Friday January 30th, 2015
Friday January 30th, 2015
Latest

2m now commute by water every month in Lagos — LASWA

  /   in Business 2:01 am   /   Comments

*MOURNING: Boat operators at Majidun Jetty, Ikorodu, suspended ferry services in honour of the victims of Wednesday's boat mishap that claimed seven lives. INSET: Stranded passengers redirected to the Metro Jetty, Ikorodu, yesterday. NAN PHOTOS.

Despite the increased boat mishaps that occurred in the country last year, no fewer than two million people now commute through the waterways in Lagos on a monthly basis.

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Shipping charges: Port regulator moves to expose violators

  /   in Business   /   Comments

ship

The nation’s port economic regulator, Nigerian Shippers’ Council, NSC, has commenced moves to expose terminal operators and shipping companies still involved in the collection of illegal charges on port users despite the order of the federal high court delivered last month.

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FG commissions N60bn steel mill in Sagamu

  /   in Business   /   Comments

Minister of Trade & Investment, Olusegun Aganga

The Federal Government yesterday commissioned a N60billion integrated steel mill in Shagamu, Ogun State as part of productive activities thrown up by the sectorial implementation of the Nigerian Industrial Revolution Plan.

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SEC approves changes in Oando’s Rights Issue

  /   in Business   /   Comments

Ms Arunma Oteh, DG, SEC

The Securities and Exchange Commission, SEC, has approved a change in the Rights Issue terms of Oando Plc.

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NIDF to pay N25m coupons to note holders

  /   in Business   /   Comments

The Nigerian International Debt Fund (NIDF) , a Nigerian Stock Exchange, NSE, listed mutual fund plans to pay a minimum of N40.00 per note holder as final coupon to investors for the year ending December 31, 2014. A total of N25.2 million will be distributed amongst note holders on the register of the fund as at the closure date of February 5, 2015.

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Minister sets up committee to review concession agreement

  /   in Business 12:48 am   /   Comments

Seaport

Minister of Transport, Idris Umar, has constituted a committee to review the concession agreement between the Federal Government and private operators of the nation’s port terminals.

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UBA introduces Mobile Point Terminals

  /   in Business   /   Comments

United Bank for Africa (UBA) Plc has introduced mobile Point of Sale (mPOS) terminals. The Bank said that it has gone live with this initiative in partnership with POS partners across Africa.

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Your insurance should protect you

  /   in Insurance and You 12:42 am   /   Comments

insurance-pix

As an insurance consumer, your insurance company should protect you once your offer is accepted and until the expiry date of your policy or its written cancellation by you or them.

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Transport minister receives final report on Ibom sea port

  /   in Business   /   Comments

File: Traffic gridlock on Apapa/Oshodi express road, due to slow construction job of the road by Julius Berger and commuter spent sever hours on the road. Photo: Bunmi Azeez

THE Minister of Transport, Senator Idris Umar has received the final outline of business case for the Ibom Deep Sea Port in Akwa Ibom State.
The report, which gives an outline of the strategic needs, technical options, financial due diligence and project implementation plan of the proposed Deep Sea Port, and which had earlier been certified by the Infrastructure Concession and Regulatory Commission, was delivered last week in Abuja.

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Investor education key to market development – SEC DG

  /   in Business   /   Comments

economy

Acting Director General of the Securities and Exchange Commission (SEC) Mournir Gwarzo has again emphasized on investors’ education both for retail and institutional to develop the market and improve the level of investment from the domestic side in the country.

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Nigeria’s economic devt’s impossible without job creation — NIM

  /   in Business   /   Comments

Lagosmarket

The Nigerian Institute of Management, NIM, has disclosed that Nigeria’s quest for economic development will remain a mirage unless the Federal Government place emphasis on creating jobs for the youths in the country.

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Mansard acquires Penman, begins pensions operations

  /   in Insurance and You   /   Comments

Mansard Insurance plc, a member of AXA Group has announced the completion of its acquisition of 60 per cent of Penman Pensions Limited in a move aimed at consolidating the insurer’s position as one of Nigeria’s leading non bank financial services groups.

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CHI encourages research in students, gives automatic employment to winners

  /   in Insurance and You   /   Comments

Miss Gbemisola Atinukeola Abiola of the Federal Polytechnic, Ibadan has emerged the winner of the 4th edition of the essay competition organised by Consolidated Hallmark Insurance, CHI, Plc for tertiary institutions in the country, instituted to encourage research among students. Accordingly, Gbemisola went home with N250,000 from the initial N100,000 which previous winners got.

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Oil projects to suffer delays over crude price decline — NNPC

  /   in Business 12:56 am   /   Comments

File Photo: Crude Oil

The Nigeria National Petroleum Corporation, NNPC, has warned that a number of oil projects in the country are expected to suffer delays due to the continuous decline in crude oil price.

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Pump price reduction: Whitewashing a broken fence

  /   in Energy   /   Comments

fuel11

There have been two huge developments in Nigeria’s petroleum sector over the last couple of days. First was the (still not officially confirmed) news that filtered into various international media that oil trading giant Trafigura had ended the Nigerian oil swap deal. The second was the announcement by the Petroleum Minister that the pump price for petrol has been reduced from N97 per litre to N87 per litre.

