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Lagos Admitted Into World’s 100 Resilient Cities

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  • Lagos Admitted Into World’s 100 Resilient Cities

Lagos State Governor, Mr. Akinwunmi Ambode, Tuesday received the Certificate of Admission of the state as one of the 100 Resilient Cities (100RC) in the world pioneered by the Rockefeller Foundation, saying that it was a starting point and a positive partnership that would help the state address the challenges of urban planning, transport gridlock, environment and modern infrastructure.

Governor Ambode, who spoke at the presentation of the certificate held at the Renaissance Hotel, Ikeja, Lagos, said the development was not only historic in the annals of the State but a confirmation that the efforts to build a globally competitive state had received international recognition.

The governor said it was gratifying to note that despite the challenges faced by the state in many areas including transportation, security, ocean surge, flooding, high unemployment rate, pressure on physical and social infrastructure, growth of slums and a huge housing deficit, Lagos remained resilient and ever progressive.

While alluding to the objective of his administration to make every community in Lagos economically liveable and stem rural-urban flight, the governor said deliberate initiatives have been put in place to address the housing deficit, transport challenges and economic development, among others.

He said: “We acknowledge these challenges and needs; and now as a member of the 100 resilient cities of the world, we have a platform to compare notes with cities who have similar experiences and create innovative and mitigating strategies.

“Lagos is currently home to about 23 million inhabitants with an estimated 86 people moving into Lagos every hour. This creates challenges of managing a daily increase in human and vehicular movement,” he said.

The governor, who said that resilience had always been part of the Lagos story, said despite the fact that the State remained the smallest state in Nigeria by geographical size, it is the largest by population and economic power.
He particularly recalled the manner with which Lagos contained the outbreak of the Ebola virus in 2015 and secured residents from a terrible epidemic.

While speaking on the plans for the state, Governor Ambode said his administration was currently in partnership with the Agence Francaise de Development (AFD) to upgrade 2 blighted settlements in Bariga and Amukoko.

“We have initiated many interventions all over the State to shorten road travel time and we are in talks with the Japanese International Corporation Agency (JICA) to introduce rail transportation in the Ikoyi-Lekki corridor.

We have also engaged in massive road construction and opening-up of our rural communities, continuous clearance of drainages and the upgrade and construction of Primary Health Care Centers (PHCs). Our objective is to make every community in Lags economically liveable and stem rural-urban flight.

“In response to the high unemployment figures, we created the Lagos State Employment Trust Fund to provide cheap source of funding to our young entrepreneurs and SME’s. The Fund started disbursement to beneficiaries in December 2016 and more funds will be made available to in the coming months to stimulate economic activity and get more of our young people employed.

“The ocean surge is a huge challenge and the Lagos State Government in partnership with notable investors have invested in the development of Eko Atlantic City to not only contain the ocean surge but to deliver a new city which will be a future financial, commercial and tourism centre,” he said.

In his opening remarks, Lagos State Commissioner for Finance, Economic Planning and Budget, Mr. Akinyemi Ashade said the selection of Lagos among the 100 Resilient Cities was sign post of a new dawn for the State in terms of ability to adapt to some of the risks and shocks it may be exposed to and how to effectively treat and overcome them.

He recalled how Governor Ambode issued a directive in August 2016 for commencement of process for Lagos to be selected, adding that the feat, apart from taking the delivery of electoral promises a notch higher in terms of concrete and measurable deliverables to the citizenry, would also compliment the vision of the present administration to make Lagos Africa’s model mega city of choice.

Earlier, President of 100 Resilient Cities, Mr. Michael Berkowitz said out of the over 1,000 applications received and three rounds of selection process, Lagos was chosen for its innovative leadership, infrastructural strides and influential status not just in Africa but in the world.

He said the organisation, by the initiative, was hoping to help cities change the way they think about their resilient opportunities and to see an integration between challenges.

“Sometimes cities think about transport, just about moving people; housi
ng, just about housing people; economic development, just about creating jobs but cities get better when they think about those things in an inter-related way.

“We are trying to inspire a movement across the world to change the way cities approach their risks and opportunities and so Lagos is not just the most influential city in West Africa or the continent but around the world and that was very appealing to us,” Berkowitz said.

The Governor later signed a Memorandum of Understanding (MoU) with the Mayor of Paynesville, Liberia, Mrs Cyvette Gibson, which would facilitate information sharing around resilience in the two cities with the view to bring about economic development.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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MicroStrategy Rally Crushes Short Sellers, Wiping Out $1.92 Billion

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MicroStrategy- Investors King

Short sellers betting against MicroStrategy found themselves facing significant losses as the company’s rally wiped out $1.92 billion since March.

This development comes amidst a rally that has seen MicroStrategy’s stock outperform bitcoin, causing a considerable hit to those who had taken a bearish stance on the tech firm.

According to data from S3 Partners, short sellers have been on the losing end since March, as MicroStrategy’s stock surged, highlighting the impact of the rally on those betting against the company’s success.

This loss underscores the challenges faced by short sellers in a market where certain stocks experience rapid and unexpected price increases.

The rally in MicroStrategy’s stock is attributed to several factors, including the approval of several spot bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) earlier in the year.

