Beware : 419ners Now At Atm Points

Three weeks ago a guy in my area when to an ATM point at eco bank to withdraw some cash.After he has withdrawn the money. Which is 30k a guy just appear from no where and ask him “please where is model market” after directing him the guy now left,just for that my area guy to Count the money as usual because naija no trust even ATM mAchine . he couldn’t fine the money and the guy has already left. When he was narrating the story weeks ago, to God who made me I didn’t believe him untill I experience such a thing today. I was at gtbank ATM point today after Withdrawing my cash which is 15k a lady just appear in my front and greeted me then we started talking,to my greatest surprise I didn’t know the time I gave her all d money I have withdrawn.after she has left I now came back to my normal sense and I couldn’t fine her .

So pls fellow Nigerians pls be careful with who u talk with when u are at ATM point.

Filed Under: Business, News on Sunday, 26 July 2015

Buhari’s United States Visit Will Cost Nigeria, N2.2billion – Report

President Muhammadu Buhari will be visiting Washington D.C, the US capital for his meeting with President Barack Obama next week, Monday with an announced 32-man delegation and unannounced aides numbering an average of 10 that would be accompanying governors, ex-governors, State House officials and businessmen.

This will bring the total number of Nigerians on this visit with President Buhari to about 229, being the biggest Presidential delegation in Nigerian democratic history. This contingent will cost Nigeria about N2.2billion from the virtually empty Treasury.
The Presidency have earlier announced that those expected to join the President on the visit include Governors Kashim Shettima (Borno), Rochas Okorocha (Imo), Adams Oshiomhole (Edo), Tanko Al-Makura (Nasarawa) and Abiola Ajimobi (Oyo) Each with 15 aids.

The rather large delegation will also have former Rivers State Governor Chibuike Amaechi; Buhari’s running mate in the 2011 presidential election, Pastor Tunde Bakare; former President of the Newspapers Proprietors’ Association of Nigeria (NPAN) and publisher of The Democrat, Ismaila Isa Funtua; a former Chief of Army Staff, Lt-Gen. Abdulrahman Dambazzau; and Halilu Sheni, a businessman.

Others in the delegation will include officials in the presidency and some heads of government parastatals.

Apart from the number about about 10 government officials have already left for the United States in what they claimed is preparing grounds for the Visit.

-DailyMail 

Filed Under: Business, Features, News on Sunday, 19 July 2015

Music Star ‘Kcee’, The ‘Pull Over’ and ‘Limpopo’ Crooner is seen on the streets Selling MTN recharge cards

 

Music Star ‘Kcee‘, The ‘Pull Over’ and ‘Limpopo’ Crooner was spotted early this morning along the major streets of Lagos selling MTN recharge cards and also interacting with his fans. He is certainly setting an example of ‘Do as I do, and not as I say’.

If you remember, he came out with an inspiration song ‘Turn by Turn’   To put much emphasis to the meaning of that song, and as a brand ambassador of MTN, he basically used himself as an example and encouraged his numerous fans never to give up but rather be focused and stay hard working, while also believing in themselves because this 

world ‘Na turn by turn’ according to him, and everyone will eventually get their own share of success!

Check out more photos!

          

Filed Under: Business, celebrity, Entertainment on Saturday, 23 May 2015

OMG!!! Wizkid’s Business E-Mail Account Has Been Hacked

Star boy, Wizkid has taken to his twitter to announce that his official mail which was usually used for business purposes has been compromised and hacked.

He however urged people to disregard any mail from that address to avoid been scammed.
He also revealed to his fans that the original remix to his smashing single ‘Ojuelegba’ will drop next month

Filed Under: Business, Gossip on Tuesday, 10 March 2015

Economy: Buhari on rescue mission – APC

The presidential candidate of the All Progressives Congress (APC), General Muhammadu Buhari (rtd), has assured Nigerians of succour from the effects of the ill management of the nation’s economy by the President Goodluck Jonathanled Federal Government.

