CBN’s Forex Policy Boosts Production Capacity for Manufacturers

January 22, 2016

Two leading local manufacturers in the packaging industry, acknowledged that the impact of the CBN policy on forex has more than doubled their productive capacities, helping them to meet increased demand for their products.

Deputy Managing Director, Tempo Paper Pulp & Packaging Limited, Nassos Sidirofagis, said since the policy’s implementation started, his firm has increased its production capacity from 50 per cent to 70 per cent.

He said this raised their export volume and foreign exchange earnings for their firms and the economy.

He said the policy has helped manufacturers to realise the urgent need to expand because of increasing demand for their products.

Sidirofagis said the company planned to start an expansion project due to expected increase in demand within this year and next. “We have since developed capacity to also attract foreign investors, who we believe are exploring investment opportunities in our organisation. Therefore, on all sides this is a win-win situation for Nigeria and local manufacturers”, he said.

Escravos Pipeline Vandalism Cripples 600Megawatts Power Plant

January 22, 2016

The weekend attack on Nigeria Gas Company, NGC’s, pipeline connected to Chevron Nigeria Limited’s facility at Escravos, will have massive impact on the 600megawatts (Mw) capacity Olorunsogo National Integrated Power Project plant and others.

In a statement endorsed by the Special Adviser on Communications to the Minister of Power, Works and Housing,Hakeem Bello, explained that the sabotaged gas pipeline which contributes to the Escravos Lagos Pipeline System (ELPS) has led to a loss of 160million standard cubic feet of gas daily (mmsfcd) of gas.

The statement noted that at a cost of $2.50 per thousand standard cubic feet (scf), this translates to a loss of about $400,000 to the country on a daily basis (N78,800,000 daily) in gas volume.

It expalied that this is in addition to losses to be incurred daily from affected power generation ($1,988,223 or N391,680,000 daily). The total daily loss to the country is therefore estimated at N470,479,931. Repairs of the damaged pipeline is estimated as costing ($609,137 or N120,000.000).

FCMB Targets Higher Earnings for Subsidiaries

January 22, 2016

FCMB Group Plc has plans for its subsidiaries to generate higher earnings in 2106.

The concerned firms are First City Monument Bank (FCMB) Limited, FCMB Capital Markets Limited and CSL Stockbrokers Limited.

In a statement, the holding company said its subsidiaries would also deepen the financial services support they provide to customers and the nation at large with their array of products and bespoke solutions to further enhance customer experience in their respective target markets.

Managing Director of FCMB Group Plc, Peter Obaseki, said:‘’2016 will be characterised by continued growth in retail contribution, stabilisation of wholesale banking revenues and increased focus on cost efficiencies’’.

He added that the retail banking business of the Group, which is driven by First City Monument Bank (FCMB) Limited, has continued to ‘’show greater resilience and earnings momentum over the years’’.

Dangote, Gates Foundations Earmark $100million To Address Malnutrition In Nigeria

January 22, 2016

The Dangote Foundation and Bill & Melinda Gates Foundation have announced a combined financial donation of $100 million between 2016-2020 towards ending malnutrition in Nigeria.

This commitment is expected to improve the lives of at least five million families by 2020.

Chairman of Dangote Foundation, Aliko Dangote, who spoke at the official signing of the commitment with Co-chair Bill and Melinda Gates Foundation, Bill Gates, noted that tackling malnutrition in children has been identified as critical in reducing infant mortality.

The business tycoon said Nigeria had the second highest level of acute malnutrition at 18 per cent, globally as well as 37 per cent of chronic malnutrition rate, also second highest globally.

“Acutely malnourished children often fall very ill and die, and at least half of all children under the age of five years that die in Nigeria do so as a result of underlying or overt malnutrition.”

Both foundations said they will begin a joint planning process to determine the details of the partnership.

Programs will include community-based approaches and proven interventions linked to behavioural change, fortification of staple foods with essential micro-nutrients, the community management of acute malnutrition and investments in the local production of nutritious foods.

“N50 Stamp Duty Is Per Transaction, Not Per N1000” – CBN Explains

January 22, 2016

The Central Bank of Nigeria, CBN, has explained that the N50 stamp duty imposed on bank customers is to be charged per transaction and not per volume of N1,000.

Hence, irrespective of the amount, the sum of N50 is to be charged provided such a transaction is N1000 and above.

Director, Corporate Communications CBN, Mallam Ibrahim Mu’azu, who said this in a statement, said it has become necessary to make the clarification following some misconceptions among members of the public.

According to him, the guidelines for the implementation of the Stamp Duty on bank transactions, which advised banks and other financial institutions operating in the country to commence the collection of N50, apply to eligible transactions only.

