Monday May 25th, 2015
Monday May 25th, 2015
Latest

5 serving ministers, 3 others in race for AfDB presidency

  /   in Business 12:59 am   /   Comments

Agric Minister, Akinwumi-Adesina

Eight prominent Africans including Minister of Agriculture, Dr. Akinwumi Adesina are contesting for the Presidency of the African Development Bank. The other contenders are Sufian Ahmed of Ethiopia, Jaloul Ayed of Tunisia, Kordjé Bedoumra of Chad, Cristina Duarte of Cape Verde, M. W. Kamara of Sierra Leone, Thomas Z. Sakala of Zimbabwe, and Boubacar Sidibe of Mali.

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CBN, banks to share interest earnings on CACS loans

  /   in Business   /   Comments

Emefiele CBN Governor

The Central Bank of Nigeria, CBN yesterday said that it would henceforth share with banks, interest earnings on loans granted to farmers under the Commercial Agricultural Credit Scheme (CACS).

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Fidelity Bank recovers N8bn debt in 2014

  /   in Business   /   Comments

Fidelity Bank Plc said it has recovered about N8 billion from its Non Performing Loan in 2014, just as it targets a 10 per cent loan growth for the financial year 2015.

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Leadway Assurance launches funeral cover plan

  /   in Insurance and You, News 12:53 am   /   Comments

Product launch: Managing Director, Mr. Oye Hassan Odukale; Mr. Shadrack Sivhugwana, Head Life Actuary; and two member of staff all of Leadway Assurance Company Limited at the launch of Leadway Family Benefit Plan Plus (LFBPP) at the corporate head office in Lagos.

Leadway Assurance Company Limited has launched a new life product named the Leadway Family Benefit Plan Plus (LFBPP). The product is a multi-life policy designed to cover funeral expenses for the assured lives (spouse, parents and/or parents-in-law that are named in the policy) and the policy holder (person who purchased the policy). The policy helps to alleviate and bury the worries associated with the funerals for elderly loved ones.

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CPS: Most successful govt initiative —Dikko

  /   in Insurance and You, News   /   Comments

Mr. Aliyu Dikko, Chairman, Premium Premium

The Contributory Pension Scheme, CPS, is arguably the most successful government initiative in recent times and a clear testimony to the effectiveness of private-sector-driven rendition of service in critical sectors. Chairman of Premium Pension Limited, Mr. Aliyu Dikko, who made this assertion, noted that year 2014 marked 10 years of the introduction of the CPS in the country and it was a general consensus that the industry has recorded tremendous successes.

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The power sector and the incoming Buhari administration (3)

  /   in Business, News   /   Comments

OFFICIAL PORTRAITS OF BUHARI, OSINBAJO

The Federal Government, FGN, transferred the management of the electricity distribution companies and power generating companies to the core investors during November 2013. These companies have carried out their operations under new managements for more than one year. The Nigerian Electricity Regulatory Commission, NERC, should obtain from these companies their audited balance sheets and profit and loss accounts for the year 2014 and the companies should publish these financial statements in at least two national newspapers.

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Dangote Cement reaps dividend of continental expansion, posts N74.7bn profit

  /   in Business, News   /   Comments

Alhaji Aliko Dangote

Dangote Cement Plc has started realing the benefit of its expansion across Africa, declaring a gross profit of N74.7 billion for the first three months ended 31st March 2015. This indicates an increase of 10.5 percent over N67.63 billion recorded in the same period in 2014. According to the cement giant’s unaudited results for first quarter of 2015, revenues rose by 10.8 to ¦ 114.7billion compared to N103.57 billion in the corresponding in 2014.

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Skye Bank grosses N6bn in first quarter

  /   in Business, News   /   Comments

Durosinmi-Etti, GMD, Skye Bank

Skye Bank Plc has announced a profit before tax of N6.2 billion for the first quarter ended March 31, 2015, representing an increase of 82 per cent over the N3.4 billion recorded during the same period in 2013. Similarly, the bank’s profit after tax grew to N5 billion during the review period compared to N2.7 billion achieved during the corresponding period in 2013, showing a rise of 85 per cent.

