Hyundai Heavy Industries, Nigerdock Complete Chevron’s $30million Oil Platform

January 28, 2016

The 2,700 ton Sonam Non-Associated Gas Wellhead Platform (Sonam NWP) built by Hyundai Heavy Industries in partnership with Nigerdock in Lagos for the Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) Joint Venture, has been completed.

The Wellhead Platform is ready for load out and sail to Sonam field for installation, according to the companies.

The Chairman/Managing Director, Chevron Nigeria Limited, Clay Neff, who spoke at its inauguration at Nigerdock’s fabrication yard on Snake Island, Apapa, Lagos, represented by the company’s Director for Business Services, Emmanuel Imafidon, said the project accomplished in over 2.8 million man-hours, was done without injury or incident.

Neff said the Sonam non-associated gas (NAG) platform will enable the delivery of up to 300 million standard cubic feet per day (mmscf/d) of gas from Sonam to Escravos gas plant. This project will enable delivery of additional gas supply to the domestic market, which will help to significantly boost the Nigerian economy, he added.

“In addition to the impressive safety record of over 2.8 million cumulative man-hours without an injury or incident, the Sonam NAG Well Platform project, as one of CNL’s Domestic Supply Gas Obligation (DSO) projects, has and is still contributing immensely to the development and sustenance of Nigerian content,” he added.

The Chairman of Nigerdock and Jagal Group, Anwar Jamarkani said the platform has a height of 28 metres, width of 40 metres and a length of 50 metres, making it the largest topside module ever built in Nigeria. Because of the volume of gas the platform will produce, he said the project is a major milestone as it will provide feedstock for the much needed power generation.

He said: “The project will boost power generation ability and provide the much needed power for Nigeria’s domestic and industrial needs. It will significantly eliminate gas flaring from the project in fulfillment of government’s gas flaring policy, and attract gas investment opportunities thereby boosting this administration’s effort to diversify the economy from dependence on crude oil proceeds.

“The DSO project is a major milestone in government and industry’s quest towards achieving increased local content in the nation’s oil and gas sector. In the course of the project, Nigerdock recorded several remarkable achievements leveraging Nigerian human and material resources, and maintaining its commitment to investment in equipment, infrastructure and technology.

“We are truly humbled to play a part in such landmark achievements which will no doubt have a transformative effect on our country. However, we believe we can do much more and raise the bar.”

NCC Set to Issue Operating Licences To Five Broadband Firms

January 28, 2016

The Nigeria Communications Commission, NCC, on Wednesday, January 27,in Lagos, said its preparations for the licensing of five new broadband infrastructure companies, Infracos, has reached an advanced stage.

The nation’s telecoms industry regulator added that before the end of the first quarter of 2016, the licencees will emerge.

Its Executive Vice Chairman/Chief Executive Officer, Umar Dambatta who spoke during his maiden press conference at Lagos Sheraton Hotel and Towers, Ikekja, said a committee to handle the award of the licences has already been constituted in the Commission.

Dambatta who unveiled what he termed his “Eight Point Agenda for 2015-2020” said the pillars will ride on a tripod of three ‘As” which represent availability of service; accessibility of service; and affordability of service in line with the President Muhammadu Buhari administration’s change agenda, an ideological shift in the creation of structures for social benefits and inclusiveness for national development.

He said ubiquitous broadband provision is very important, noting that while two Infracos have already been licenced to provide services in Lagos and the Northeast, the remaining five other geopolitical zones will be captured in the next licensing round.

He said though not much is going on in the deployment of services in the two licensed zones, the Commission has invited MainOne which won the Lagos licence for discussion while HIS which won the Northeast licence will be engaged in meaningful discussion to drive the implementation of the National Broadband Plan of the Federal Government, grow sector contribution to national gross domestic product (GDP), create jobs and enhance good life for the citizens of the country.

Customs Impound Illegally Imported Items Worth N145 Million

January 27, 2016

The Nigeria Customs Service, Federal Operations Unit, Zone “C”, Owerri, Imo State has confiscated illegally imported items with an overall Duty Paid Value of N145,165,705.

