Sunday May 24th, 2015
Sunday May 24th, 2015
Latest

GE completes Shell’s subsea tree refurbishment …Achieves 40% growth

  /   in Energy, News 12:18 am   /   Comments

* Lekki model sea port

GE Oil & Gas said it has completed the first refurbishment of subsea production trees for Shell Nigeria Exploration and Production Company, SNEPCo at its service base in Onne, Rivers State. The feat, reputed as the first-of-its-kind to be done in Nigeria, highlights GE’s commitment to investing in Nigeria and demonstrating the high-value services offered to its customers.

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FG reiterates commitment to regulate use of explosives

  /   in Energy, News   /   Comments

Bauchi State Commissioner of  Police, Alhaji Mohammed Ladan briefing newsmen on the suicide bomb attack on harvest field church in Yelwan, bauchi on sunday (3/6/12) beside is a detonated bomb discovered at the blast scene. NAN Photo

ABUJA- THE Federal Government has reiterated its commitment to the regulation for the use of explosives in mining activities by operators in the sector. The reassurance was made by the Minister of Mines and Steel Development, Mr. Musa Sada, while delivering a keynote address at the Stakeholders Forum on the Draft Explosives Act and Regulations held in Abuja. Sada said that the ministry deemed it necessary to convey the meeting to take stock of views and inputs by stakeholders in the mining industry on the Explosives Act, as it concerns new provisions for export, use, and security of explosives.

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Universal Energy commences commercial oil production at Stubb Creek

  /   in Energy, News   /   Comments

oil platform

UNIVERSAL Energy Resources Ltd said it has commenced crude oil production from its Stubb Creek Field in Akwa Ibom State. The development followed the approval to embark on delivery of oil through the ExxonMobil’s Qua Iboe Terminal, which came on stream in early February 2015.

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Ethiopia’s electric power coverage reaches 55%

  /   in Energy, News   /   Comments

nuclear-power

Addis Ababa — The Ethiopian Electric Power (EEP) said that electric power coverage in Ethiopia has now reached 55 per cent from only 17 per cent 24 years back. EEP External Public Relations Director, Miskir Negash, said that the coverage rose significantly during the past years owing to the due attention given by the ruling party- The Ethiopian People’s Revolutionary Democratic Front (EPRDF).

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Top 10 performing stocks

  /   in Investors Forum, News   /   Comments

Bottled Water

Beta Glass Company Plc in the Packaging /Container sub sector on the Nigerian Stock Exchange, NSE led the top ten gainers chart last week ending Friday 15thMay 2015, rising by 10 per cent to close at N33.00 per share from N30 per share penultimate week. Beta Glass Company Plc has proposed a dividend of 62 kobo per share to its shareholders for the financial year end of 2014 as the closing date for its register has been fixed for 12thJune, 2015.

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Reverse policy or pay interest on cash reserve, shareholders tell CBN

  /   in Investors Forum, News   /   Comments

CBNHQ400

Mr. Adebayo Adeleke of Independent Shareholders Association of Nigeria ISAN : When the CBN says 20 per cent and they are locking up the money, banks don’t have access to it, neither are they paying any form of interest on it. It is a double jeopardy situation for the banks because banks are paying to NDIC for insuring the same fund over everybody that has deposited. So when the owner of that money comes, the bank is meant to pay the owner interest on the whole sum, while 20 percent is held by CBN.

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Transcorp gross earnings rise to N41.3 bn

  /   in Investors Forum, News   /   Comments

Transcorp

Transnational Corporation of Nigeria , Trascorp Plc has recorded gross earnings of N41.3 billion for the financial year ended December 31, 2014. In his address to shareholders duriiing the 9th Annual General Meeting, AGM , Chairman of the Board of Directors , Mr. Tony O. Elumelu, highlighted the operational excellence that has guided Transcorp’s turnaround from takeover in 2010, to increased performance in the year under review indicated that gross earnings increased from N18.8 billion to N41.3 billion , a reflection of the first full year of earnings from the power business.