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‘African countries can’t trade effectively without harmonised standard’

  /   in Business, News   /   Comments

A market in Ghana

The President of the African Organisation for Standardization (ARSO), Dr. Joseph I. Odumodu, has disclosed that the current global activities in trade indicate that no country or continent can advance industrially, economically and socially, without the culture of quality and standards. Speaking at the lunch of the convention logo for the forth coming ARSO President’s Forum to be held in Abuja, Odumodu said that ARSO is seeking to integrate the whole of Africa through Standardisation in order to empower the continent to look within its self for sustenance.

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AACN showcases Nigeria abroad

  /   in Insurance and You, News   /   Comments

Chief Obafemi Awolowo, Dr. Nnamdi Azikiwe and Alhaji Ahmadu Bello

The Association of Assets Custodians of Nigeria (AACN) has successfully concluded its fourth annual investor conference held on the 7th of May, 2015, in London, with the theme – Nigeria: Navigating changes, Extracting opportunities. The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, represented by the Director of Reserve Management, Mr. Lamido Yuguda, opened the event with the keynote address.

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Demand for bleaching creams in Nigeria still high — Dr May Ikeora

  /   in Business, News   /   Comments

Dr. May-Ikeora

I was the first Nigerian to win Miss ECOWAS. Beauty Pageants were just stepping stones for me. I contested beauty pageants because I needed money to complete my education. It got to the point that I think God wanted me to as I got the money and went back to school.

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Custodian & Allied pays 18 kobo dividend

  /   in Business, News   /   Comments

kobo

Custodian and Allied Plc has announced payment of 18 kobo dividend per share to shareholders of the company for the 2014 financial year. Chairman of the Company, Mr. Ade Ojo who made the announcement at the company’s 20th annual general meeting in Lagos said that in spite of the tough national economy, regulatory headwinds and myriad of challenges of 2014, the company did not only survive but progressed on all fronts during the year.

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BoI recovers N2. 9bn from debtor customers in 2014

  /   in Business, News   /   Comments

BOI-MD,-Rasheed-Olaoluwa

THE Bank of Industry, BoI, recovered a total of N2.9 billion bad debts from its customers in the SMEs and large enterprises sector of the economy in 2014. The bank also blacklisted 22 other customers of the bank for loan defaults. Rasheed Olaoluwa, the bank’s Managing Director, stated this during the bank’s media parley with Business Journalists in Lagos. According to him, the N2.9 billion was recovered from the debtor customers through the efforts of the bank’s loan recovery team, the Economic and Financial Crimes Commission, EFCC and the courts.

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IEI gets new board following dissolution by NAICOM

  /   in Insurance and You, News 11:38 pm   /   Comments

NAICOM

The National Insurance Commission (NAICOM) has dissolved the board of International Energy Insurance Plc. In its place, a three-member interim board has been appointed to oversee the affairs of the company while necessary investigation is being conducted. As part of this intervention, the Chief Executive Officer and some key officers will proceed on leave to pave way for a thorough investigation of the affairs of the company.

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Goldlink Insurance partners G31000 for first training in Nigeria

  /   in Insurance and You, News   /   Comments

Some ex-militants during a training session.

Goldlink Insurance Plc has sponsored the Certification Training and Examination in ISO 31000 Risk Management by the Global Institute of Risk Management Standard (G31000). President of Global Institute of Risk Management Standard headquartered in France, which is the global platform for ISO 31000, Alex Dali, was at the event to oversee the 3-day master class that had participants from Goldlink Insurance, Leadway Assurance, Renaissance Capital, First Bank of Nigeria, Sovereign Trust Insurance, International Energy Insurance and Calabar Microfinance Bank Limited in attendance.

