Business News
NSE commemorates 2020 International Women’s Day, rings bell for gender equality
The Nigerian Stock Exchange (NSE) joined the rest of the world on Friday, March 6, 2020, to commemorate the International Women’s Day.
The Nigerian Stock Exchange (NSE) joined the rest of the world on Friday, March 6, 2020, to commemorate the International Women’s Day (IWD) by hosting a half day symposium and bell ringing ceremony for gender equality at The Exchange, Lagos.
With the theme “Each for Equal”, the event focused on individual actions, conversations, behaviours and mindsets that will accelerate progress and impact on the advancement of women across all spheres of life in line with The Exchange’s objectives.
The event, organized in partnership with the World Federation of Exchanges (WFE) and Sustainable Stock Exchange Initiative (SSEI), International Finance Corporation (IFC), UN Women, and the United Nations Global Compact Network Nigeria (GCNN), brought together male and female thought leaders from a wide array of industries to celebrate the accomplishments of women and champion the discourse on how to forge a gender equal world.
Speaking at the event, Mr Oscar N. Onyema OON, Chief Executive Officer, NSE said, “When I learnt of this year’s theme, ‘Each for Equal’, my mind raced to the implications of a truly equal and balanced world; a world where men and women make equal contributions to the society, enjoy equal opportunities, and even enjoy the same rewards and benefits. Going by the growing body of evidence out there, it is safe to conclude that the multiplier effect on families, businesses, communities, economies and ultimately, nations would be indeed phenomenal.
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“Despite the identified benefits increased women participation is poised to deliver, women continue to face an uphill battle in achieving true gender parity. As a member of the Sustainable Stock Exchange Initiative (SSEI), the Exchange prioritizes the issues of gender equality and balance and is working assiduously to accelerate the achievement of Goal 5 of the United Nation’s Sustainable Development Goals (SDG) which seeks to achieve gender equality and empower all women and girls by 2030. We have, therefore, adopted a collaborative approach to implement pivotal initiatives in commemoration of IWD 2020.”
The event served to announce the strategic partnership between the NSE and IFC on the Nigeria2Equal Initiative – a three-year project towards which the IFC will collaborate with the NSE to reduce employment and entrepreneurship gaps in Nigeria through the private sector.
The program will support the private sector to increase women’s participation as leaders, employees, customers and entrepreneurs through favourable workforce policies and practices. These efforts will also give rise to products and services that target the women’s market segment, and deliberate measures that promote women’s participation in corporate procurement.
The NSE also leveraged the IWD celebrations to demonstrate its commitment to the Women Empowerment Principles (WEPs) which the Exchange endorsed during the 2019 IWD celebrations by hosting the first training in Nigeria on the WEPs Gender Gaps Analysis Tool in collaboration with Global Compact Nigeria Network (GCNN). In addition, the symposium featured a special section on the recently launched Lagos HeForShe Initiative by UN Women to raise awareness on the role of men in promoting gender equality.
The symposium was headlined by Mrs Awenuba Ajumogobia, Chairman, Board of Directors, CAP Plc, who discussed the opportunities and challenges of building a gender-equal world. In her goodwill message, The Wife of the Governor of Lagos State, Dr. (Mrs) Ibijoke Sanwo-Olu commended the NSE, saying, “I commend Mr Oscar N. Onyema, OON, the Chief Executive Officer of the NSE and indeed, the entire NSE team for the initiative to stand in solidarity with women in furtherance of the bid to foster a gender-equal world.”
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Present at the event as a speaker was Harriet Thompson, British Deputy High Commissioner, who discussed the need for balanced action both at home and at the workplace. Panellists at the event covered a diverse range of expertise and consisted of: Bola Adesola, Senior Vice-Chairman, Standard Chartered Bank Group; Eme Essien, Country Manager, International Finance Corporation; Asue Ighodalo, Founding Partner, Banwo-and-Ighodalo.