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CBN, how long will depositors of Savannah Bank suffer? (2)

  /   in Business, News   /   Comments

CBN Governor, Mr Godwin Emefiele

The depositors of Savannah Bank have been suffering since February 2012, when the license of the bank was revoked. How long they will continue to suffer depends on two factors. The first is the ability of the owners of the bank to raise the required capital to reopen the bank and settle depositors. This however is becoming much more difficult than securing the legal victory that reversed the revocation of the license of the bank. In an era where profit-making banks are raising funds to beef up their capital, to find investors willing to invest in a bank that has been out of operations for 13 years, would be a herculean task.

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Crisis of confidence still pervasive in stock market —Okumagba

  /   in Business, News 8:30 pm   /   Comments

Albert-Okumagba.

Crisis of confidence is still pervasive in the market especially, among local investors. The negative impact of the margin loans era cannot be forgotten so easily. This is why you have more speculators than long-term investors, accounting for the high volatility and instability in the market. Currently, the macro economy, with dwindling oil prices, devaluation of the Naira, exchange rate instability is not helping matters. Lastly, the socio-political situation with insurgency in the North constitute additional uncertainties; thereby accentuating the risk of investing in the Nigeria capital market.

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Shareholders seek return of nationalized banks

  /   in Business, News   /   Comments

BANK

The revocation of the operating licences of the banks was an illegal policy that had clearly showcased Nigeria as an unfriendly polity for sustainable business.” In his comment, National Co-ordinator, Proactive Shareholders Association of Nigeria, PROSAN, Mr. Taiwo Oderinde said, “It is a welcome development if the issue of the three nationalised banks is revisited.”

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BVN: The banking public and the June deadline

  /   in Business, News   /   Comments

Mr Godwin Emefiele answering questions  during his screening by the Senate for  Central Bank Governorship in Abuja on Wednesday

“When the BVN project came up, there were three key things. First and most important of all is for us to identify our customers and to identify them uniquely across banks and across accounts. So, once you have BVN, even if you have 10 bank accounts, it is the same BVN that will be tied to the bank accounts. Now, relating to identifying is the possibility of banks blacklisting people who have committed financial infractions.

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I have responsibility towards the Fairy brand and Nigeria —Doyle

  /   in Business, News   /   Comments

Ireti-Doyle

Endorsement is not just something you pursue. You do your work and hopefully someone will look your way. I have been approached by some people but this didn’t work out. That we did not complete or tie the deal somewhere along the line, we were not a perfect fit. And it’s just a matter of time a brand will come along and there will be a match made in heaven. I am absolutely and personally proud to be selected by the number one brand in the world.

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Nigeria loses N7bn as Shell shuts Trans-Niger Pipeline

  /   in Business, News   /   Comments

oil-gas

Barring other arrangements, Nigeria has lost a minimum of $35.139 million, about N7.029 billion, over the last three days, as Shell Nigeria, yesterday, said it has shut down the 180,000 barrels of crude oil per day Trans Niger Pipeline. According to a statement by Shell, the company shut down the pipeline, May 12, but failed to state the reasons for the shut down and when it would be reopened. The Trans Niger Pipeline is critical to Nigeria’s crude export as it carries Nigeria’s crude oil, Bonny Light, to an export terminal.

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Cargo diversion looms over NPA’s order on oil, gas

  /   in Business, News   /   Comments

...Sea port

“Everybody should have a choice of where they want to take their cargoes to. The government concessioned the ports, all of them (concessionaires) signed the same documents. Why do you have to force people to take their cargo to Intels…so that they can charge them in dollars, and not only that, their charges are 300 times more than regular charges in other ports.

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CBN hides banks’ interest earnings on standing deposit facility

  /   in Business, News   /   Comments

CBNHQ400

The Central Bank of Nigeria (CBN) has stopped publishing how much banks are making by lacing their excess liquidity as deposit via its Standing Deposit Facility (SDF) This follows Vanguard Newspaper’s report, on the huge amount of money banks made placing deposit with the apex bank. Banks access the SLF to borrow from the CBN while they access the SDF to place deposit with the CBN. Presently the CBN charges 15 percent as interest rate on loans to banks through the SLF while it pays 11 percent as interest on deposit placement through the SDF.

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Transition politics to restrict MPC economic policy decisions

  /   in Business, News   /   Comments

CBN Governor, Mr Godwin Emefiele

The last Monetary Policy Committee (MPC) meeting in the life of the present government holding today will largely shy away from key economic issues threatening the nation’s economy, due to transition uncertainties. In order to facilitate the attainment of the objective of price stability and to support the economic policy of the Federal Government, a committee of the Central Bank of Nigeria (CBN) referred to as MPC is in place made up of the CBN Governor as the Chairman with the four Deputy Governors of the Bank, two members of the Board of Directors of the Bank as well as three members appointed by the President and two members appointed by the Governor.