The Customs Area Controller of the zone, Mr. Haruna Mamudu, said the seizures occurred on the Benin expressway, Aba-Eleme- Port Harcourt road and the Aba-Eleme axis.

Mamudu, who spoke with newsmen in Owerri, said that the seizures made were 1,500 cartons of poultry products, (concealed with scaffolding iron, big drums and wheel barrows) with a DPV of N21,000,000 and a truck load of 156 jumbo bales of second hand clothing with a DPV of N26,892,000.

“Also impounded was a truck load of fake and unregistered medicaments made up of 190 cartons of Tremadol, 10 sodium laury/sulphate, 30 bags of potassium chloride, 10 bags of fatty alcohol and 39 bags of sodium citrate with a DPV of N87,228,105.”

Others, according to him, are 1,700 pairs of shoes with a DPV of N2,778,000, 115 pieces of used tyres with DPV of N624,000 and assorted foreign soap/cosmetic with DPV of N6,573,600.”

He however assured that, the NCS would continue to ensure zero tolerance for corruption as has been enunciated by the Comptroller-General of Customs, Col. Hameed Ibrahim Ali (retd.).

Mamudu, said the NCS would apply strict measures to block all areas of leakages to meet up with its revenue target, and also told members of the custom service to be bucle up so as to meet up with the requirements of the current administration.

Nigerian Oil Producers Making $5 Loss Per Barrel – Stakeholders

January 27, 2016

The Chairman, Petroleum Technology Association of Nigeria (PETAN), Mr. Emeka Ene has disclosed that Nigerian oil firms may be producing at up to $5/barrel loss, as average production costs for independent and marginal field producers is between $30 and $35/barrel and also with pipeline vandalism activities on the rise, costs may shoot up by another $10/barrel.

Oil prices, yesterday, resumed their free fall, with Brent crude, similar to Nigeria’s sweet crude grade, falling 2.6 per cent to $31.34 a barrel following a 10 per cent rise on Friday, while U.S. oil shed 95 cents to $31.24.

However, industry executives have insisted that the Federal Government needs to talk with Nigerian producers and come up with possible solutions, if it must save indigenous companies from running aground and plunging the economy into deeper crisis than it is in already.

FG Determined to Provide Optimal Power Suppy – Fashola

January 27, 2016

The Minister of Power, Works and Housing, Mr Babatunde Fashola has reiterated the Federal Government’s determination to increase the capacity of transmission stations in order to achieve optimal power delivery across the country.

The minister, who had earlier undertaken an assessment visit to the Site and Services Scheme and Apir 330/132/33KV Transmission Station both in Makurdi, said the visit was undertaken to assess the capacity needs of the power station in order to make appropriate arrangement to boost its transformer capacity for maximum transmission of power.

Fashola urged state works commissioners to work intimately with state controllers of works in order for them to be abreast of the Federal Government agenda for infrastructure development.

4 Kinds of People You Will Meet At a Lagos Party

January 27, 2016

Lagos is a hilarious comedy zone. Its people have the most peculiar mannerisms and as you drive or walk through the street, there is always something to make you laugh.

One place to find the most-queer lot are at Lagos parties. Nigerians love to party. This is why on Saturdays’, at almost every nook and cranny of the bubbly city, giant loudspeakers and grand canopies litter around with people sauntering to and fro in dapper costumes as they clamour for a good time. Read on as Jovago.com, Africa’s No 1 hotel booking portal identifies some of them.

The uninvited guests

It is normal practice that only persons with an invitation card should be granted entry into a party. But, in a populated city like Lagos, you will always find someone that makes it their life-goal to gatecrash a party. In light of this, the organizers often ensure adequate security at the venue to curtail the excesses of uninvited guests…but they somehow still find their way through.

The third party friend

They are not familiar with the host of the party but they have a good rapport with a ‘big shot’ who can get them into the loudest beanfeast in Lagos.

