahead. If Nigerians can look at the opportunities and spread their risk. I think tourism over there through the real estate business will bring Nigerians huge profitability. Another area is medical tourism.”

On education, Sonoiki said that the consulate had made it easier for Nigerians to go study, especially medicine, in the Caribbean nation with the numbers having increased in the last two years.

He stated plans to intensify the synergy between both countries to ensure growth.

“Now, Nigeria is like a big brother, the same way that Grenada is playing big brother in the Caribbean. If you can do a good handshake, we can able to take the partnership to greater heights.

“The stance of the consul aligns with that of the African Export-Import Bank, which has been clamouring for closer ties between African and Caribbean countries,” he noted.

The last annual general meeting of the bank was held in the Bahamas.

Ahead of the meeting, the President of Afreximban, Professor Benedict Oramah, said, “We must rise as Global Africa, armed with our abundant human and natural resources, to pursue our course to economic transformation.”

Forex inflow via IMTOs hits $1.07bn in three months –CBN

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Forex inflow via IMTOs hits $1.07bn in three months –CBN

Foreign exchange inflows from International Money Transfer Operators increased by 38.86 per cent to $1.07bn in the first quarter of 2024, from $770.23m recorded in the same period in the previous year.

This was revealed in the Central Bank of Nigeria’s quarterly statistical bulletin for the first quarter of 2024, which was recently published on its website.

According to the data, in January, the IMTOs recorded inflows worth $383.04m, it dropped in February to $322.83m and returned upward in March to $363.70m.

When compared with the last quarter of 2023, the inflows from IMTOs grew by 10.74 per cent.

Recently, the apex bank revealed that it had granted approvals-in-principle to 14 new IMTOs, to help increase the sustained supply of foreign exchange in the official market.

The CBN Governor, Dr Olayemi Cardoso, said that the recent approval of licenses for 14 IMTOs was expected to improve competition and lower the cost of transactions, thus attracting more remittances through formal channels.

“Let me give some context to this. I’m sure over the years; many of you would have read from the World Bank that Nigeria has significant remittances from the diaspora. We have identified that this is a critical element of inflows coming into the country. It is estimated to represent about six per cent of our GDP. We felt from the Central Bank’s perspective that to have a strategy to engage this sector, the entities that seem to play the biggest role in that sector are the IMTOs and so for us, it was important for us to meet them,” he said at the end of the Monetary Policy Committee meeting in May.

Also, the CBN has announced that eligible international money transfer operators will now have access to the official window to sell foreign exchange.

In a circular signed by the acting Director of the Trade and Exchange Department, Dr W.J. Kanya, the apex bank said that the measure, which was effective immediately, would enable IMTOs to access naira liquidity at the official window, thus, enabling the timely settlement of diaspora remittances.

The apex noted, “The bank has implemented measures that will enable eligible International Money Transfer Operators to access NGN liquidity at the CBN window. These measures are aimed at widening access to local currency liquidity for the settlement of diaspora remittances.

“Therefore, eligible IMTO operators will be able to access the CBN window directly or through their authorised dealer banks to execute transactions for the sale of foreign exchange in the market.”

NDDC will approve only value-adding projects – Ogbuku

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NDDC will approve only value-adding projects – Ogbuku

The Managing Director/Chief Executive Officer of the Niger Delta Development Commission, Dr Samuel Ogbuku, has stated that the commission will only approve projects that will add value to the oil-rich region.

This was part of his submissions at the just-concluded Niger Delta Stakeholders Summit held in Port Harcourt, Rivers State.

“We will chart a new course for the region. The summit is a yardstick for feedback and possibly finding ways of improvement in line with the Renewed Hope Agenda of President Bola Tinubu. It will not just be an interaction with individuals, but an open interaction with members of the National Assembly, ministers from the region, and the private sectors, to discuss the Niger Delta and the mechanisms for effective delivery of services and projects.