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N100bn mortgage-backed bond: FG urged to redeem guarantee

  /   in Business, News   /   Comments

Okonjo-Iweala: Begs for time

Stakeholders in the housing sector have called on the Federal Government to redeem its guarantee on the Series 3 of the N100 billion mortgage-backed bond it floated in 2007. The Series 3 is maturing on May 24, 2015 with obligation to pay N24.564 billion to Note holders. They said failure by the Federal Government to redeem the bond at maturity will lead to the call of FGN Guarantee that backed the transaction which can spell doom for the country in local and offshore financial circles.

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Banking crisis and another season of anxieties

  /   in Business, News   /   Comments

banks

Foreigners know before we do when a banking crisis is round the corner. Two usual tell-tale signs occur in rapid succession. First, Foreign Portfolio Investment, FPI, drops. Second, some banks start approaching the capital market for funds to shore up their balance sheets. The two are happening now and, once more, it is time to be careful where depositors place their money.

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Printing industry needs incentives, duty free importation – Oladipo

  /   in Business, News   /   Comments

Mr. Segun Oladipo, MD/CEO, Learn Africa Plc

It ¡s easy to look at the level of poverty and say there is no purchasing power. The irony however is that education can provide opportunities that can lift people out of abject poverty and neglect. As a matter of fact, many of the successful professionals and public figures in the country today came from humble backgrounds. They were able to rise above the circumstances of their births through the acquisition of excellent education, perseverance, self-discipline and strong faith in God. Besides, the cost of funds is still very high and this is a serious headache for many companies in Nigeria.

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NIRP to boost annual manufacturing revenue by N5trn —Aganga

  /   in Business, News   /   Comments

Minister of Trade & Investment, Olusegun Aganga

THE Minister of Industry, Trade and Investment, Mr. Olusegun Aganga has said that the Nigeria Industrial Revolution Plan, NIRP, would boost the annual revenue earnings of the Nigerian manufacturers to about N5 trillion per annum. The Minister who stated this at the annual Mechanical Engineers Distinguished lecture with the theme: “The Automative Industry and Nigeria’s Industrialisation” in Abuja explained that the goal of the NIRP was to increase the contribution of the manufacturing sector Gross Domestic Product, GDP, from the present seven per cent to more than 10 per cent over the next five years.

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Champion Breweries grows turnover to N3.3bn, returns to profitability

  /   in Business, News   /   Comments

Beer3

Champion Breweries Plc has recorded substantial improvement in its trading results with a record leap in turnover from N2.2 billion recorded in 2013 to N3.3 billion in 2014. The Company which has repositioned to attract credit, also returned to profitability and generated a profit of N25.5 million as against a loss of N543.9 million declared for the previous year.

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Suspend evacuation of petroleum products by road — Terminal operators

  /   in Business, News   /   Comments

Some of the tankers  parked by the road side

“Ultimately and on the long run, the incoming government should get our refineries working to reduce the nation’s avoidable dependence on importation of petroleum products. The tank farms in Apapa must also be relocated to allow a breath of fresh air for port operation,” Haastrup said. She said port operators and their staff have been worse hit by the gridlock as the various operators have suffered “substantial losses” since the gridlock set in.

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Challenges are part of life; they help us to grow — Bunmi Aremo

  /   in Business, News   /   Comments

Mrs. Bunmi-Aremo

We were using manual oven before which would bake a tray for three hours but the electric oven does it in 30 minutes. We can still calibrate it to bake a tray in 10 minutes. With that, we believe we can have more turnover. It will increase our salary and we will be able to employ more people.

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NSE, NIM partner on capacity building

  /   in Business, News   /   Comments

market-2

The Nigerian Stock Exchange, NSE and Nigerian Institute of Management, NIM have commenced negotiations for a capacity building partnership for all operators in the Nigerian Stock Exchange. This was made known when the President and Chairman in Council, NIM Dr. Nelson Uwaga paid a courtesy visit to the Chief Executive Officer of NSE, Mr. Oscar Onyema in Lagos.