In a statement signed by the Director of Media and Publicity of the APC Presidential Campaign Organisation (APCPCO), Malam Garba Shehu, the APC observed the panicky and uncoordinated management of the nation’s economy by President Jonathan and his economic team.

“It is apparent that the Federal Government has suddenly found itself in a bind with plummeting crude oil prices in the international market, but typical of a team that lacks capacity for anticipatory actions, the Federal Government has been running from pillar to post in a vain bid to stabilize the economy. Unfortunately, all conceived palliatives applied to save the nation’s declining economic in dicators have merely scrapped the surface of the problems leaving the mass of Nigerians desperate, confused and hungrier.”

Shehu said that the nation’s debt profile under the current Federal Government grew exponentially even while the country recorded the highest revenue accrued from impressive crude oil prices over a five-year period before the downward spiral of international oil prices.

“With external debt standing at more than $10 billion and our internal debts at more than $50 billion, it is without doubt that President Jonathan is driving Nigeria into economic wilderness.

This should be a cause for concern for all well -meaning Nigerians, more so when the Federal Government responses to these rising economic challenges have, at best, been casual.

Filed Under: Business on Monday, 23 February 2015

Investment In Renewable Energy Key To Solving W/Africa Power Challenges

Eaton Nigeria industries has identified renewable energy as an answer to addressing the challenges of power demand in the West Africa utility network.

Addressing a panel discussion at the West African Power Industry Convention, which held recently in Lagos, Charles Iyo, regional sales manager, West Africa stated that African countries have excellent solar radiances, dependable wind areas and land for renewable power plants capable of providing the energy demand for the region.

Speaking on the topic ‘Options for increased access to electricity in West Africa:

The case for a regional electricity market,” Iyo said the demand for electricity in the region is outstripping supply and therefore said that the solution is to provide a source of power that is cost effective and requires little maintenance.

“Today’s utilities are under extreme pressure to improve reliability, drive operational efficiencies and reduce costs. Therefore, the Eaton solutions for managing power demand lies in an adaptable, secure and responsive infrastructure, consistent distribution of reliable, efficient and high-quality power, enhanced safety to protect people, property and the environment,” Iyo said.

According to Iyo, the economics of rural electrification systems are competing with other government programmes for funding with the former often being neglected.

He stated that solar especially could quickly lower the cost of already widely used diesel and could be rapidly deployed to remote and urban areas.

Iyo stressed that since demand for electrical power in Western Africa is growing rapidly, renewable costs is dropping rapidly with South Africa taking the lead and Ghana already having an attractive incentive plan.

“Renewable costs are dropping rapidly with solar and wind already delivering cost savings for multiple applications ultimately reducing the cost for grid investment,” said Iyo.

Filed Under: Business on Wednesday, 26 November 2014

Ex-ANAN President Suggests Ways Out Of Oil Price Slump

Dr Samuel Nzekwu, former president, Association of National Accountants of Nigeria (ANAN), on Sunday urged the Federal Government to diversify the economy to meet the challenges of prevailing slump in oil prices.

Nzekwe told the News Agency of Nigeria (NAN) in Lagos that must improve the performance of the non-oil sector, particularly the agricultural sector, in order to mitigate the effect of the slump on the economy.

“Everybody was talking about diversifying the economy. Oil could finish and we were being warned everyday that one day oil would finish.

“Most countries use oil windfall to develop infrastructure and create enabling environment for their economies to thrive.

“It is unfortunate that we waited so long until now when the price of oil in the international market came down and we started planning,’’ Nzekwe said..

He said that since the nation’s economy was oil-based, anything that happened to oil would affect the country.

The former ANAN president recommended that tht budget benchmark for 2015 be cut down to 70 dollars as against the 73 dollars proposed by the government.

“If the benchmark is adjusted to 70 dollars, whenever the need arises, there could be supplementary budget. There is no need to put the benchmark at the point you are not sure of”, he said.

He also called for strict implementation of annual budgets in order to move the nation forward.

“All along, because of poor budget implementation, capital projects have become more like recurrent expenditures because of poor performance, poor materials and embezzlement.”

According to him, a situation where same capital projects are rolled over year-in-year out is not healthy for the economy.