At these parties, the third-party-friend flanks the influential individual like a bodyguard and expect to be given the same VIP treatment. In addition, they brag and overhype themselves but, if you do a thorough background check on them, they are simply opportunists.

The glutton

Refreshment is each glutton’s primary concern. Every other thing is secondary. He positions himself where he can receive everything that is being distributed – food, soft drink, water and alcohol. His appetite is insatiable as he voraciously munches all day long on the streets without a care as to who’s watching him! This is your typical Lagos hustler and in this city, he’s always around the corners.

The praise singers

Nigerians love being praised and this is why you will often find these lot at parties. Their aim is to extract money from you by singing rhythmic songs accompanied by deft beats from a talking drum. If you are not careful, you will spend all your money on them as they can compliment you to high-heavens. To keep your wallet safe, it is either you ignore them or offer them a generous token.

Economic Uncertainty Looms as CBN Predicts Tough Times

January 27, 2016

With the International Monetary Fund throwing its weight behind the Central Bank of Nigeria’s plan to shift policies supporting foreign exchange restrictions and devaluation, stakeholders raise alarm over the nation’s economic outlook.

The Monetary Policy Committee of the CBN spread panic on Tuesday when it released a communique hinting at long periods of harsh economic downturn following low receipts from oil revenue.

As crude oil prices level at $30.05 per barrel and tight regulations clamp down on foreign exchange liquidity, analysts have expressed further concern over the CBN’s refusal to adjust the naira to reflect market rates in order for businesses to cut losses.

Bismark Rewane, chief executive officer of the Financial Derivatives Company told Bloomberg that the “currency is being put under pressure and is misaligned. Ghana and South Africa have already moved to equilibrium but Nigeria has not really accepted that the currency is in disequilibrium”

While stakeholders call for a free-float of the naira, players in the market sector have also highlighted the need for ease of access to sourcing foreign exchange to service international obligations.

The CBN which recently halted dollar sales to non-banking fiscal operators, has further refused to review the status of naira in a move that worsens the FX liquidity of financial institutions and has businesses struggling to find dollars on the parallel market amid tight liquidity.

Addressing the issue, Kushal Dutta, Managing Director of Jovago Nigeria said, “For a dollar-denominated economy, access to foreign exchange is critical to personal and institutional financing especially in light of the prevailing economic realities in the country.”

According to Dutta, “Early performance indicators show us that the trade sector is observing a sharp drop in cashflow. At the moment, investors are seeking instruments that can accommodate dollar receipts but if the restrictions on FX trade continue and the value of the naira continues to spiral out of control, businesses will be faced with significant risk and engagements in offshore transactions will be limited.”

As the market prepares for an economy crunch, the CBN further imposed a N50 stamp duty charge on deposits made in non-salary bank accounts across the nation.

UAC Foods Unveils Harrysong as the New Face of Gala

January 27, 2016

UAC Foods Unveils Harrysong as the New Face of Gala

… Signs Deal with 5 Star Music Group.

UAC Foods Limited, a joint venture business between UAC of Nigeria Plc, (a leading indigenous conglomerate in Nigeria) and Tiger Brands Limited (A South Africa Leading Food Giant) has signed a Brand Ambassadorship deal for its flagship brand – Gala with the 5 Star Music group.

As part of the deal, Harrysong, one of the musicians under the group will be the new face of the brand while other two musicians under the record label KCEE and Skiibii are also expected to promote the brand.

The Corporate Marketing Services Manager, UAC of Nigeria Plc, Mr. Seeni Fawehinmi, General Manager- Marketing, UAC Foods Limited, Mrs. Joan Ihekwaba, 5 Star Music Group Stars , Mr. Harrison Okiri (Harysong) and Mr. Kingsley Okonkwo (KCEE) at the media briefing for the unveiling of the new Gala Brand Ambassador held at the UAC Foods Limited head office in Lagos on Wednesday.