Such eligible transactions include all receipts given by a bank or financial institution in acknowledgment of services rendered in respect of teller deposits and electronic transfers for of the value of N1000 and above.

He also said that some exemptions specified in the scheduled to the Stamp Duty Act 2004 (under the caption “receipt”) include payments of salaries and wages, payments, deposits by self to self whether inter or intra bank among others.

Mu’azu hinted that the implementation of the Stamp Duty at this point in time emanated from a federal high court order that the CBN should direct deposit money banks (DMBs) under its supervision to commence the collection of the duty on behalf of the federal government of Nigeria.

FG Loses N470million Daily to Escravos Pipeline Vandalism

January 22, 2016

The attack launched on the Nigeria Gas Company’s, NGC, pipeline connected to Chevron Nigeria Limited’s facility at Escravos, last weekemd has been estimated to cost the nation about N470 million daily.

The vandalism which disrupted gas flow on the pipeline caused damage to the Olorunsogo NIPP plant with 600MW generating capacity, among other power plants.

The Federal Ministry of Power and the NGC disclosed this to the media in Abuja on Thursday, January 21.

The destroyed gas pipeline supplies gas to the Escravos-Lagos Pipeline System (ELPS) and its vandalism led to a loss of 160mmsfcd of gas daily.

At a cost of $2.50 per thousand scf, this loss amounts to $400,000 loss to the country everyday or N78.8 million daily in gas volume, the authorities lamented.

The authorities indicated that this estimated loss is not inclusive of those incurred daily from affected power generation “in the sum of $1.9 million or N391.6 million daily.

The total daily loss to the country is therefore estimated at N470.4 million. Repairs of the damaged pipelines would cost $609,137 or N120 million.”

Skye Bank Unveils Plan To Raise Fresh Capital

January 22, 2016

Skye Bank Plc has announced that it is seeking to raise fresh capital in the first quarter of 2016 in a bid to shore up its capital base.

This was disclosed by the group managing director Timothy Oguntayo, at an interactive session with top stockbrokers in Lagos.

The bank’s boss said that the fresh capital will improve the bank’s working capital just as it is shifting its business focus to retail and commercial banking as it enters a new growth phase after the acquisition and seamless integration of the erstwhile Mainstreet Bank Limited.

According him, the bank is already in discussions with its key shareholders and some potential strategic investors who they believe provide the required capital, saying, “The sell-offs in the capital market has impacted negatively on fund-raising activities in the capital market with investors preferring to pitch institutional investors or shareholders with significant equity stake.”

He explained that the bank’s capital adequacy ratio of 15.87 per cent for the bank, out of which 12.4 per cent is covered by common equity, was already in compliance with the Basel 11 provisions.

Standard & Poor’s Calls for Further Devaluation of Naira

January 22, 2016

Ratings agency Standard & Poor’s (S&P), on Thursday, January 21, reechoed its call for the devaluation of the naira.

The agency said this should happen at some stage in 2016 and in gradual adjustments, saying investors have seen a devaluation of the naira as long overdue after the economy was battered by the tumble in crude prices.

Despite growing pressure, the government has kept the local currency at around N198 to the dollar on the official interbank market, while restricting access to dollars.

“Their line has been to try to hold it as much as possible, and they are trying to continue that policy alongside the restrictions on imports as well,” said Ravi Bhatia, Director of Sovereign and International Public Finance at Standard & Poor’s.

“But at some point, they are going to have to move, but I think they are going to try and do it incrementally and not in big jumps,” Bhatia said, adding he expected this to happen in one or two increments.

Nigerian non-deliverable currency forwards, a derivative product used to hedge against future exchange rate moves, indicated markets expected the exchange rate at N265/dollar in six months time, and at N284 to the dollar in 12 months’ time.

Renewed Bull Strength Lifts NSE Index by 1.51%

January 22, 2016

The All Share Index scooped 1.51 per cent to close at 23,686.67 points from 23,335.01 on Wednesday while market capitalization also rose from N8.025 trillion to N8.146 trillion.

The market recorded 29 gainers today led by FBN Holdings with a gain of N0.41 or 10.25 per cent to N4.41 followed by Union Bank with a gain of N0.49 or 9.94 per cent to close at N5.42 while Nigerian Breweries gained N7.90 or 8.09 per cent to close at N105.50 per share.

On the other hand, Honeywell Flour topped 14 stocks on the losers’ chart with N0.15 loss or 9.20 per cent to close at N1.48 followed by Sterling Bank that lost 0.16 or 8.99 per cent to close at N1.62 per share, and Vitafoam that lost N0.40 or 8.03 per cent to close at N4.58 per share.

All together, a total of 476,148,227 shares worth N3.636 billion exchange hands in 5,398 deals.