 “We will explore means of reducing recurrent expenditure. While we focus on completing capital projects, only projects that add value to the Niger Delta region will be approved. Our commitment is to work together towards transforming the region, by the eight Point Presidential Priorities, and the demands of the NDDC Act of 2000,” Ogbuku stated.

He added that the summit was an opportunity to open up the NDDC to accountability.

“We are working very hard to deliver. What we are doing now is to do things differently by positively telling our story. Check the statistics of NDDC projects, and it cannot be said that the commission has done very well. The people believe in government policies. I have confidence in government policies. Make the people believe in you.

“Indeed, a back-of-the-envelope check shows without any scintilla of doubts that the commission has made a clear difference in the Niger Delta region by executing more than 10,945 projects since 2001, comprising 4,151 roads and bridges, 2,323 rural electrification projects, 1,723 building projects, and 642 water projects across the nine mandate states. While most of these have been completed, others are still ongoing,” he mentioned.

Ogbuku explained that the focus of the NDDC in 2024 will be on continuous engagement with various strata of NDDC’s stakeholders, to grasp and understand the needs of the people of the Niger Delta region.

He disclosed that the Ogbia-Nembe Road in Bayelsa State, renewable energy projects and other infrastructural projects had been embarked upon in the hinterland of the entire region.

“The knock-on effect of the projects remains far-reaching. The projects have, in turn, attracted the presence of micro, small and medium-scale businesses by roadside auto mechanics, vulcanizers, kiosks, petty trading, carpenters, welders, and more. The projects have not only opened up such areas, but they have also conferred higher value on real estate. They are also helping to solve the problem of unemployment,” he maintained.

Also, former President Goodluck Jonathan said the NDDC came as a child of necessity, whose strategic role also included improving the environment, providing infrastructure, and enhancing the livelihood of the people in the region.

“With the birth of this current leadership of NDDC, people from the Niger Delta have seen some rays of light. Therefore, I encourage the political class not to overstretch the NDDC for them to be able to perform optimally.

“The political class must not frustrate the Niger Delta Development Commission so that it can optimally perform its duties,” Jonathan remarked at the summit.

 Similarly, the President of the Senate, Senator Godswill Akpabio, stated, “To achieve lasting solutions, we must overcome disunity. Unity among the people of the Niger Delta and the entire nation is not just a choice but a necessity. Through our shared vision, we can overcome the obstacles before us.”

Tantaliser, Livestock Feeds lift equity market to over N16bn gain

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Tantaliser, Livestock Feeds lift equity market to over N16bn gain

Profits recorded by Tantaliser, Livestock Feeds, and Neimeth International Pharmaceuticals, spurred the Nigerian Exchange to N16.53bn gain on Monday.

The bourse’s uptick was driven by an 8.89 per cent appreciation in Tantaliser, Livestock Feeds (8.18 per cent), Neimeth International Pharmaceuticals (8.05 per cent).

At the close of trading, the market capitalisation increased by 0.03 per cent to N56.95tn from N56.93tn recorded on Friday.

The All Share Index appreciated by 0.03 per cent, settling at 100,568.60 points from the previous close of 100,539.40 points on Friday.

This brought the year-to-date return to 34.49 per cent.

Investors traded 335,704,787 units of shares valued at N3.72bn in 8,760 deals

Monday’s trading activities were bullish, with 23 gainers compared to 15 losers.

The volume of trade also dipped by 79.89 per cent to 335,704,787 million, while the number of deals executed also reduced to 8,760 from 9,988 deals on Friday.

Leading the losers’ chart were Caverton Offshore Support Group, Royalex Exchange Group, and Veritas Kapital Assurance, which lost 9.68 per cent, 6.94 per cent and 4.72 per cent to close at N 0.15, N0.05, respectively

Ellah Lakes led the charts in terms of volume of trade, with 110.67 million units worth N332.02m traded in 53 deals, followed by Universal Insurance with 21.89 million units valued at N7.48m exchanged in 46 trades.