Speaking at the media briefing for the unveiling of the Brand Ambassadors and signing of the deal held on Wednesday January 27,2016 at the company head office in Lagos, the General Manager-Marketing, UAC Foods Limited, Mrs. Joan Ihekwaba explained that the signing of the new brand ambassador is another way through which the company intends to engender a more robust brand affinity with the target consumers and to further reaffirm the leadership positioning of Gala in the category.

Mrs. Ihekwaba also noted that the deal is in line with the ‘Doing Good’ mantra of the UACN group. ’’As a brand from a socially responsible corporate organization, the ‘Naija Snack’ has chosen this endorsement deal as an opportunity to support the Nigerian Music industry, by promoting authentic Nigerian artistes. The numerous fans of Gala should gear up for exciting times as we go into the year 2016’’ she said.

She affirmed that for over 50 years, the brand ‘Gala’ has come to occupy a special place in the hearts of the Nigerian people, by supporting them on their journey to success. ’’At this time we feel it is important for the brand to identify with an ambassador, from the Nigerian Music industry, that represents the values of the Gala brand. This is an industry that has really come of age, excelling to become a strong force in the continent and globally. Harrysong is a proof of this, he is a good fit for the image of the Gala brand’’ she said.

Commenting on the rationale for choosing the brand ambassador, Mrs. Joan Ihekwaba stated that Harrysong and the 5 Star Music Group represent the vibrant, entrepreneurial and indomitable spirit of Nigeria and Nigerians. “They are quite talented and innovative, as evidenced by their huge success and acceptance. Many of their musical efforts are anthems in Nigerian households. These qualities resonate with the Gala DNA and stand them out as ideal ambassadors for Gala’’.

She further stressed that the brand association with the 5 Star Group will further differentiate Gala from the myriad of follower brands, and further expand the geographical footprint of the brand.

On how well Ambassadors will portray the brand and connect with the target consumers, Mrs. Ihekwaba noted that the brand ambassadors especially Harrysong portray the Gala character, speak the language of our target audience. ‘’His musical flair and talent have endeared him to many. His much acclaimed song, ”Reggae Blues” aka ”Share the Gala”, is a hit by many standards and shows how well loved the brand is across the country’’ she said.

‘‘We would like to identify more with the youth of Nigeria by emotionally connecting with their lifestyle. The youth have come to a time where they have to keep going on in the face of several challenges. Every Gala Sausage Roll is a symbol of ‘oomph’. That is why we say Gala keeps you going ” she added.

She revealed that communication channels to be explored include Radio (with Jingles), Television (with music videos), Online communication (with consumer engagement via Social media platforms), as well as Outdoor and Print Media

In his own reaction, the new Gala brand ambassador, Harrysong revealed that he was excited to be the face of Gala brand. He then pledged to ensure that the brand derives maximum value for the investment by promoting the brand among the target audience and his fans through his music and his huge social media network.

LEGAL JOBS |Nigerian Law School Fresh Graduate and Exp. Job Recruitment (8 Positions)

January 27, 2016

The Nigerian Law School, invites applications from suitably qualified candidates to fill the following positions below:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

IT/TELECOMS JOBS | Travels & Logistic Officers at MainOne Cable Nigeria

January 27, 2016

MainOne’s success is built on having talented and highly proficient people within their respective fields as the driving force behind our business

A job in MainOne is different from any other you have had. With joining MainOne you’ll be challenged, inspired and proud as you become a part of something big.

We are recruiting to fill the vacant position below:

Job Title: Travels & Logistic Officer

Location: Lagos
Department: Corporate Services & Development

Responsibilities

The Travel & Logistics Officer will be responsible for arranging and coordinating all aspects of business travels, hotels and expatriate matters of the Company.
He/She will ensure all travel arrangements, including hotel reservations for staff and guests of the company, are adequately carried out.