Market Capitalization Surges By N121billion

January 22, 2016

The Bull’s strength on the Nigerian Stock Exchange, NSE, on Thursday, January 21, lifted trading activities as market sustained a positive outlook.

To this end, market capitalization soared by N121 billion due to gains by some highly capitalized stocks.

The market capitalization grew by 1.51 per cent to close at N8.146 trillion in contrast with N8.025 trillion posted on Wednesday, January 20.

NAN reports that the growth was lifted by shares in the banking, cement and food firms.

“Global Unemployment Level to Soar in 2016 and 2017” – ILO

January 22, 2016

UK Unemployment Rate Highest In Four Years

World Employment and Social Outlook, WESO, has shown that the global employment crisis is bound to linger, especially in emerging economies.

The new International Labor Organization analysis revealed this despite falling unemployment levels in some developed economies.

Lingering high rates of unemployment worldwide and chronic vulnerable employment in many emerging and developing economies are still deeply affecting the world of work, warns a new ILO report.

The final figure for unemployment in 2015 is estimated to stand at 197.1 million and in 2016 is forecast to rise by about 2.3 million to reach 199.4 million. An additional 1.1 million jobless will likely be added to the global tally in 2017, according to the ILO’s World Employment and Social Outlook – Trends 2016 (WESO).

“The significant slowdown in emerging economies coupled with a sharp decline in commodity prices is having a dramatic effect on the world of work,” says ILO Director-General Guy Ryder.

“Many working women and men are having to accept low paid jobs, both in emerging and developing economies and also, increasingly in developed countries. And despite a drop in the number of unemployed in some EU countries and the US, too many people are still jobless. We need to take urgent action to boost the number of decent work opportunities or we risk intensified social tensions,” he adds.

In 2015, total global unemployment stood at 197.1 million – 27 million higher than the pre-crisis level of 2007.

The unemployment rate for developed economies plunged from 7.1 per cent in 2014 to 6.7 per cent in 2015.

In most cases, however, these improvements were not sufficient to eliminate the jobs gap that emerged as a result of the global financial crisis.

FG Targets 42% Gross Domestic Product Growth

January 22, 2016

Minister of Finance, Kemi Adeosun has stated that the Federal Government plans a Gross Domestic Product, GDP, growth rate of 42 per cent, with the implementation of Budget 2016.

In an article, the minister said the full implementation of the budget will see to the recovery from the slowing GDP growth and forestall the remote possibility of a recession.

The Minister wrote: “The administration is also determined to reduce the cost of governance, extract efficiencies in public service and enhance revenue collections.”

“The administration plans to increase government expenditure on infrastructure i.e. transport, roads, housing and power with a view to achieving a substantial increase in gross capital formation and to fund the budget deficit and the negative trade balance in a cost effective and efficient manner, which will keep the government within the acceptable debt sustainable ratio that is expected of most emerging economies.”

The Minister, who acknowledged the impact of the sliding oil prices on Nigeria’s economy, said: “Our main macroeconomic objective is to use a government expenditure-led growth strategy in 2016, combined with a stimulant approach based on injections of more efficiently collected revenues and blocking of leakages. The combination of these fiscal injections will have a catalytic multiplier effect on the GDP growth rate.”

”The budget deficit is estimated at N2.2trn or 2.16 per cent of GDP based on an estimated benchmark oil price of $38pb. In view of present realities and the dynamics in the global oil markets, we have braced ourselves for the probability of a further decline in oil prices,” she said.

Shoreline Halts $500million Bond Issuance over Oil Price Crash

January 22, 2016

Shoreline Group, Nigerian oil producer, has halted plans to issue $500 million Eurobonds and also trim staff as Africa’s biggest economy struggles with plunging prices for the fuel.

The chief executive officer of the company,Kola Karim, revealed this in an interview in Lagos.

In mid 2015, Shoreline executives went on a two-week roadshow in the United States and Middle East to discuss a debut issue of 5- to 7-year debt to buy oil and gas assets across Africa.

Now with Brent crude trading below $30 a barrel and Nigeria’s central bank imposing restrictions on the amount of dollars businesses can obtain, Shoreline plans to cut 35 per cent of its nearly 2,000 staff to survive the tough conditions, Karim said.

“We went on a roadshow and the world of oil collapsed. We’re going to wait until the end of the first quarter and see how stable markets are. Mid-last year, our projections were $60-dollar oil for the next five years,” he said.

Founded in 1997, Shoreline is one of several local businesses that bought fields in the oil-rich Niger River Delta region after foreign companies, including Royal Dutch Shell Plc, Total SA, and Eni SpA sold onshore assets.

With oil’s plunge, Karim said Shoreline is cutting production to 17,000 barrels per day for the rest of the year from 52,000 barrels per day.