He also said that the federal government must tackle corruption and insecurity, invest in critical infrastrusture as well as end epileptic power supply to save the economy.

Nzekwe, however, lauded the idea by government to tax luxury goods to generate more revenue.

“Is a known fact that Nigerians do not pay tax. The Federal Inland Revenue Service (FIRS) should do more enlightenment about the Value Added Tax (VAT) because the VAT only affects the end users.

“FIRS should set up effective and efficient machinery to improve tax collection, not by coercion or arbitrariness, but in a developed manner to improve Internally Generated Revenue.

“The FIRS has not done well in the collection of VAT as a result of not being able to register all vatable persons and organisations in the country.

“ A lot of organisations are outside VAT net and the FIRS is only waiting for them to fall into the net before getting hold of them,’’ the former ANAN president said.

He noted that the introduction of the Tax IdentificatIon Number (TIN) has helped to improve tax collection, but said the system was not good enough as organisations are still evading tax payment.

“Money from VAT alone is capable of financing the budget to a very large extent.

“The taxation issue has come to a point that companies and individuals operating in the country must be made to meet minimum regulatory requirements to do business if they are demanding for foreign exchange.”

Nzekwe said henceforth such organisations should also be made to produce evidence of registration with the Industrial Training Fund and their contribution to the national pension scheme.

“If these conditions are put in place, they would reduce the rush and pressure mounted on the naira by those companies seeking for foreign exchange,” he told NAN. (NAN)

Filed Under: Business on Monday, 24 November 2014

FG Propose Transportation Data Bank

A data bank that will provide adequate information and necessary data on all forms of transportation in Nigeria, christened National Transport Data Bank (NTDB) Project is underway.

The project will provide the necessary data and information in solving the daily challenges and guide individuals and corporate organisations on Air, Road, Rail and Maritime transport modes that suit them.

The Director-General and Chief Executive, Nigerian Institute of Transport Technology (NIIT), Zaria, Kaduna State, Dr. Aminu Musa Yusuf disclosed this to journalists while speaking on the sideline at Workshop and Stakeholders' meeting on National Transport Data Bank (NTDB) Project in Ibadan, the Oyo State capital.

The workshop, a brain child of NIIT in collaboration with Federal Ministry of Transport, (FMT) National Planning Commission (NPC) and National Bureau of Statistics (NBS) with support from Nigerian Institute of Social and Economic Research (NISER) that started on Tuesday and expected to end on Thursday (tomorrow) will have stakeholders in the transport and other related areas as participants.

Yusuf who spoke through the Director, Transport Research and Intelligence of the institute, Mr. Saliu Babatunde Akintayo said the workshop will help to provide strategies for collection and analysis for the project.

Speaking on the stakeholders' meeting, Yusuf listed the objectives to include "To subject the template for transport and logistics data collection develop by NIIT to stakeholders critique, input and validation, to provide platform for cross fertilization of ideas between NIIT and stakeholders on the platform and template modal agencies and operators and provide forum for stakeholders and NIIT to identify type of transport and logistics data with requisite capacity for collection."

He said the project aimed at providing template, accurate data and information will be a veritable tool for the government, transporters and commuters to plan and will tend to aid national planning.

He said the absence of accurate data and information in the transport sector especially was responsible for the failure of some of the previous projects in the country.

The stakeholders according to him include NCAA, FAAN, NPA and NURTW among others. 

"We also have National Bureau of Statistics Federal Ministry of Transport, logistics operators like Dangote, manufacturers, courier operators, they all make the transport sector, these are the kind of stakeholders we are expecting that would give an input to support the arrangement," he said.

The purpose of the project according to him was to ensure that all projects stand the test of time by providing adequate information and data before they commenced.

"What we are addressing is that most of our plans cannot survive due to poor planning, the major thing we are doing is that, all projects and plans should be based on sound and dependable information and data. Congestion is due to proper planning and without data you cannot plan well, this is why data collection is very important," he said.