Others are Jubril Enakele, CEO, Iron Capital Partners Limited; Uto Ukpanah, Company Secretary, MTN Nigeria Communications Plc and Board Member, GCNN; Tinuade Awe, Executive Director, Regulation Division, Nigerian Stock Exchange; and Nkiru Balonwu, Founder, African Women on Board.
Appointments
Dangote Sugar appoints Ravindra Singhvi as GMD/Chief Executive Officer
Mr. Ravindra Singhvi has been appointed as the substantive Group Managing Director/Chief Executive Officer of Dangote Sugar Refinery Plc.
The Board of Directors of Dangote Sugar has appointed Mr. Ravindra Singhvi as substantive Group Managing Director/Chief Executive Officer of Dangote Sugar Refinery Plc, effective October 30, 2020.
This disclosure was made by the company in a notification of the resolution of its board meeting, to the Nigerian Stock Exchange.
The statement partly reads:
“Dangote Sugar Refinery Plc. wishes to notify the Exchange and the investing public that at the Board of Directors Meeting of the Company held today, Friday October 30, 2020, the Board approved (a) the Unaudited Financial Statement for the Quarter Ended September 30, 2020, and (b) the appointment of the current Ag. Managing Director, Mr. Ravindra Singhvi as substantive Group Managing Director/Chief Executive Officer of Dangote Sugar Refinery Plc. effective October 30, 2020.”
What you should know
Prior to his new appointment, Mr Singhvi had been the ag. Managing Director of Dangote Sugar Refinery Plc since 18th June, 2019, after serving as the company’s Chief Operating Officer.
The Board’s stance on the appointment
The Board has stated that it is “confident that he is a great asset to the Company, particularly at this time when it is on a rapid growth trajectory, in view of its recent acquisition and it’s several backward integration projects (BIP) to position itself for further job creation in local plantations and factories, import substitution and deeper contribution to national economic development.”
Mr. Singhvi is wished the very best in his endeavors.
About Mr. Ravindra Singhvi
He has over 39 years of proven experience in leadership positions in Manufacturing and Processes in Sugar, Petrochemicals, Cement, and Textiles products industries in India.
He is a Chartered Accountant with background in Company Secretarial Practice, Corporate Governance and Management, and holds a Bachelor’s Degree in B.Com (Hons) and Law(I) from the University of Jodhpur, India.
Prior to joining Dangote Sugar Refinery Plc, Mr. Singhvi had served as the Managing Director & CEO of NSL Sugar Limited, Hyderabad, India, and Managing Director, EID Parry (1) Limited, Chennai, India, one of top three sugar producing companies in India.
ENDSARS
IGP says protesters attacked 205 public, private facilities
Data collated when the #End SARS peaceful protest started indicated that 14 states recorded major violence.
The Nigerian Police Force has stated that about 205 critical national security assets, corporate facilities and private properties were razed down and vandalized during the EndSARS protest, which was hijacked by hoodlums and arsonists.
This was disclosed by Mr Mohammed Adamu, the Inspector-General of Police, during a virtual conference of Senior Police Officers in Abuja, according to a news report by NAN.
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Adamu disclosed that data collated between Oct. 11, when the #End SARS peaceful protest started as a demonstration, and Oct. 27, after it was hijacked by the vandals, indicated that 14 states recorded major violence.
He said that some of the states severely affected by this civil unrest are Lagos, Edo, Delta, Oyo, Kano, Plateau, Osun, Ondo, Ogun, Rivers, Abia, Imo, Ekiti, and the Federal Capital Territory (FCT).
READ: #EndSARS: Joe Biden issues press release on violent crackdown of Protesters in Nigeria
The violence had resulted in attacks on critical national security infrastructure, other corporate and private properties, as well as injuries or fatalities to civilians, the police, and other security agents.
READ: #EndSARS: IMF Links protests to economic difficulties
What you should know
- 71 public warehouses and 248 privately owned stores were looted in the course of the protests nationwide.
- 51 civilian fatalities with 37 injured, and 22 policemen gruesomely murdered with 26 others injured were recorded during the protest.
- 10 firearms, including 8 AK 47 rifles, were carted away during the attack on police stations, and a locally made pistol had been recovered from elements operating under the guise of the EndSARS protest.
