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Innoson to open factory in Nnewi, Anambra State



Umuezena Community in Umudim Nnewi, Anambra State, has showered encomiums on the Chief Executive Officer of Innoson Vehicle Manufacturing Company (IVM), Innocent Chukwuma (OFR), on his plans to extend his factory in the community.
Chukwuma visited Umuezena on Sunday, April 26 where he was warmly received by leaders, women, youths and other stakeholders.
Austin Manuel, his close ally, explained that the visit was to officially thank the community for their unanimous agreement to sell a portion of Akwu Umuezena land situated at Umuezena in Umudim Nnewi, for the expansion of IVM.
He observed that the community had shown great support for the growth of IVM and will reap the benefits as the project will attract more development, employ many youths and improve the area’s economic activities.
Manuel commended Innoson for seeing the need to extend the factory in Nnewi, a decision he asserted will further boost the image of the town.
Welcoming Chukwuma and his entourage, Obi of Umuezena, Chief Martin Obimma, described Innoson as a man of wisdom who has always prioritised the development of Nnewi.
Applauding Innoson for his vision and expansion idea, Obimma urged him to “disregard the activities of some selfish people trying to become enemies of Umuezena’s progress”.
The Obi warned the misguided elements to desist from actions that will cripple the development of the land, noting it that was sold for the good of Nnewi.
In separate remarks, Obi of Ezengwuakpu Kindred, Obi Enemo Okwuchukwu Anthony; Obi of Ezenwanze Kindred, Chief Eziukwu Okonkwo; Obi of Dalomazue Kindred, Chief Barth Okoli; and Obi of Dimokuanyo Kindred, Chief Sir Jimbo Hamada, who represented the other four kindreds in Umuezena, expressed their gratitude to Chukwuma.
They condemned the recent demonstration by some people against the Innoson’s plan to build the factory, describing them as “hired protesters”.
Chairman, Committee on Land, Akachukwu Nwachukwu thanked Chukwuma for his development schemes and urged Umuzenna indigenes home and abroad to support the project as Innoson had fulfilled all financial obligations on the land.
President-General, Umuezena Youth, Comrade Dozie Mmadueke, confirmed that some youths had been employed and were currently involved in clearing of the site as well as construction.
Speaking, Ifeoma Obiora and Lolo Nonye Ndukuba of Umuokpu and Iyom-di of Umuezena respectively, expressed their appreciation to Innoson and guaranteed that women of the community were in total in support of IVM.
Chief Gabriel Chukwuma, on behalf of Innoson Group, revealed that Innocent Chukwuma got offers from different parts of Nigeria for the factory extension but insisted that the project be sited in Nnewi.
Assuring that the community will not regret their decision to sell the land to Innoson, Chukwuma disclosed that Umuezena people will gain access roads and more jobs.
Others in attendance at the meeting were Land Committee members who representiled the five kindred. They are Mr. Okechukwu Okonkwo, Prince Oliver Obimma, Mr Jerry Obodogha, Mr. Cletus Okonkwo and Mr. Cyprian Ekechukwu.

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Capital Market

Stock market gains N15bn on MTNN price rally



The key market indices of the Nigerian Stock Exchange (NSE) on Friday rebounded by 0.12 per cent following price appreciation achieved by MTN Nigeria Communications.

The News Agency of Nigeria (NAN) reports that MTN Nigeria Communication dominated the gainers’ table with N1.10 to close at N16.10 per share.

Vitafoam Nigeria followed with 26k to close at N3.85, while International Breweries added 25k to close at N3.85 per share.

GlaxosmithKline gained 20k to close at N4.80, while PZ Cussons appreciated by 15k to close at N4.50 per share.

Consequently, the All-Share Index which opened at 24,276.56 rose by 29.80 points or 0.12 per cent to close at 24,306.36.

Also, the market capitalisation of listed equities inched higher by N15 billion or 0.12 per cent to N12.679 trillion from N12.664 trillion achieved on Thursday.

On the other hand, Guaranty Trust Bank topped the laggards’ table, dropping 30k to close at N22.45 per share.

United Bank for Africa trailed with a loss of 15k to close at N6.25, while Zenith Bank lost 5k to close at N16.70, per share.

ABC Transport dipped 5k to 51k, while FBN Holdings also declined by 5k to close at N5.20 per share.

An analysis of the activity chart indicates that Sterling Bank was the most active, exchanging 17.66 million shares valued at N22.63 million.

Zenith Bank followed with an account of 7.47 million shares worth N47.06 million, while Transcorp sold 7.41 million shares valued at N4.69 million.

Fidelity Bank exchanged a total of 6.20 million shares worth N11.11 million.

In all, the volume of shares traded closed lower with an exchange of 131.63 million shares valued at N899.49 million in 3,044 deals.

This was in contrast with 192.08 million shares worth N2.47 billion exchanged hands in 3,833 deals on Thursday.



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EKEDC warns against tampering with meters



Eko Electricity Distribution Company (EKEDC) on Friday said it had intensified efforts to curb cases of meter tampering by customers within its operational network.
Mr Godwin Idemudia, General Manager, Corporate Communications, EKEDC, in a statement issued in Lagos warned that those involved in such nefarious activities would face prosecution.
Idemudia said the warning follows the recent arraignment of three persons before an Ojo Magistrates’ Court on a four-count charge of conspiracy to commit fraud, impersonation, forgery and tampering with electricity installations.
He said the accused persons allegedly received the sum of N70,000 from unsuspecting customers who wanted to get their prepaid meters repaired and placed them on direct connection.
Idemudia said :” It is rather unfortunate that people go about parading themselves as our staff when they are not.
“We will go the full extent of the law and this will serve as a deterrent to others aiming to do same.”
He urged EKEDC customers to always go through the appropriate channels for all complaints or issues and make no form of payment to unauthorised persons or channels.
Idemudia also advised customers to report any staff or partners that make demands on them for EKEDC’s services via its social media platforms and other designated channels.
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Ekiti Cargo Airport to be ready in 18 months



Ekiti Government has said the ongoing construction of the Cargo Airport at Ipogun in Irepodun/Ifelodun Local Government Area would completed in 18 months.

Mr Bunmi Awotiku, the Special Adviser to the Governor on Airport Project, said this when Ekiti House of Assembly Committee on Works and Transport visited the site on Friday at Ipogun.

The News Agency of Nigeria reports that the project started in October 2019.

The Chairman of the House Committee, Chief Olugboyega Aribisogan, said that the airport was a timeless legacy, which would enhance the rapid transformation and development of the state.

Aribisogan, accompanied by other committee members, said they were at the site to examine the level of work done on the project.

The chairman assured that the Assembly would give necessary legislative support to the state Executive to enable it deliver the dividend of democracy to the people of the state

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