He explained that the project will be an avenue to collect data and information to aid planning as it affects state transport systems across the country, to address issues of traffic as well as will bring synergy in the transport sector; aviation, maritime, rail and road.

"This information will help and make us to appreciate the problems and know the rate of accidents, so you will be able to plan, it will help to know the amount of traffic on the rail and roads etc, the data bank will help us to plan well and know the best system that suits everyone. The rail will also be complemented by the roads and other transport modes," he said.

Filed Under: Business on Sunday, 16 November 2014

Delta To Become Foremost Exporter Of Fish In Nigeria Says Uduaghan

Delta State Governor, Dr Emmanuel Uduaghan says six fish feed processing Mills were being

constructed in the state as part of deliberate efforts to ensure that fish farmers in the state meet the 

national and international demands thereby, making the state the foremost exporter of fish in the country.

The Governor who witnessed the harvesting of fish cum sales exhibition at the Camp 74 Fish Farm, 

Asaba yesterday said with the construction of Cargo section at the Asaba International Airport, fish 

farmers could send their products fresh to any part of the world.

He explained that the six fish feed processing mills would ensure that fish farmers in the state would have 

easy access to fish feeds with minimal stress, adding that the United Nations Industrial Development 

Organisation (UNIDO) was partnering the Delta State government in the areas of fish processing and 

packaging.

“You will no longer have difficulties in getting your feeds,” Governor Uduaghan assured the more than 

one hundred fish farmers who have also, contributed to the employment of labour in the state, adding, 

 “we are putting up six fish feed processing facilities in the state.”

 “With what we are doing with Delta Beyond Oil, with the fish farming, we will get to a point where the fish  we produce will be more than we can consume or sell locally, so, we are partnering with UNIDO to get modern dryers and package the fish for national and international market, soon, the cargo section of the Asaba International Airport will start functioning and we can export our products.”

 Dr Uduaghan who observed that most of the people working in the fish farm were graduates, urged 

 youths, especially, graduates not to solely depend on government for employment or insist on practicing 

what they studied in school noting that what they studied could be different from their passion.

  He said, “when you have a passion, follow your passion, develop your passion and the sky will be the limit, that is why comedians are making money and I know of Lawyers who are into fashion designing and they are doing well, you don’t need to wait for government to employ you before you assist yourself and contribute to the growth of the society.”

 While commending the Commissioner for Poverty Alleviation in the state, Dr Anthonia Ashiedu for being 

 passionate in her job, the Governor challenged her to facilitate the increase in the number of the fish 

farmers at the Camp 74.

 Earlier, Dr Ashiedu had thanked the Governor for providing the enabling environment for Deltans to 

discover their potentials, stating that through the micro-credit programme, the youths are learning 

different trades and most of them have become employers of labour. Mr Upright Nwanneka who is the

President of Camp 74 Fish Farm Cooperative Society stated, “Camp 74  which started operation with just

one fish pond has become a fish farm estate covering over six hectares  of land with over 450 fish ponds

having 102 fish farmers with over 90 per cent graduates and 20 youth  corp members employing 22

permanent workers and 30 casual workers turning out more than 25 tons of fish monthly.”

Filed Under: Business on Sunday, 26 October 2014

Chimamanda, Dangote, Oreh Nominated for Forbes Africa 2014 Person of the Year

And on the list are 3 notable Nigerians - Africa's richest man, Aliko Dangote, world-renowned Nigerian author Chimamanda Ngozi Adichie and Arunma Oteh, the director-general of the Securities and Exchange Commission.

Also on the list are: 

• Thuli Madonsela, a South African advocate and the nation's public protector who helped draft the country's constitution in 1994 and was named one of Time Magazine's 100 Most Influential People this year;
• •Donald Kaberuka, the Rwandan economist who has ushered in significant change for the continent during his 10 years tenure as the president of the African Development Bank.

