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Waste Managers Lament Refuse on Lagos Roads

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  • Waste Managers Lament Refuse on Lagos Roads

The waste crisis in Lagos State has become unprecedented with increased volume of garbage on the streets, roads, highways and median, almost taking the state back to 1999 when waste was competing with vehicles and pedestrians, the Association of Waste Managers of Nigeria has said.

The association, an umbrella body of Private Sector Participants in waste management in Lagos, said the situation had become so alarming that it called for concerted efforts from the government, all stakeholders and the entire residents of the state.

In a letter addressed to the Governor, Mr. Akinwunmi Ambode; and the Commissioner for the Environment, Dr. Babatunde Adejare, dated December 21, 2017, the association described the situation as a crisis that required urgent attention.

The Lagos State Government had in June 2017 introduced the Sanitation Intervention Programme to address the challenge of refuse littering some parts of the state during the transition to the new solid waste management system known as the Cleaner Lagos Initiative.

According to the government, the intervention programme became necessary to ensure that no stone is left unturned in the effort to achieve a clean and hygienic state, and to also discourage indiscriminate dumping of refuse in places such as Ojuwoye, Mushin, Eti-Osa, Agege, Alimosho, Ojo, Ikeja, Badagary, Oshodi-Isolo, Lagos Island and Lagos Mainland, among others.

But rather than achieve its aim, the programme, according to AWAM, has only encouraged residents to dump their wastes on the roads with the expectation that the government will cart them away.

“This programme has escalated the waste management problems in the state. The Ministry of the Environment introduced it as a short-term measure that has now turned to an inconsistency in government policy of house-to-house waste collection, making it totally counter-productive,” AWAM said in the letter signed by its Chairman, Ola Egbeyemi; and General Secretary, Taiye Kolade.

AWAM in the letter, a copy of which was obtained by our correspondent, noted that the simple message of the waste intervention scheme was “go ahead and dump your waste anyhow, anywhere, anytime; we will pick them up.”

The group added that the payment of N25,000 per trip to its members who collect wastes from the dark spots was not economical to both the government and the operators, saying that while the government continues to spend heavily to evacuate the wastes, which keep reoccurring, the amount paid per trip did not cover the operational costs of the operators.

The group said, “The intervention has caused an unprecedented increase in the volume of waste on the highways and medians in recent times, as some residents now prefer to dump their wastes on the highways and medians as these are free of charge, as opposed to paying for waste disposal.

“What was meant to be restricted to the highway has now extended into the inner streets, thereby encouraging the residents not to patronise the assigned PSP operators in their areas. It has unfortunately led to a few operators abandoning their slots because the residents have stopped paying and now focus on the intervention programme. The end result is more waste, while the system is open to abuse and fraud.”

The group stated that its sustainable solutions included tackling the waste problem at the point of generation by enforcing the government policy of door-to-door collection, acknowledged to be an international best practice; and ensuring that all the existing dumpsites were made accessible at all times to enhance the turn around time of the operators.

According to the group, carrying out massive advocacy programmes to enlighten residents; enforcement of sanitation practices of bagging and containerisation of waste; provision of sustainable enforcement for non-compliance with house-to-house disposal and non-payment; and provision of subsidy for the low income areas are some of the areas the government should explore to solve the waste crisis.

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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Government Begins Disbursement of N200bn Support Fund to Manufacturers and Businesses

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The Ministry of Industry, Trade and Investment has initiated the disbursement of the long-awaited N200 billion Presidential Conditional Grant Scheme.

This is the beginning of a vital phase in the government’s strategy to provide financial assistance to manufacturers and businesses across Nigeria.

The scheme, which is being administered through the Bank of Industry (BOI), has been divided into three categories of funding, totaling N200 billion.

The disbursement process comes after an exhaustive selection process and verification of applicants to ensure transparency and accountability in the allocation of funds.

Doris Aniete, spokesperson for the Ministry of Industry, Trade and Investment, announced the progress in a statement posted on the trade minister’s official X (formerly Twitter) handle.

Aniete highlighted that verified beneficiaries have already started receiving their grants, signaling the beginning of the phased disbursement strategy.

“We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced. Some beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy,” stated Aniete.

She further disclosed that by Friday, April 19, a substantial number of verified applicants are set to receive significant disbursements.

However, Aniete emphasized that disbursements are ongoing, and not all applicants will receive their grants immediately, assuring that all verified applicants will eventually receive their grants in subsequent phases.

The initiation of the disbursement process comes after more than eight months since President Bola Tinubu announced the grant for manufacturers and small businesses.

The scheme aims to mitigate the adverse effects of recent economic reforms and foster sustainable economic growth by empowering businesses with financial support.

President Tinubu had outlined the government’s commitment to strengthening the manufacturing sector and creating job opportunities through the disbursement of N200 billion over a specified period.

The funding is intended to provide credit to 75 enterprises, each able to access up to N1 billion at a low-interest rate of 9% per annum.

However, the implementation of the programme has faced challenges, including delays and criticisms regarding the registration process.

Femi Egbesola, President of the Association of Small Business Owners, expressed concerns over the slow pace of data collation and suggested that genuine businesses were being discouraged from accessing the loans.

Despite the hurdles, the commencement of the disbursement process signifies a significant step forward in the government’s efforts to provide vital support to manufacturers and businesses, potentially revitalizing economic activities and driving growth across various sectors.

As beneficiaries begin to receive their grants, the impact of this initiative on the nation’s economic landscape is eagerly anticipated.

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MicroStrategy Rally Crushes Short Sellers, Wiping Out $1.92 Billion

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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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