This move by the SEC brought bitcoin, a once-nascent asset class, closer to the mainstream and fueled investor interest in companies like MicroStrategy, known for their significant holdings of the cryptocurrency.

MicroStrategy, which held nearly 190,000 bitcoin on its balance sheet as of the end of 2023, has indicated its intention to continue increasing its exposure to the digital currency.

The company’s decision to sell convertible debt to raise money for additional bitcoin purchases further bolstered investor confidence and contributed to the stock’s rally.

Analysts at BTIG noted that the premium for MicroStrategy’s stock reflects investors’ desire to gain exposure to bitcoin indirectly, especially those who may not have the means to invest directly in the cryptocurrency or ETFs.

The company’s ability to raise capital for bitcoin purchases is seen as a positive sign for shareholders, adding to the optimism surrounding its stock.

However, despite the recent rally and optimism surrounding MicroStrategy, the crypto industry as a whole continues to be heavily shorted.

Short interest in nine of the most-watched companies in the crypto space remains high, standing at 16.73% of the total number of outstanding shares, more than three times the average in the United States.

Moreover, concerns persist regarding the SEC’s stance on cryptocurrencies, with some experts suggesting that the approval of spot bitcoin ETFs may not necessarily indicate a broader acceptance of other similar products, such as spot ethereum ETFs.

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Geregu Power Plc Announces N14.46bn Profit in Q1 2024

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Geregu Power Plc has announced a profit of N14.46 billion for the first quarter (Q1) of 2024.

This represents a 307% increase when compared to the same period last year.

The power-generating company, known for its pivotal role in Nigeria’s energy sector, disclosed its outstanding financial results in its interim financial statement filed with the Nigerian Exchange Limited on Tuesday.

This disclosure comes shortly after the firm’s Deputy Chief Executive, Julius Omodayo-Owotuga, hinted at the promising financial outlook during the company’s recent annual general meeting held in Lagos.

According to the interim report, Geregu Power Plc’s revenue surged to N50.42 billion in the first quarter of 2024, representing an increase of 254.37% year-on-year appreciation.

The company’s net finance income transitioned from a negative position to N133.61 million. This positive momentum was supported by a moderation in finance costs, which decreased from N3.141 billion to N2.29 billion as of March 2024.

Speaking to stakeholders at the recent annual general meeting, Femi Otedola, Chairman of Geregu Power, expressed satisfaction with the company’s exceptional financial performance in 2023.

Otedola highlighted the board’s decision to propose a dividend distribution of N8 per share for the 2023 financial year as a testament to their commitment to rewarding shareholders and confidence in the company’s future prospects.

The robust financial results for the first quarter of 2024 further solidify Geregu Power’s position as a leading player in Nigeria’s energy landscape.

The company’s commitment to operational excellence, strategic investments, and adherence to international standards, such as obtaining ISO 9001 and 14001 certifications from the Standard Organisation of Nigeria, underscores its dedication to driving sustainable growth and value creation.

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Guaranty Trust Holding Company Plc Records N609.3bn Profit Before Tax in 2023

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GTCO Commemorates Listing on Nigerian Exchange - Investors King

Guaranty Trust Holding Company Plc (GTCO) has announced a strong profit before tax (PBT) of N609.3 billion for the 2023 financial year.

This represents an increase of 184.5 percent when compared to the previous year.

The audited consolidated and separate financial statements filed with the Nigerian Exchange Group and London Stock Exchange on Monday revealed market capitalization exceeded N1 trillion on the NGX to further solidify GTCO’s position as one of the top financial holding companies in Nigeria.

During the period under review, the group’s post-tax profit rose by 218.99 percent to N539.65 billion from N169.17 billion in 2022.

Key indicators such as loans and advances increased by 31.5 percent to N2.48 trillion, while deposits grew by 63.7 percent to N7.55 trillion.

The group’s total assets and shareholders’ funds closed at N9.7 trillion and N1.5 trillion, respectively.

Despite the challenging economic environment, GTCO maintained a strong capital adequacy ratio of 21.9 percent.

Also, the group sustained asset quality, with IFRS 9 Stage 3 loans improving to 4.2 percent in December 2023 from 5.2 percent in the same period of the prior year.

However, the cost of risk experienced an uptick, rising to 4.5 percent from 0.6 percent in December 2022, largely due to worsening macroeconomic factors.

Despite these challenges, GTCO’s pre-tax return on equity stood at 50.6 percent, while pre-tax return on assets was 7.6 percent. The cost-to-income ratio remained favorable at 29.1 percent.

Commenting on the financial results, Mr. Segun Agbaje, the Group Chief Executive Officer of GTCO, expressed satisfaction with the company’s performance amidst a challenging operating environment.

He attributed the strong performance to the successful implementation of the group’s business model across banking and non-banking business verticals.

“Also important to our success is our relentless obsession with innovation and offering great customer experiences as demonstrated by the successful redesign and upgrade of our mobile banking application, GTWorld,” he stated.

“In a landscape characterised by evolving regulatory reforms, global uncertainties, and heightened competition, we have continued to leverage our inherent strengths and capabilities to unlock significant value, creating more opportunities for the businesses and individuals we serve.

In line with its commitment to shareholders, GTCO announced a final dividend of N2.70k, bringing the total dividend for 2023 to N3.20k.

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