The award which seeks to reward “the individual who, for better or worse, has had the most influence on business on the year gone by” will take place on the 4th of December 2014. You can go here to vote. - See more at: http://www.lailasblog.com/2014/10/chimamanda-dangote-oreh-nominated-for.html#sthash.n3d6Bk0L.dpuf

Filed Under: Business, Features on Saturday, 25 October 2014

ABCON Appeals To CBN For Forex Increase From $15,000 To $50,000

The Association of Bureau De Change of Nigeria (ABCON)  has appealed to the Central Bank of Nigeria (CBN) for an increase in weekly sale of foreign exchange from $15,000 to $50,000.

This is contained in statement in Lagos on Sunday.

ABCON also urged the CBN to extend its occasional intervention in the foreign exchange market to it to reduce demand pressure at the retail end of the market.

The association regretted that $15,000 (about N2.5 million) weekly sale to each Bureau De Change (BDC) by the CBN was inadequate to cover operating costs.

NAN reports that the CBN set $15,000 as deposit for weekly purchase of foreign exchange to BDCs, in June 2014.

The BDCs were also compelled to deposit N35 million mandatory caution to CBN. More than 2,000 operators have already complied with it.

The association said: “The difficulties that BDCs are currently facing are enormous due to the volume of the weekly sales granted to BDCs as against the associated costs in the business.

“We are strongly suggesting that the CBN should consider increasing the weekly sales to BDCs from $15,000 to $50,000,

“Given the increasing demand of dollars as against the rigidity of the weekly official sales to BDCs, we have noted that our members hardly meet up their demands from end-users.”

It urged the Central Bank to consider a periodic sale intervention to BDCs as done to banks.

According to the statement, this will help to achieve exchange rate stability in the event of increase in demand of dollar and static sale of $15, 000 to BDCs.

It said that on Sept. 24, the CBN sold a total of N350 million to banks through the Retail Dutch Auction System (RDAS).

 It also said that the CBN sold N500 million and N400 million worth of RDAS on Sept. 29 and Oct. 8, respectively to banks, making a total of $1.250 billion within a period of 13 days.

The association also appealed to the apex bank to reduce the mandatory caution deposit by each BDC from N35 million to N15 million, to free up cash for BDCs to meet day-to-day operations.

 “After the deadline for the payment of the increased caution fee of N35 million, we noticed that some BDCs could not conveniently carry out their weekly trading due to lack of cash.

“To avoid the possibility of such BDCs closing shop after their efforts to pay the caution fees, we are sincerely pleading to the CBN to review the caution fee.

``This can be from N35 million to N15 million in order to financially empower BDCs to carry on with their weekly trading,” it said.

Filed Under: Business on Monday, 20 October 2014

Chinese Firm to Invest in Oil Exploration in Bida Basin

A Chinese firm is to invest in oil exploration in the Bida basin of Niger state Governor Babangida Aliyu disclosed in Minna on Tuesday.

Governor Aliyu said the unnamed firm offered to contribute 50% of the cost while the Niger state government will foot the remaining bill.

The Governor did not state the total cost of the project and when it will start but restated that both the Ibrahim Badamasi Babangida University Lapai which was commissioned to carryout research into the presence of hydro carbon in the Bida basin and the Chinese firm have confirmed the presence of the commodity in commercial quantity in the area.

“What is holding the Chinese firm back from immediate commencement of work is the plan to ensure the whole basin is covered by the time the exercise commence the governor declared.”

Governor Aliyu made these known when he received members of the National Defence College course 23 led by the Provost of the Centre for Strategic Studies of the College Dr Istafanus Zabadi in government house.

He was of the opinion that when exploration commenced the state will witness rapid industrial development while the people will reap the benefits of being an oil producing state.

Commenting on the development the state has witnessed over the last couple of years, Dr Aliyu attributed it to the introduction of the Ward Development Project a concept that has made the communities in the rural areas in the 274 wards of the state to execute projects that touch the lives of the ordinary person.

“I am happy we brought this dimension to governance where people can own projects.”
 
He said the urban renewal programme of the administration has been bought by the people because the government usually carried them along before taking any decision that will affect their lives and way of living.

Aliyu assured that the various housing estates being developed across the state will be completed and inaugurated before the end of the mandate of the government insisting that the project in Suleja will be commissioned by President Goodluck Ebele Jonathan.