United Capital led the value chart with N778.61bn worth of shares in 984 deals, followed by Zenith Bank with N377.83bn in 389 deals traded.

Last week, the Nigerian equity market was in the green zone, as investors gained N512bn.

The market capitalization and All-Share Index soared by up 0.87 per cent and 0.86 per cent to close the week at N56.929tn and 100,539.40 points, respectively.

Enamelware suffers N2.6bn loss

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Enamelware suffers N2.6bn loss

Nigerian Enamelware PLC has reported a post-tax loss of N2.6bn, a 254 per cent decline from the N1.7bn profit recorded the previous year.

According to the company’s audited financial statements for the year ended April 30, 2024, which was filed with Nigeria Exchange Limited on Friday, the firm’s revenue jumped by 216 per cent to N718.3m compared to N227.3m in 2023.

Nigerian Enamelware engages in the manufacturing, marketing, and sale of enamelware, plastic products, and galvanised buckets in Nigeria.

The cost of sales rose to N530.6m from N254.5m, driven by higher material costs and other production overheads.

Administrative expenses were reduced by 6.4 per cent from N107.7m to N100.8m.

Earnings per share plummeted by 254 per cent from N22.18 to a loss of N34.17.

Similarly, net assets per share fell by 141 per cent from N24.08 to N9.79, reflecting an erosion of shareholder value.

The company faced cash flow challenges, with net cash provided by operating activities dropping to N1.0bn from N1.6bn in the previous year.

Despite those financial difficulties, the number of employees and shareholders remained stable at 91 and 3,268, respectively.

During the period under review, the firm paid N33m, lower than the N885m it paid in the previous year, on the back of deferred tax amounting to N9m.

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Police arrest suspected robbers, recover two AK-47 magazines in Delta

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Police arrest suspected robbers, recover two AK-47 magazines in Delta

The Delta State Police Command says it has arrested suspected armed robbers and cultists in Oghara, Ethiope East Local Government Area of Delta State and recovered AK-47 magazine.

The command’s spokesperson, SP Bright Edafe, stated this in a statement on Monday in Asaba, the state capital.

He said, “Sequel to a series of cult-related activities, kidnappings and armed robberies in Sapele, Oghara and environs, the Commissioner of Police, Delta State, Olufemi Abaniwonda, directed the team on special assignment to work collaboratively with the DPOs Oghara and Sapele Divisions in order to nip them at the bud.

“On June 18, 2024, a covert intelligence-led operation by ASP Julius Robinson raided three different syndicates of cultists/suspected armed robbers at various locations in Oghara Town, Ethiope East LGA of Delta State.

“And the arrest of five suspects namely Ochuko Joel Ofoye 35, of Jeddo Community in Okpe LGA Delta State, a member of Juris Confraternity and Michael Anwul 29, of Alisimie Community Agbor, in Ika South LGA Delta State of Juris confraternity

“Other suspects include Great Ojareri, 35, of Oghareki Community in Ethiope West LGA Oghara Delta State, a member of Eiye Confraternity also a custodian of arms and Innocent Esefeta aged 31, of Efisere Community in Ughelli North LGA Delta State and Ogaga Ebuke 27, member of Juris Confraternity.”

Edefe said that items including two AK 47 magazines, 29 rounds of live ammunition, a locally made pistol with one live cartridge concealed in a shoe were recovered.

He said the suspects were in custody and an investigation was ongoing.

Artisan bags life jail for defiling 13-year-old house help

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Artisan bags life jail for defiling 13-year-old house help

Justice Rahman Oshodi of the Lagos State Sexual Offences and Domestic Violence Court, on Monday, convicted and sentenced an artisan, Peter Odu, to life imprisonment for the defilement of a 13-year-old housemaid.

The judge held that the prosecution proved the case of defilement beyond reasonable doubt.

He also added that he held the prosecution’s comments and the impact of the convict’s actions on the young victim.

“The crime strikes at the heart of our society’s duty to protect its most vulnerable members. At the tender age of 12, the prosecutrix was placed in your family’s care, far from her home and bereft of her parents’ protection.