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‘I don’t want to lose money’

  /   in Investors Forum   /   Comments

1000-naira-notes

The series on “You can invest”, which dove-tailed into the one on “Why you are not investing”, received interesting responses from readers.

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Nigeria’s production down by 160,000 bpd — Alison-Madueke

  /   in Energy   /   Comments

Petroleum minister, Mrs Diezani Alison-Madueke

Nigeria is losing about 160,000 barrels of oil daily due to the activities of pipeline vandals, the Minister of Petroleum Resources, Mrs Diezani Alison-Madueke has said.

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Petrol price reduction: FG considers increase in marketers’ margin

  /   in Energy   /   Comments

Black market thrives as fuel scarcity hits Lagos. Photo: Bunmi Azeez

The Federal Government has reached an agreement with major oil marketers in the country’ for an upward review of traders/marketers margins in the sale of imported Premium Motor Spirit, PMS or petrol.

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Vandals attack Trans Forcados pipeline again

  /   in Energy   /   Comments

Gas Pipeline

ABUJA — The Trans Forcados oil pipeline has again been vandalised at Oteghele axis in Bayelsa State by yet-to-be identified persons, causing a crude oil spill in the area.

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Egbin Power invests N50bn

  /   in Energy   /   Comments

electricity

Residents of Lagos and its environs may be in for improved power supply going by the investment of N50 billion for the restoration of 220 megawatts of unit six of the Egbin Power Plant.

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Nigerian banks can’t fund oil, gas exploration — Osahon

  /   in Energy   /   Comments

gas tanks

The Director of Petroleum Resources, DPR, Mr. George Osahan, has said that the banking sector is not capable of financing exploration in the oil and gas industry.

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Naira devaluation has forced us to reduce prices —Bajaj

  /   in Business   /   Comments

1000-naira-notes

Bajaj Nigeria, manufacturers of Bajaj three wheelers says Naira devaluation has forced the company to reduce prices of its tricycle, as it plans to expand and improve on transport business with introduction of car-like four wheeler before 2015 ends.

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Top 10 performing stocks

  /   in Investors Forum   /   Comments

File photo: The  floor of Stock exchange

On the top 10 performing stocks last week were the shares of UAC of Nigeria Plc, Guaranty Trust Bank Plc, Mansard Insurance Plc, Flour Mills of Nigeria Plc, N.E.M Insurance Co (Nig.) Plc and Lafarge Africa Plc.

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SEC okays Access Bank’s N52.6bn rights issue

  /   in Investors Forum   /   Comments

Access Bank Plc has secured approval of the Securities and Exchange Commission (SEC) to proceed with plans to raise N52.6 billion in a share sale as it pursues expansion and stronger cash reserves.

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High cost of doing business worries SMEs

  /   in Business 12:34 am   /   Comments

Nigeria-economy

“Schools and Institutions should recognise these certificates, giving credits to students should they choose to further their studies. Students from universities and polytechnics should be encouraged to join the workforce for work experience and to advance their career path.”—

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Banks’ capitalisation inadequate to finance oil and gas industry

  /   in Business   /   Comments

oil-gas

The Director of Petroleum Resources (DPR), Mr. George Osahon has said that the banking sector is not capable of financing exploration in the oil and gas industry. According to him, the banks have very low capital base to finance exploration in the country.

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We have robust rules to protect retail investors — Onyema

  /   in Business   /   Comments

Oscar-Onyema,-CEO,-NSE

In the life of any exchange around the world, the reality is that you are going to have listings and delistings on annual basis. Companies will list for various reasons, but you will also have delistings either those that do not meet your standard any more or those that have committed regulatory breaches or those that voluntarily want to delist because it is not in their business interest anymore to continue to remain listed.

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Youth unemployment in Nigeria up to 50% —Mckinsey & co

  /   in Business   /   Comments

Nigeria-economy

Global business and public sector leaders were in Davos Swizerland engaged in debate about the growing youth unemployment which many have said is growing in an uncomfortable proportion.

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Oil price slump: Firms might lay off workers —Expert

  /   in Business   /   Comments

oil2

“If you look at the United States of America, a gallon of petroleum is sold for just 4 dollars (N740) because there is a regulatory body regulating the price”—Wingo

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LASG not frustrating insurance monitoring – NIA

  /   in Business   /   Comments

insurance-pix

The Nigerian Insurers Association, NIA, has said that it is engaging stakeholders in Lagos State with a view to launching the Nigerian Insurance Industry database, NIID, monitoring device in the state.

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Investor Community should not panic, says Oduoza

  /   in Business   /   Comments

Naira sign

Phillips Oduoza, Group Managing Director/CEO, United Bank for Africa (UBA) Plc has urged investors in Nigeria not to panic over falling crude oil prices and exchange rate volatility as the country has enough reserves to support the local currency.

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OPIC budgets N5.2bn on housing development

  /   in Business   /   Comments

Naira sign

Ogun State Property and Investment Corporation (OPIC) has proposed the sum of N5.637 billion as its total expenditure for housing development in the state in 2015, with N5.2 billion committed to capital projects.

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