Earlier, the leader of the delegation Dr Istafanus Zabadi had commended the transformational drive of the state under the present administration and singled out the development of the 3-arms zone the Minna city centre and construction of the Minna tower as projects that will outlive the administration.

Dr Zabadi also commended the peace prevailing in the state and urged other state governors to copy from Niger state.

Filed Under: Business, News on Thursday, 16 October 2014

FG Demands Stamps for Blocks, Colour Codes for Cement Bags

The Federal Government has issued new mandatory directives to Sandcrete and allied product manufacturers to commence the stamping of cement blocks as well as adopt a set of colour codes for cement bags, to denote the three different cement grades.

The government expects that the new regulations which will be enforced by the Standards Organisation of Nigeria, SON will help in checkmating the spate of building collapses in Nigeria.

The new development which was witnessed by the media and stakeholders drawn from the various sub-sectors of the building and construction industry was flagged off in Lagos by the Minister of State for Industry Trade and Investment, Dr. Samuel Ortom.

Dr. Ortom noted that the new regulations were in alignment with government’s aspiration for safe and affordable housing for the nation. He noted that the recent review of the Nigerian Industrial Standard for cement which addressed among other issues, correct labelling to guide user’s application was also in furtherance of continual improvement as required in standardisation.

 “I wish to flag off the mandatory certification of Sandcrete blocks moulded in Nigeria and direct SON to commence implementation of the Mandatory Conformity Assessment Programme (MANCAP) for all locally manufactured products in Nigeria.

 “It is therefore important to ensure mass sensitisation of stakeholders nationwide on the new labelling requirement part of which this occasion is set to achieve. To the benefit of the Nigerian
economy, I hereby unveil the newly approved cement packaging/labelling in line with the recently approved NIS and with a view to safe-guarding lives through compliance to standards,” he said.

Under the new dispensation, unique colour stripes would be deployed in differentiating the various grades of cement: blue for 32.5, to be used for plastering only; yellow for 42.5, to be used for casting of beams and block moulding and red for the 52.5, to be used for constructing bridges and other specialised applications.

Also, for an effective monitoring and certification of sandcrete blocks standard NIS 587:2007 by SON, block-makers , henceforth must stamp their names/trademarks on the blocks for identification.

In his remarks, the Director General of SON, Dr. Joseph Odumodu, explained that the agency will ensure among other things, that dealers are certified over time to ensure that they sell only the right
materials; secondly that every material must be certified from the factory and thirdly that consumers must know what they are buying.

 He said it was critical that if an engineer prescribes 42.5 grade of cement, the builder does not go to the market and buy 32.5, which can lead to the failure of the structure.

 “We are also saying that town planning and building control agents must certify builders, all builders in every state must be certified by the state government, so that when somebody wants to build and brings the plan for approval, the approval must go with the materials’ sources and the builder, because you can have the right materials but if the wrong person builds for you, that structure may collapse.

 “We need to have the courage to do what is right in preventing building collapses in Nigeria, if we don’t then it is just a matter of time before we have more buildings collapsing across the country,” he said.

The agency also directed manufacturers of blocks and allied products to collect MANCAP application forms for products certification from its state offices in charge of their operations.

Filed Under: Business on Thursday, 25 September 2014

AMCON Posts N625bn Loss, Begins Divestment

The Assets Management Corporation of Nigeria (AMCON), last weekend, released its financial statement for the year ended December 2013, posting a loss after tax of N627.59 billion, lower than N702.39 billion loss which it recorded for 2012 financial year.

The total assets of the bad bank which was established in 2010 to buy the bad debts of banks, stood at N2.536 trillion, 5.9 per cent lower than N2.629 trillion which it was at the end of its 2012 financial year, while total liabilities grew by 1.5 per cent from N5.936 trillion to N6.023 trillion.

AMCON in 2013 recorded a net fee and commission income of N16.25 billion, a 15.9 per cent improvement over N14.02 billion which it made in the 2012 financial year.

