Former President of the Nigerian Institute of Management, NIM, Mr. Lugard Aimiuwu, has expressed disappointment over the mismanagement of the country’s resources, which it said is as a result of bad leadership in the country.

Africa Finance Corporation and three Nigerian banks — United Bank for Africa Plc, First City Monument Bank Plc and Fidelity Bank — yesterday, stated that they committed a total of US$ 215 million (N34.4 billion) in form of a debt financing facility, for the acquisition of Ughelli Power Plc.

“Although adequate containment measures were put in place to combat the Bonga oil spill, it however posed a serious environmental threat to the offshore environments,” said Peter Idabor, Director General of Nigeria Oil Spill Detection and Response Agency (NOSDRA), during a legislative hearing on the Bonga oil spill.

The Egbin Power Plant,Lagos, said it has spent about N71.88 billion since 2007, to bring back some broken down units into full operation.

Oando Plc has announced a reduction in its overall debt in the last 12 months from N289 billion to N236 billion, representing a decrease of 18 per cent or N53 billion.

On the top ten performing stocks last week were Jos International Breweries Plc, JIB, Vono Products Plc, Thomas Wyatt Nig. Plc, Ikeja Hotels Plc, John Holt Plc and Academy Press. Others are Nigeria Aviation handling Company, NAHCo, Flour Mills Nig. Plc, Paints and Coating Manufacturers Plc and Aiico Insurance Plc.

…As US Coast Guards arrive Nigeria
THE Federal Government has ordered that any port and terminal facility across the country having security deficiencies be shut down following the arrival of officials of the United States Coast Guards in Nigeria to carry out security audit exercise on Nigerian ports Vanguard learnt.

The Director-General, Debt Management Office (DMO), Dr. Abraham Nwankwo, in an exclusive interview with selected newsmen in Lagos spoke on issues affecting the economy and the public debt management of the country. He challenged the private sector to raise long-term fund to finance the real sector. Other issues discussed include: privatisation, infrastructure financing amongst others. Excerpts:

The Nigerian Stock Exchange, NSE has explained that its newly inaugurated Board of Trustees of Investors Protection Fund (IPF) is considering the modalities for the implementation of the Fund.

Mr Amed Demirhan is the Director of Library Services at the American University of Nigeria (AUN) in Yola. In 2006, he started the first digital library in the University of Kurdistan, Iraq. In November 2011, he moved to AUN as Director of Library Services where he has transformed the library from a traditional library to a digital library and now, AUN is about to unveil its new smart library, all in a bid to go green and make education cheaper.

Federal Mortgage Bank of Nigeria (FMBN) has so far disbursed N39 billion out of about N90 billion that has been approved, representing just over 43 percent; while out of the N110 billion approves as estate development loan (EDL), only N62 billion representing about 53 percent have been disbursed.

The Minister of Aviation, Princess Stella Oduah, has said that the Managing Director of the Federal Airports Authority of Nigeria, Mr. George Uriesi, deserved the National Productivity Order of Merit, NPOM, award bestowed on him and 19 other distinguished Nigerians by President Goodluck Jonathan recently in Abuja.

Vice Chairman of ExxonMobil, Africa Operation and publisher of Hints, Dr. Emmanuel Ibe Kachikwu, believes we need data if we must address the challenge of unemployment in the country. The Harvard trained lawyer also speaks on his duties as Odogwu of Onicha Ugbo in Aniocha North LGA, Delta State.He was invested with the chieftaincy yesterday.

The World Bank wants developing countries to adopt effective Debt Management Performance Assessment Tool (DeMPA) to enhance clarity between monetary policy implementation and debt management for sustainable growth, stressing that domestic capital markets are fragile in low income countries in the West African region.

Power supply in Nasarawa State is in a deplorable situation. The Business Manager, Power Holding Company of Nigeria (PHCN), Lafia Unit, Engr. Jonamaha, explains to Sunday Vanguard why the situation will continue to remain so or get worse if nothing is done.