Specifically, the Travels & Logistic Officer’s responsibilities shall include:

Receive and handle all approved travel and hotel requests
Liaise with employees on itinerary needs.
Request booking arrangements from various travel agents or airlines with respective offers. Liaise with external parties such as airlines regarding bookings and schedules.
Process visa requests and other travel documents for staff on official duty
Research travel procedure and destination information.
Create and maintain relevant files and databases
Stay in constant communication with employees on business trips and destination
Manage expatriate documentation(expatriate quota renewal, monthly returns filing, CERPAC, Green Card processing)
Organize protocol services for executive travel
Other duties of a related nature that may be assigned from time to time

Qualifications

A bachelor’s degree in relevant disciplines
Minimum of 3-5 years’ working experience in related roles

Competencies:

Knowledge of relevant flight regulations and required travel documentation
Proven working experience as a travel and expatriate administrator
Ability to prioritise, plan and organise work in a busy environment.
Proven office organizational, file management skills & strong ability to multi-task
Problem Solving, Relationship Management & Team work
Negotiating and Interpersonal skills
Time &self management skills
Proficiency in MS Office

Application Closing Date
Not Specified.

How to Apply
Interested and qualified candidates should APPLY

BUSINESS & ECONOMY JOBS | Administrator/ Office Managers at Deloitte Nigeria

January 27, 2016

Deloitte is the largest private professional services network in the world. Our reputation for providing high quality services with integrity has earned us the trust of our clients and our people. If you’re ready for a career with a dynamic organisation in an environment that fosters professional development and career advancement, you’re ready for Deloitte. With 210,000 people in over 150 countries, Deloitte member firms serve more than 80 percent of the world’s largest companies as well as large national enterprises, public institutions and successful fast-growing companies.

We are recruiting to fill the below position:

Job Title: Administrator/ Office Manager

Reference Code: 116336
Location: Lagos, Lagos State
Firm Service: Internal Services
Type of Position: Full-time
Reports to: Unit Head

Summary of Role Responsibility

Responsible for organizing all administrative and management activities that will facilitate the smooth running of the business unit and its physical office.
Candidate will be the administrative support for the business unit while serving as the Executive Assistant to the Head of the Unit.
Very minimal travel may be expected

Responsibilities/ Key Performance Areas

Departmental budget preparation and expense monitoring
Office operations management
Resource planning
Meetings logistics and technical session coordination
Files and unit database maintenance
Inventory supply and management
Enquires management and complaints resolution
Preparation of unit reports, presentations, proposals and correspondences as required of the role
Incumbent would be the unit’s representative to other business functions and assist other team members with ad-hoc responsibilities when required
Executive Assistant to the Unit Head

Role Specific Competencies/Soft Skills/Qualification

B.Sc. degree / HND in Business Administration or other related business degrees (minimum grade of 2:2/ lower credit)
Proficiency in the use of computer packages such as Microsoft Word, Excel, Outlook, PowerPoint, Project Office, Access, etc. Very good use of PowerPoint and Excel is a strong advantage
Minimum of 3 – 5 years cognate experience
Sound writing, oral communication and presentation skills
Good logical reasoning, problem solving and analytical skills
Good Time management
Good people/ interpersonal skills and the ability to work with a broad spectrum of people.

In addition, candidate will be expected to;

Maintain a professional outlook and carriage at all times
Act with self – motivation and be able to work under minimum supervision
Handle multiple tasks, prioritize work and pay attention to details

Application Closing Date
Not Specified.

How to Apply
Interested and qualified candidates should APPLY

FG, States, LGs Share N387.8 Billion as December Revenue from Federation Account

January 27, 2016

The Minister of Finance, Mrs Kemi Adeosun, on Tuesday said that N387.8 billion was shared among the federal, states and local governments as revenue for December, 2015.

Adeosun, who was represented by the Permanent Secretary, Ministry of Finance, Mr Mahmoud Isa-Dutse, announced this while addressing newsmen on the outcome of the Federation Accounts Allocation Committee (FAAC) meeting. She said that the shared amount comprised the month’s statutory revenue of N315 billion.

“Also, there is the exchange gain of N4.5 billion which is proposed for distribution. Adeosun also said that the money shared included the N6.3 billion that was refunded to the federation account by Nigerian National Petroleum Corporation (NNPC).

