…Customers seek greater awareness
Mixed reactions have continued to trail the revelation by the Central Bank of Nigeria, CBN, of the increasing value of dud cheques issued in Nigeria, which is now over N166 billion. A bounced or dud cheque is an instruction in writing, authorising a bank to make payment against an unfunded or inadequately funded account.

Guaranty Trust Bank Plc, NSE and multilateral financial institution, Africa Finance Corporation, AFC, have provided a US$170 million (N27.2 billion) facility to Mainstream Energy Solutions Limited Consortium, MESL, for the acquisition of Kainji Power station, one of the former assets of the Power Holding Company of Nigeria, PHCN.

Oil producing communities in Bayelsa State have reiterated their stand in urging the Federal Government to revert to the provisions of the 1982 Act in the disbursement f 13 percent derivation fund. In a memorandum sent to the Chairman, Revenue Mobilisation, Allocation and Fiscal Commission, RMAFC, obtained by Vanguard in Abuja, the communities affirmed that the provisions of the 1982 Act stated that the 1.5 percent derivation fund accruable to oil producing communities be managed by them and wondered why it was changed when it increased to 13 percent.

The Association of Chartered Certified Accountants (ACCA) is the global body for professional accountants. Rrecently it introduced some programmes and measures aimed at addressing the challenge of graduate unemployment in the country. In this interview, Head of ACCA Nigeria, Mrs. Toyin Ademola explains the rationale for these measures, as well as what ACCA intends to achieve in Nigeria and for Nigeria. Excerpts:

In this interview with MICHAEL EBOH, Baba-Jallah Epega, Chief Executive Officer, EMC3, talks about the vast opportunities inherent in the Nigerian economy and how Nigerian businessmen can benefit from a bi-lateral trade relations with Brazil.

In a bid to reposition the Federal Housing Authority (FHA) for better housing delivery to effectively tackle the estimated 17 million units housing deficit in the country, the Federal Government has inaugurated an eighteen- member Steering Committee on Restructuring and Commercialisation of the agency.

The present administration has come up with the Agricultural Transformation Agenda (ATA) in a bid to make the nation self-sufficient in food production and agriculture a profitable business. But, with the continual drift of the young population from the rural areas to the urban centres in search of white collar jobs and away from the drudgery of manual farm labour, self sufficiency in food production is becoming a herculean task.

The Commissioner for Insurance, Mr. Fola Daniel has called for integration of the insurance sector in the West African sub region and Guinea-Conakry, saying that the move is not an option but an imperative.

Minister of Information, Mr. Labaran Maku, says Federal Government has saved about N15 billion from the new fertilizer policy.

Rail transport all over the world has played vital roles in public transportation. It’s most attractive advantage is the ability to move large volumes of goods and passengers to far distances. As a result, the developed economies of the world rely extensively on it.

Minister of Labour and Productivity, Chief Emeka Wogu, was the head of Federal Government delegation comprising three other ministers and representatives of five other ministers on a sensitization and appraisal visit as well as tour of project sites in Kaduna and the North-west Zone on the Community Services, Women and Youths Employment, CSWYE, project of the Subsidy Reinvestment and Empowerment Programme, SURE-P.

It is no longer enough for multinational corporations to be profitable. They are also expected to be good corporate citizens, engage in ethical business, demonstrate sound corporate governance practices and care for the environment.

Dr Kanayo Nwanze, the President, International Fund for Agricultural Development (IFAD) has identified the decline in agriculture as the cause of hunger and poverty in Africa which he described as waste of human lives.

…Lost N112bn to crude theft in Nigeria in Q2
Shell Petroleum Development Company Plc, SPDC, said it invested $281.2 million (N44.99 billion) in the Niger Delta in 2012.

Association of Stockbroking Houses of Nigeria, ASHON, said market operators are very hopeful and looking forward to a capital market with 40 million investors from the current five million.