- 1,596 suspects have so far been arrested in connection with the violence and widespread looting across the country.
Explore the Advanced Financial Calculators on Nairametrics
Macro-Economic News
Nigeria’s food Inflation rises by 110.5% in five years
Nigeria’s Food Inflation has risen by 110.5% between September 2015 and September 2020.
Nigeria’s food inflation has risen by 110.5% in 5 years, between September 2015 and September 2020.
A comparison of the Composite Food Index within the period under review indicated that food inflation rose from 181.8 index points to 382.7 index points.
This means that the price of food items has not only increased, but more than doubled in the last five years of President Muhammadu Buhari’s administration.
READ: UPDATED: Inflation rate jumps to 12.40%, highest in over 2 years
Explore the Advanced Financial Calculators on Nairametrics
Similarly, the All Items Index rose by 92.4% during the same period.
Food items that have witnessed significant increases
Data obtained from Nairalytics, the research arm of Nairametrics, revealed that:
- Foreign rice (Caprice) which sold for an average of N14,500 as of May 2019 is now sold for an average of N30,000.
- A 50kg bag of Ijebu garri that sold for N7,200 in May 2019, now costs N13,700.
- A 25-litre keg of vegetable oil sold for N9,750 in May 2019, now sells for N14,625.
- A piece of frozen fish which cost N417 in May 2019, now sells for N625.
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Why are the figures going up?
The hike in the cost of staple food items could be attributed to the border closure directive of the federal government that was announced in August 2019.
It is projected to hit 20% by the first quarter of 2021, when the effects of the increase in petrol and electricity prices are accounted for.
Also, yield per hectare for most farming is well below global standards, driving up the cost of whatever is left to be sold to Nigerians.
Farmers also face insecurity, flooding, and sometimes famine affecting their ability to plant and harvest. Even after harvesting, supply chain challenges still persist, leaving farmers to contend with middlemen, transportation, and storage. The result is far less farm produce reaching the final consumer.
READ: Sanusi declares Nigeria under Buhari a Bankrupt Nation
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What they are saying
Prof. Steve Hanke, an American Applied Economist at the Johns Hopkins University in Baltimore, Maryland, USA, expressed his dissatisfaction over the performance of Buhari’s administration.
According to him, the Federal Government could do more than what it is doing; he described the administration as a failure over security of its citizens, unemployment, and inflation.
He tweeted, “President Muhammadu Buhari has failed. Nigeria is in the grip of chaos. Bandits control major highways.
“The government can’t protect its own citizens from Boko Haram or the corrupt Police. Unemployment stands at 27.1%, and Inflation, which I accurately measure every day and that soars at 30.37%/yr.”
READ: Nigeria’s inflation rate rises to 12.56% in June, as food prices surge
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.@MBuhari has failed. #Nigeria is in the grip of chaos. Bandits control major highways. The government can’t protect its own citizens from #BokoHaram or the #Corrupt police. #Unemployment stands at 27.1%, and #Inflation – which I accurately measure every day – soars at 30.37%/yr. pic.twitter.com/LZOzHWkiau
— Prof. Steve Hanke (@steve_hanke) October 28, 2020
READ: Northern States worst hit as Nigeria’s inflation jumps to 11.85% in November
What you should know
- On October 15, 2020, Nairametrics reported that Nigeria’s inflation rate rose to 13.71% (year-on-year) in September 2020, indicating 0.49% point higher than 13.22% recorded in August 2020. This was contained in the Consumer Price Index (CPI) report, released by the National Bureau of Statistics (NBS) about two weeks ago.
- According to the report, Nigeria has endured persistent increase in inflationary rate —growing from 12.13% in January to 13.71% in September—the highest recorded in 30 months.
- A closely watched component of the food inflation index rose by 16.66% in September 2020 — a 0.66% increase compared to 16% recorded in the previous month.
- On a month-on-month basis, the food sub-index rose by 1.88% compared to 1.67% recorded in August 2020.
- Meanwhile, the rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, and oils and fats.
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