Commenting on the financials, the executive director, Finance and Operations, AMCON, Mrs Mofoluke Dosunmu, explained that the bad bank is yet to get to the stage of recording profitability.

“If you look at the track record of resolution vehicles across the world, the turnaround time is around 10 to 15 years and so it will take some time for AMCON to start making profits,” she stated.

This was also corroborated by analysts at the Financial Derivatives Company Limited who noted that the economic gain of the bad bank is more paramount than the losses it is currently recording. In the company’s Economic Bulletin released over the weekend, the analysts stated that although the loss recorded by the AMCON is “more than the 2013 fiscal budgets of seven states in Nigeria, these numbers becloud the economic reality of economic success.

“While the financial loss was N625.88 billion, the good news is that, the economic profit and the social benefits were approximately ten times higher. The question asked is “why and how do economists compute and measure profit differently from accountants?” This is because economic definitions are wider in dimension and concept,” the analysts said.

On the other hand, Afrinvest (West Africa) Ltd had, last week, raised alarm that the acquisition the AMCON’s debt by the Central Bank of Nigeria (CBN) threatens banks in case of another banking crisis. According to the managing director and chief executive of the company, Ike Chioke, over 40 per cent of CBN’s asset portfolio is unmarketable, comprising principally of the AMCON bonds, intervention funds and development finance loans.

Speaking at the launch of the 2014 Nigerian Banking Sector Report, Chioke explained that these were long term investments without a discernable exit time frame other than the eventual performance of the loan portfolio. He furthered that the 190.5 per cent surge in other liabilities from N2.1 trillion in December 2009 to N6.1 trillion in November 2013, traceable to the acquisition of the AMCON’s debt by the CBN, is alarming.

“In the event of another crisis in the banking space, the CBN may not have the capacity to bail out the banks without avoiding the option of printing money, which will have significant consequences on price stability,” Chioke said.

Meanwhile, the bad bank, which announced Heritage Bank’s investment arm as the preferred bidder for the sale of Enterprise Bank and Fidelity Bank as the reserve bidder, said it will begin to divest its investments from next month.

The AMCON is already pulling out of some banks having sold its shareholding in Ecobank Transnational to Quatar National Bank (QNB).

Filed Under: Business on Monday, 15 September 2014

EVD: Analysts Fear Nigeria’s Oil Production May Dip

Global Data analyst, John Sisa has expressed fear that the Ebola Virus Disease (EVD) may likely affect the oil and gas exploration and production in West African states, Nigeria in particular.

He said Nigeria is the biggest producer in the African continent and whose challenge would have significant effect on the global market.

According to him, the fear stems from the fact that West African exploration and production operations rely on expatriates who work and live in the region.

Sisa noted that oil firms might withdraw staff and stop operations until the Ebola situation is controlled in Guinea, Sierra Leone, Liberia and Nigeria.

Sisa said: “Nigeria is the only country in the region with sufficient resources to contain the outbreak, but there is still a risk of uncontrolled spread of Ebola. As the eighth-largest crude oil producer in the world, there is a substantial threat of supply disruption, should the virus spread further in the country.

“If the outbreak spreads further, it could potentially disrupt all Nigerian onshore oil production, equivalent to $40m per day.Almost 80% of Nigeria’s total oil production comes from offshore areas, while the remaining portion comes from onshore areas considered high-risk Ebola zones.If the outbreak spreads further, it could potentially, disrupt all Nigerian onshore oil production, equivalent to $40m per day.”

Sisa added that the virus has already affected the healthcare systems of Liberia, Sierra Leone and Guinea, who have partnered with private local and foreign companies to finance oil and gas exploration activities.

He observed that, “Although most of the drilling in Guinea, Sierra Leone and Liberia occurs offshore in water depths ranging from 300m-4,500m, almost all oil workers are based in onshore stations thereby exposing them to the deadly virus.

“Oil workers who are local nationals and returning to their onshore homes in dangerous, infected zones could bring the virus to the drillships and platforms when reporting for duty.”

Sisa said the virus, which has to date delayed exploration activities, may spread to East Africa, affecting operations in Kenya, Mozambique, Tanzania and Uganda.