“Therefore the total revenue distributable for the month of December, including VAT of N62 billion, is N387.8 billion,” she said.

In Novenber, N369.9 billion was shared to the three tiers of government as revenue for the month, So this month’s allocation shows an increase of N17.9 billion.

Giving the breakdown of revenue among the three tiers of government, Adeosun said the Federal Government received N147.5 billion, representing 52.68 per cent while states got N74.8 billion, representing 26.72 per cent.

The local governments, she said, received N57.7 billion, amounting to 20.60 per cent of the amount distributed. She said N42.05 billion, representing 13 per cent derivation revenue was shared among the oil producing states. Adeosun also announced that during the month under review, Nigeria Liquified Natural Gas paid a dividend of 150 million dollars which had earlier been distributed to the three tiers of government.

SOCIETY JOBS | United Nations Children’s Fund (UNICEF) Fresh Job Recruitment 2016

January 27, 2016

The United Nations Children’s Fund (UNICEF) – In September 2014 UNICEF began implementing a joint programme with UN Women on Women, Peace and Security (WPS) funded by the European Union (EU). The programme will support the Nigerian Government (Federal level), three Northern Nigerian States namely Adamawa, Gombe and Plateau and selected Local Government Areas (LGAs) to strengthen women’s leadership, advance gender equality and improve protection for women and children in conflict settings.

UNICEF is responsible for implementation of Component 2 of the programme, namely ‘to increase access to reporting mechanisms and protective services for girls and women affected by human rights abuses, including gender based violence, in 3 states of northern Nigeria”. This will entail enhancing avenues for reporting of child rights violation and Gender Based Violence in Plateau and Gombe States, strengthening access to and quality of services for children and women who have experienced violence (including gender based violence (GBV), abuse, neglect and exploitation and strengthening the information management system for collecting data on violations.

We are recruiting to fill the following vacant positions:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

For The Ladies! Gorgeous Dresses for Valentine’s Day Below N5,000

January 27, 2016

sweeetheart neckline water fa;ll peplum midi dress 4940 — red

Each year on February 14th, many people exchange cards, chocolates, gifts, flowers with their special ”valentine”.

The day of romance we call valentine’s Day is named for a Christian matyr and dates back to the 15th century, but has origins in the Roman holiday Lupercalia.

Many people have chosen this day as a day to celebrate their lovers, although some would say one should celebrate his/her lover every day and not only on Valentines day.

Well, this day comes with a lot of anticipation to impress ones lover,The ladies most especially.

Choosing an outfit can be the hardest part of Valentine’s Day, but deciding what to wear really depends on where you are going and what you’re doing.

If you’re going for a meal out or a posh dinner, then wear a cute, slightly formal outfit, or even a sexy red dress at very unbelievable prices.

So do you want to impress your sweetheart this Valentine’s Day? Whether you’re going to spend the day outside or you’re planning on attending a dinner, hanging out with friends, it’s all about romance and love.

We’ve taken time out to select 5 red gorgeous outfits as most ladies always look out for a red outfit for valentine , since red is assumed to be the colour of love.

You would sure look your best this February 14th in one of these fab dresses at unbelievable prices.

This dress is cool for the cinemas

2) Perfect for that special evening date, i still can’t believe the price.

3) This will really look smart and sexy for a lunch date.

officially casual dress — Officially casual dress-N4500 0n Konga

4) You will feel very comfortable, hanging out with friends in this outfit.

serene-v-neck-with-elastic-waist-dark-red — serene v-neck with elastic waist dark red- N3600 on Jumia

5) Guess what!!! mothers are not left out, rock that date with your hubby in this.

5 Reasons Why Your Spouse Will Never Travel With You

January 27, 2016

In every relationship, travelling has been proven to add spice to any romantic relationship. The justification for this is not far-fetched because couples who travel together are certainly guaranteed to spend more time together.