“Instead of providing her with safety and guidance, you exploited her vulnerability for your desires.

“The physical and emotional trauma you have inflicted on this child is immeasurable and likely to have long-lasting effects on her life,” Oshodi said.

The judge further held that the law recognises the severity of such offences against children, and the court must enforce those laws to their fullest extent.

Oshodi said, “I have carefully considered the facts of the case and the evidence presented. Section 137 of the Criminal Law mandates life imprisonment for the defilement of a child, reflecting society’s utter condemnation of such acts.

“Therefore, according to the law and considering the grievous nature of your crime, I now sentence you, Peter Odu, to life imprisonment. You shall also be registered as a sex offender.

“This court hopes that this sentence will serve not only as punishment for your actions but also as a deterrent to others who might contemplate similar heinous acts against children. May it also provide some measure of justice and closure for victims.”

Justice Oshodi said he hoped the convict would use his time in custody to reflect and reform.

JUST IN: Robbers rape Ogun students

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JUST IN: Robbers rape Ogun students

No fewer than two first-year female students of Tai Solarin University of Education in Ijagun, Ijebu-Ode, Ogun State, were allegedly raped by suspected robbers on Monday.

According Online learnt that around 12:30 am, suspected armed robbers invaded the students’ apartments, forcibly taking the survivors’ personal belongings.

A source at the school, requesting anonymity for fear of victimisation, disclosed that the suspects, armed with guns, forced the students to surrender their phones and other belongings before leading them to an uncompleted building where they took turns raping them.

The spokesperson for the State Police Command, Omolola Odutola, confirmed the incident to our correspondent via a WhatsApp message on Monday, stating that efforts to apprehend the suspects were ongoing.

She said, “The incident was reported at the Igbeba Police Division at about 10:00 am. Our operatives immediately combed the area in search of the suspects. Efforts are in top gear to arrest everyone involved in the crime.

“In the meantime, the survivors have been taken to the school clinic for treatment.”

Details later…

Uthman Salami

Uthman, a Mass Communication graduate from Ahmadu Bello University, Zaria, has over six years experience in journalism. He reports crime to community-related news for Metro, business with a focus on the capital market and the oil and gas.

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Immigration officer, three others arraigned for drug trafficking

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Immigration officer, three others arraigned for drug trafficking

The National Drug Law Enforcement Agency on Monday arraigned a senior immigration officer, Gbenga Akomolafe, before the Federal High Court in Lagos for allegedly trafficking eight kilograms of Methamphetamine and 7.60 kilograms of Cannabis Sativa, also known as marijuana.

Akomolafe, who is currently serving at the Murtala Muhammad International Airport, Ikeja Lagos, was arraigned alongside Babatunde  Olufemi, said to be a staff member of the Federal Airports Authority of Nigeria, Nwadozie Amaechi and Nwosu  Cyril.

The defendants who are facing nine counts bordering on conspiracy, unlawful possession, import and dealing in the prohibited substances, were arraigned before Justice Daniel Osiagor.

The NDLEA’s Prosecution counsel, Abu Ibrahim, told the court that the defendants who are allegedly members of hard drug syndicate, were arrested on May 21, 2024, while attempting to smuggle the prohibited substances out of the Murtala Muhammad International Airport.

Ibrahim told the court that the defendants conspired to commit the alleged offences alongside the duo of Sunday Nwadozie and Echezona Nwosu, who are based in South Africa.

The prosecutor said Akomolafe was charged with six counts of conspiracy, unlawful import, unlawful possession, and trafficking in the banned substances.

The trio of Olufemi, said to be a staff member of FAAN, Nnadozie and Nwosu, were charged with three counts of conspiracy and unlawful importation and possession of the banned drugs.

According to the prosecutor, the offences committed contravened Sections 14 (b), 21 (2)(d), 20 (1)(c) 11(b) and 20 (2)(b) of the National Drug Law Enforcement Agency Act, Laws of the Federation of Nigeria, 2004.