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N16bn dividend awaits Lafarge shareholders

  /   in Business, News   /   Comments

naira money

Lafarge Africa Plc shareholders are expected to reap from the company’s consolidation as its Board of Directors is expected to propose a dividend of N16 billion at its forth coming Annual General Meeting, AGM. Vanguard reliably gathered that the Board would proposed a dividend of N16 billion to its shareholders at an AGM expected to hold next week. It will be recalled that the shareholders last year gave the Board approval to consolidate the businesses of the company in Africa into a stronger group.

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New look Close–up pastes hit market

  /   in Business, News   /   Comments

Students Of Different Schools Across Lagos State Brushing their Teeth .At The Lagos World Record Breaking Teeth Brushing Challenge Held at Teslim Balogun Stadium Lagos.PHOTO BY AKEEM SALAU.

Unilever Nigeria Plc has re-launched Close –Up toothpaste brand across three variants of Deep Action Red Hot, Naija Herbal gel and herbal paste in new logo and packages. The Close-up brands according to the company is poised to cater to the oral care of Nigerians with a formulation that contains micro-shine crystals to clean deep corners of the mouth and active zinc mouth wash that kills 99.9 percent germs, giving long lasting fresh breath for 12 hours.

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CSR, sustainability our policy thrusts—IDL

  /   in Business, News   /   Comments

csr1

International Distillers Limited, IDL, manufacturers of Chelsea dry gin, Squadron, says Corporate Social Responsibility, CSR and sustainability runs in the Deoxyribonucleic Acid, DNA, (molecule of life) of the company. The Managing Director, Engr. Patrick Anegbe, asserted this when he said, “as a policy, our company believes that business is not just about making profit, but also touching lives of communities where we operate in a positive way.”

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Airtel boss wins CEO Brand Personality award

  /   in Business, News   /   Comments

Incoming Airtel CEO Segun Ogunsanya beats drum for his predecessor Rajan Swaroop March 23 at send forth

Managing Director and Chief Executive Officer of Airtel Nigeria, Segun Ogunsanya, has been named CEO Brand Personality of the Year by marketing communications magazine, Marketing Edge.

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CHESTRAD set to bridge poverty gap in Nigeria

  /   in Business, News   /   Comments

povertypix1

CHESTRAD International, a non profit making organisation said it is committed to bridge poverty gap among the people in the country as inequalities in access to basic assets including education, health and productive inputs are on the rise. Speaking to newsmen in Lagos, Dr. Bimbo Ogunkelu, former Minister for Integration and Chairman of CHESTRAD said “ CHESTRAD is committed to crowd funding so that it can assist the government in its quest to alleviate poverty in Nigeria.

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Economic woes worsen as NLNG’s revenue drops by 30%

  /   in Business, News 11:40 pm   /   Comments

Idiroko-Market

Nigeria’s dwindling revenue profile is expected to worsen further, as the Nigeria Liquefied Natural Gas, NLNG, yesterday said it has recorded a 30 per cent decline in its revenue as at April 2015. Specifically, NLNG had in 2014 paid about N220 billion into the coffers of the Federal Government for Corporate Income Tax. This amount does not include the sum the NLNG pays the country as dividends for its 49 per cent holding in the company.

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Co-Creation Hub to invest over N10m in start-ups

  /   in Business, News   /   Comments

Naira-6

Nigeria’s first social innovation centre, Co-creation Hub, CcHUB has announced it will invest between $15,000 to $25,000, about N3.3 million to N5.5 million, in seed funding in three tech start-ups. The ventures include: Grit Systems, Mamalette and Autobox. The deal will also invlove mentoring, business development support and office space to help in their quest to grow their businesses rapidly.

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Heritage Bank boosts financial literacy with ‘My Day as a Banker’

  /   in Business, News   /   Comments

*File Photo

Heritage Bank has offered school children across the country an innovative way to celebrate this year’s Children’s Day through the ‘My Day as a Banker’ experience. Designed to spice up the May 27th Children’s Day celebration with innovative and fun filled way to experience the world of bankers, ‘My Day as a Banker’ is a Bank-wide activity on Monday May 25th, where selected secondary school pupils will have the opportunity of handling various banking roles such as tellers, customer service associates etc.

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