In spite of the seamless advantages of travel in relationships, some people still vehemently reject the opportunity to discover and explore nature when invited. For this reason, Jovago.com, Africa’s No 1 hotel booking portal shares 5 tip on why some people you care about will never go on a trip with you.

Terrible planning

Those who do not plan, plan to fail goes a wise saying. Hence, to get your partner riled up about travelling with you, the planning must be near perfect. In other words, spell out your itinerary and ensure that there are no hitches.

The hotels should be booked, the pickup car must arrive at the agreed time, and the choice destination needs to be adorable and charming. Importantly, ensure that you correspond with your partner on getting a convenient time, date and destination to visit. Travelling should not be an element of surprise except both partners understand each other.

They do not love you

Travel fuels love and breeds better understanding among couples. If the timing is right and the vacation is well-thought-out, your partner should readily travel with you. However, if your partner does not love or cherish you, they will reject your advances. It is worthwhile, to look out for signs that she is interested in travelling before making any plans or else you will be disappointed.

Flight Phobia

Flying freaks some people out and they have vowed never to go near an airport! They do not mind driving the entire distance. In light of this, you would be wasting your hard-earned money if you book a flight for someone that has flight-fright. Unless you can convince them about flying, plan a road trip.

No new adventure

Doing something the same way will yield the same result. When your partner visits the same spot, eat the same food and play the same game over and over again, they get bored. In the long run, they will shrug off all attempts to travel with you. Since variety is the spice of life, try as much as possible to be creative whenever you go on a journey with your significant other.

Cash-strapped

A luxurious getaway is quite expensive even though there are creative ways to travel on a budget. The best time not to travel is when you are cash-strapped because the journey will be replete with avoidable hiccups. If your partner gets a whiff of this they may never go anywhere with you since they do not want the harrowing and depressing reward of a cash-strapped journey.

Nigeria Ready to Address Poverty, Oil Price Slump – Osinbajo

January 27, 2016

Vice President, Yemi Osinbajo has said that Nigeria is ready for the challenges of poverty and declining oil revenue by exploring all sources of trade and investment to boost the country’s economy, and that the Mohammed Buhari administration has taken vital steps to tackle the problem of poverty in Nigeria.

The Vice President made this statement at the opening of a roundtable between Nigeria and U.S. Trade Mission at the Banquet Hall of the State House.

He said that there are immense opportunities in agriculture, solid minerals and power that government is exploring for diversifying the economy, and that the federal government was working hard to get the right policies and take the right steps to achieve an inclusive growth for citizens and the country.

He also solicited for support from the U.S. to offer some direction and help in the re-structuring of the Nigerian economy.

The U.S. Secretary of State, Trade Mission, Ms Penny Pritzker, expressed her country’s readiness to improve on its trade relations with Nigeria as the strength of Nigeria’s economy made it very viable and difficult for anyone to ignore.

Bush Burning May Increase Cases of Lassa Fever – Veterinary Doctor

January 27, 2016

Rivers State Chairman of the Veterinary Doctors Association, Dr. Nathaniel Bakura, has warned that constant bush burning during the farming season may force the Lassa fever-causing rodents out of their natural habitat into residential abodes thereby infecting humans with the disease.

According to Bakura, there has to be a multi-disciplinary and multi-sectoral approach involving medical doctors; veterinary doctors; animal scientists, ecologists, health officers, communities and others to tackle the outbreak.

In a related development, the Lagos State government yesterday denied that two more persons have died of the fever in the state. Dr. Jide Idris, State Commissioner for Health, said though two persons have been reported dead in Ijede, but it has not been confirmed to be as a result of Lassa fever.

Idris on Tuesday said that the number of Lassa fever related death so far in the remains one from three infected cases, though the number of persons under surveillance has increased to 448.

The commissioner, however, reiterated that there is no need to panic, saying that the same successful measures used in combating Ebola Virus Disease (EVD) were been used to tackle Lassa fever as well.