However, while the other three members of the gang pleaded guilty to the charges against them, the immigration officer denied committing the offences and pleaded not guilty to all the counts.

Following the not guilty plea of the immigration officer, his lawyer,  Benson Ndakara, pleaded with the court to admit him to bail in the most liberal terms.

Consequently, Justice Osiagor granted Akomolafe bail in the sum of N10m, with one surety in like sum.

The judge also ordered that the surety must be a Civil Servant of an Assistant Director cadre in the employment of Lagos State or the Federal Government.

Osiagor convicted the trio of Babatunde, Nnadozie and Nwosu, based on their guilty plea, and sentenced them to four years on each count.

The three convicts were however ordered to pay the option of N2m fine on each count.

The judge also ordered that the sentence and fine option shall run concurrently.

The case was adjourned till  November 7, 2024, for trial. a

A’Court affirms dethroned Magodo monarch’s jail term

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A’Court affirms dethroned Magodo monarch’s jail term

The Court of Appeal Lagos Division on Monday affirmed the sentence of the dethroned Baale of Shangisha in Magodo, Lagos State, Mutiu Ogundare, for faking his abduction.

Justice Hakeem Oshodi of the Lagos State High in Ikeja had on September 27, 2022, sentenced the convict to 15 years imprisonment.

Dissatisfied with the judgment, Ogundare approached the court to challenge the decision of the lower court which sentenced him to 15 years imprisonment.

However, when the case was called on Monday, Mr Jubril Kareem announced his appearance for the respondent, while Mr Kayode Ojo appeared for the appellant.

Delivering judgment, the lead Justice of the three-man, Justice Peter Bassi, who read the verdict, upheld the judgment of the lower court in counts one and two and upturned count three.

Other Justices of the panel are Justice Bayero and Folashade Ojo, who agreed with the lead justice.

Bassi said that Ogundare’s appeal succeeded in part and reduced his sentence to 12 years.

The court, however, held, “The appellant is to serve 10 years imprisonment, for count one and two years for counts two, respectively.”

On the third count, the court upturned the sentence in respect of false representation to release a kidnapped person.

The convict was first remanded on July 16, 2017, in Kirikiri Prison, by an Ogba Magistrate’s Court, for allegedly faking his kidnap.

Ogundare was prosecuted alongside his wife, Abolanle and brother, Opeyemi Mohammed.

They were arraigned on three counts bordering on conspiracy, breach of peace and fake kidnapping, preferred against them by the Lagos State government.

Justice Oshodi, on June 15, 2022, convicted Ogundare and his brother Opeyemi Mohammed and reserved judgment till September 27, 2022.

Before their conviction, Ogundare’s  counsel Olarewaju Ajanaku, in his allocutus pleaded with the court to temper justice with mercy.

Ajanaku told the court that the convict had turned a new leaf and that he did not think through his actions when he committed the offence.

The second defence counsel, Dr. Olayinka Owoeye, also in his allocutus prayed the court to temper justice with mercy adding that the convict (Mohammed),had learnt his lessons.

The said kidnap took place on July 5, 2017, but Ogundare later confessed to security services that he staged the kidnap to blackmail the state government.

He was allegedly abducted by three men along the Centre for Management Development Road, Ikosi-Isheri Local Council Development Area.

The Baale was said to have received a phone call from alleged developers, who had indicated an interest in a landed property within his domain.

The callers told him where to meet them, prompting Ogundare to drive to the address with one of his brothers, Mohammed.

On arriving at the location, the three men appealed to the Baale and his brother to join them in their White Toyota Venza so that they could go and see the land.

It was stated that on their way, the Baale’s brother noticed one of the men had a gun with him and he raised alarm and the suspected kidnapper pushed the Baale’s brother out of the vehicle and sped off with the Baale.

In the same month, the former governor of Lagos State, Mr Akinwunmi Ambode, ordered the removal of Ogundare as the baale of Shangisha.

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