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Indorama, OIS partner on $130m port terminal

  /   in Energy, News   /   Comments

Port-Terminal

INDORAMA and OIS, said they planned to build a world-class port terminal complex estimated at over $130 million, about N25.7 billion at the Onne Port, Port Harcourt, in Rivers state. In its latest in-house publication made available to Vanguard, the Managing Director/CEO, Indorama-Nigeria, Mr. Manish, said that the port complex will be used for exporting of dry bulk Urea fertilizer from Indorama’s fertilizer plant.

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Mining: Group seeks involvement in developing sector

  /   in Energy, News   /   Comments

Sand mining

ABUJA- THE Nigerian Mining and Geosciences Society, NMGS, has expressed readiness to be part of the effective development of the nation’s mineral resources as the incoming government takes over leadership of the country soon. This was made known by President, NMGS, Prof. Olugbenga Okunlola, at a press conference held in Abuja. Okunlola said with the society’s membership of over 6,000, this enormous human resource will add value in the harnessing of the abundant mineral resources in the oil and gas, solid minerals, metallurgical, geotechnical, water and environmental sectors of the economy.

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Discos deny indigenous prepaid meter producers patronage — BoI boss

  /   in Business, News   /   Comments

power plant2

Against the spirit of local content initiative, Electricity Distribution Companies (DISCOs) have denied indigenous pre-paid meter manufacturers patronage. Managing Director of the Bank of Industry, Mr. Rasheed Olaoluwa at the workshop for Business Editors and Industry Correspondents in Lagos yesterday titled, ‘BoI impacting on the Nigerian Industrial Sector’, lamented on the quantum of denial by disco companies to patronize locally made prepaid meters, which he affirmed are of international standard.

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Operators call for intervention on costs cut, CBN dollar policy

  /   in Energy, News   /   Comments

*Diezani

OPERATIONS in Nigeria’s oil and gas industry have cried out against a recent directive by the international oil companies, IOCs, compelling them to cut project costs by at least 30 per cent to cushion the effects of the slump in global oil prices. They have equally complained about recent Central Bank of Nigeria, CBN policy against the dollarisation of in-country services, as a way of strengthening the falling value of the Naira, saying that both policies are inimical to their survival.

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Vandalism: Sambo urges protection of power facilities

  /   in Energy, News   /   Comments

Vice President Sambo

HOST communities of power stations have been told to protect such installations against vandals so as to reap the benefits for which the projects were built. Vice President Namadi Sambo gave the charge last weekend at the commissioning of the 330/132/33kv at Oke-aro, a border line community between Lagos and Ogun states, built under the National Integrated Power Project, NIPP, of the Niger Delta Power Holding Company, NDPHC.

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Oil glut worsens as OPEC market share battle begins – Report

  /   in Energy, News   /   Comments

Alison-Madueke, Petroleum Minster

NiGERIA may find it difficult to finance the 2015 budget going by the impending global oil glut. At a benchmark of $65 per barrel, it will be hard to fulfill its budgetary obligations due to the dwindling revenue occasioned by the oil glut. According to the International Energy Agency, IEA, a global oil glut is building as the Organisation of the Petroleum Exporting Countries, OPEC kingpin, Saudi Arabia, pumps near record highs in an attempt to win a market share battle against stubbornly resistant U.S. shale production.

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OTC: Cautious optimism, commendation trail participation

  /   in Energy, News   /   Comments

Offshore gas facility

PARTICIPANT at the just concluded Offshore Technology Conference, OTC, in Houston, Texas, have expressed cautious optimism at the level of attendance by Nigerians to the conference, regarded as the biggest oil and gas event in the world. The Managing Director of Kaztec Engineering Limited, Mr. John Niezner, said that though the low oil prices may have affected the attendance, focus should be on how to reduce cost in the industry.

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

  /   in Energy, News   /   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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