But, however, France oil major- Total, dismissed such fears saying that it has taken measures to protect its personnel.

Speaking on this issue in an interview with LEADERSHIP Sunday, chief executive officer of Total Upstream Companies in Nigeria, Mrs. Elisabeth Proust, who operates three clinics in Lagos, Abuja and Port Harcourt said that in those clinics, medical personnel do temperature checks prior to this time. She said: “ We have questionnaires that check where you have been and how you feel. The questionnaire is administered to all staff in Nigeria, employees, contractors and expatriates and we also distribute this to our staff to use with their families, relatives and personal staff at home”.

Speaking further, She said that at the clinics, the company had created isolation wards for use on suspected case. “This allows the suspected case to be completely isolated while we contact the operation centre. All clinics are now equipped with the Personal Protective Equipment or PPEs and other required equipment. Sanitizer dispensers are all over the offices and the campaign on basic hygiene, washing of hands with soap and water and proper information on how to avoid contacting the virus is on our intranet and posters all over our offices”, she said.

Filed Under: Business, Features on

Soyinka accuses Jonathan of knowing about Boko Haram financier in CBN

Nobel Laureate, Wole Soyinka on Saturday alleged that President Goodluck Jonathan was privy to information about the existence of a suspected financier of the terror group, Boko Haram, within the Central Bank of Nigeria (CBN).

Soyinka, who also noted that he worked “in the background” with Australian negotiator Stephen Davis at the heat of the Niger-Delta militancy, warned against dismissing Davis’ claims on those allegedly sponsoring Boko Haram.

In a statement he titled, “The wages of impunity”, Soyinka expressed shock with the manner government is treating people linked with the Islamist group with kid gloves.

The statement reads in part, “Finally, Stephen Davis also mentioned a Boko Haram financier within the Nigerian Central Bank.

“Independently, we are able to give backing to that claim, even to the extent of naming the individual. In the process of our enquiries, we solicited the help of a foreign embassy, whose government, we learnt, was actually on the same trail, thanks to its independent investigation into some money laundering that involved the Central Bank.

“That name, we confidently learnt, has also been passed on to President Jonathan. When he is ready to abandon his accommodating policy towards the implicated, even the criminalized, an attitude that owes so much to re-election desperation, when he moves from a passive `letting the law to take its course’ to galvanizing the law to take its course, we shall gladly supply that name”, it added.

Filed Under: Business, News on Sunday, 14 September 2014

Cost of Business in Nigerian Ports No Longer High-----Sambo

Vice President Namadi Sambo has said the cost of doing business in Nigerian ports was no longer high as it used to be in the past even as the turnaround time of ships in Nigerian ports has improved tremendously.

In a message to commemorate the 60th anniversary celebration and inauguration of  the permanent national secretariat of the Association of Nigerian Licensed Customs Agents (ANLCA) in Lagos,  Sambo said ships now spent less time at the nation’s ports situated in Lagos, Calabar,Warri, Onne, Port Harcourt and Sapele

The vice president, whose message was delivered by Senior Special Assistant to the President on Maritime Services, Mr Olugbenga Oyewole, noted that the introduction of Pre-Arrival Assessment Report (PAAR) of the Nigeria Customs Service (NCS) had assisted in reducing the time which ships spent while waiting to discharge cargoes.

He said:  “The co-operation of customs and other government agencies led to the tremendous change in port operations. This is the first time in the history of Nigeria that clearing agents will be moved out of the ports.”

He noted that the NCS was tasked to recover N1.2 trillion out of N4 trillion expected to be generated from all government’s revenues in 2014.

In his remarks at the occasion the Minister of Transport, Senator Idris Audu Umar, lauded ANLCA for the effective role it played in the establishment of the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN).

According to Umar, who was also represented by the Senior Special Assistant on Marine Operations, Alhaji Tahiru Bala, the celebration of 60 years by the association was a landmark achievement. The federal government was aware of its contribution to revenue collection.

Filed Under: Business on Friday, 12 September 2014