Nigerian Communications Minister Tells MTN to Drop Lawsuit

January 27, 2016

South African cellphone operator MTN should drop its legal action over a $3.9 billion fine imposed on it in Nigeria to help facilitate talks on a possible settlement, the Nigerian telecommunications minister said on Tuesday.

The Nigerian Communications Commission (NCC) slapped a $5.2 billion fine on MTN in October for failing to disconnect users with unregistered SIM cards but after weeks of negotiations reduced it by 25 percent.

MTN, which makes about 37 percent of its revenue from Nigeria, then filed a suit in the West African country questioning NCC’s legal grounds for imposing the penalty.

“I’m not aware of any out-of-the-court settlement,” telecoms minister Adebayo Shittu told reporters.

Shittu said President Muhammadu Buhari will have the final decision on the matter, adding that MTN might be advised to withdraw the court case filed against the fine.

“If they withdraw it creates a better environment, an environment where there is no stress or pressure on either side,” he said.

A judge in Lagos, Nigeria’s commercial capital, last week gave the company until March 18 to try to reach a settlement with the Nigerian authorities over the fine. The prospect of a lower fine boosted MTN shares.

The fine equates to more than twice MTN’s annual average capital spending over the past five years.

Nigeria has been trying to halt the widespread use of unregistered SIM cards amid worries these are being used for criminal activity, including by the militant Islamist group Boko Haram

Banks’ Overnight Lending Rate Spikes To 6.3%

January 27, 2016

Overnight lending rate among banks on Tuesday, January 26, spiked to 6.333 per cent from 1 per cent which it was on Monday as traders held back in anticipation of the decision of the Monetary Policy Committee (MPC).

The MPC yesterday ended its meeting in Abuja, maintaining status quo on its monetary policies and took the move to devalue the currency as many analysts had anticipated.

Analysts had prior to the meeting projected that the committee might be forced to take a decision to devalue the naira or tighten its monetary policy in the light of increasing inflation and the current situation of the Nigerian economy.

However, the committee, having taken into consideration these factors, had decided to maintain a status quo. Overnight money at the Nigerian Inter Bank Offer Rates (NIBOR) which had been stable in recent times at around 1 per cent rose sharply to 6.3333 per cent at the close of trading on Tuesday.

Longer tenured rates, the 1-, 3-, and 6-month rates, however, rose slightly at the close of business. 1-month money rose from 8.8643 per cent which it closed on Monday to 8.9472 per cent while 3-month and 6-month rates closed higher at 10.7427 and 11.9952 per cents from 10.6576 and 11.8162 per cents respectively

W’ African Oil Operators Consider Cost-Efficient Measures

January 27, 2016

As a result of the continuous plunge in international crude prices, the oil and gas operators across the West African region are considering various cost-efficient measures, and pushing for favourable government policies that would aid their investments. The major industry operators said it was high time for the West African oil producers to look into cost reduction measures, innovations and regulatory policies that would guarantees sustainable investment in the continent.

Speakers at the event, including Managing Director and Chief Executive, Total E&P Nigeria, Nigeria, Nicolas Terraz; Chief Executive Officer, Ghana National Petroleum Corporation, Alexander K. M. Mould; General Manager, Deep Water Operations & Joint Interest Assets, Esso Exploration & Production, Nigeria, Oladotun Isiaka; Director-General, Federal Institute of Food and Industrial Research Oshodi, Gloria Elemo; and the Managing Director PennWell International, Glenus Ensar, among others, believed that the prices may not rebound soon, hence the need for the West African sub-region to take drastic actions for the short-term effects and prepare for the future.

“Nigeria as an oil producer needs to continue to increase in transparency and make the act of doing business within its territory easy and sustain that process. The big word here is cost control, you need to bring down the price at which you continue to produce to maximize profit.”

The Chief Executive Officer, Ghana National Petroleum Corporation, Alexander K. M. Mould, said the oil-producing firms should plan for longer period of low oil prices. He also said that African governments should work more on policy stability and consistency.

According to him, the cost of producing from Jubilee is less that $10 per barrel and TEN is about $30 per barrel.