MANUFACTURING JOBS | Field Sales Manager at Dangote Group

January 21, 2016

The Dangote Group is a diversified and fully integrated conglomerate with interests across a range of sectors in Nigeria and Africa. Current interests include Cement, Sugar, Flour, Salt, Pasta, Beverages, Noodles, Poly Products, Transportation and real estate with new initiatives in the Oil and Gas, Telecommunication, Fertilizer and Steel sector of the economy.

Dangote Cement P.L.C. is the biggest quoted company in West Africa and the only Nigerian company listed among Forbes Global 2000 Companies. The Company currently has several cement production plants in Nigeria in addition to presence in 14 other African countries. To consolidate its current strategic expansion drive and as part of our growing vision.

We are recruiting to fill the position below:

Job Title: Field Sales Manager

Location: Lagos

Requirements

Candidates must have 5 years minimum experience in a similar role in an FMCG or Manufacturing company.

Application Closing Date
Not Specified.

How to Apply
Interested and qualified candidates should send their applications and CV’s to:amaka.chete@dangote.com

TOURISM & HOSPITALITY JOBS | Sales Manager at Westwood Hotel Ikoyi

January 21, 2016

The Westwood Hotel Ikoyi has a rich history. The first multi-storey building in the whole of West Africa, a landmark of remarkable reputation, the building, or Ile gogoro (Yoruba for ‘very tall house’) as it is fondly called by indigenes, was originally built for the renowned politician and orator, Samuel Akintola in 1959/1960. A residential block of 20 flats located on Awolowo Road in south west Ikoyi, it was built at the dawn of our independence, at a time when Akintola and Obafemi Awolowo, a renowned nationalist and statesman, were at the helm of affairs.

We are recruiting to fill the position below:

Job Title: Sales Manager

Location: Lagos

Job Descriptions

Candidate must be able to coordinate the sales team and utilize the available resources to achieve great results in that field.
Candidate must be extremely Hard-working,self-motivated and goal-oriented.

Application Closing Date
5th February, 2016.

How to Apply
Interested and qualified candidates should send their applications and CV’s to:cv@westwoodikoyi.com

IT/TELECOMS JOBS | Compliance Engineers at Cisco Nigeria

January 21, 2016

Cisco – The Internet of Everything is a phenomenon driving new opportunities for Cisco and it’s transforming our customers’ businesses worldwide. We are pioneers and have been since the early days of connectivity. Today, we are building teams that are expanding our technology solutions in the mobile, cloud, security, IT, and big data spaces, including software and consulting services. As Cisco delivers the network that powers the Internet, we are connecting the unconnected. Imagine creating unprecedented disruption. Collaborate with like-minded innovators in a fun and flexible culture that has earned Cisco global recognition as a Great Place To Work. With roughly 10 billion connected things in the world now and over 50 billion estimated in the future, your career has exponential possibilities at Cisco.

We are recruiting to fill the position of:

Job Title: Compliance Engineer

Location: Lagos

The Business Entity

Cisco Technical Services (TS) in EMEAR is a Strategic Differentiator to our transformational & strategic accounts, and a business differentiator to our top Partners, by accelerating customer and partner success and loyalty with new TS offers.

The Team

The EMEAR compliance team is responsible for certification of Cisco’s entire product range in the region in order to support Cisco’s business objectives for EMEAR. The new hire, to be based locally, will be responsible for the entire African continent.

Role & Responsibilities

Responsible for the certification (type approval) of Cisco products in the region (Africa).
He/she will support the local partners/distributors with the customs/importation procedures in case these procedures are linked to product compliance.
He/she will Influence the Regulations in order to reduce the burden of approvals by having international standards accepted rather than national standards.
His/her responsibilities may include active participation or follow up on specific activities taking place within the ATU (African Telecommunications Union).

Minimum Qualifications

He/she is fluent in French and English, knowledge of Arabic is an asset
He/she holds a university Degree or equivalent, preferable in Telecommunications
He/she is (or will become) familiar with the Radio, EMC, Safety, Telecom, Energy Efficiency, … regulations and related certification procedures in African countries.

Desired Skills:

He/she understands how to approach the individual authorities and how develop and negotiate contracts or conditions with the authorities or certification bodies including organizing factory visits as they might be part of the certification process in these countries.
He/she will establish and maintain an excellent relationship with those authorities.
He/she is (or will become) familiar with the import procedures, at least for those countries where the import procedures are linked to product compliance. That might also require close cooperation with other Cisco departments such as Logistics, Tax, Export Compliance, etc..

Application Closing Date
Not Specified.

How to Apply
Interested and qualified candidate should APPLY

BANKING & FINANCE JOBS | Search Research Analysts at KPMG Nigeria

January 21, 2016

KPMG Professional Services and KPMG Advisory Services are the KPMG member firm in Nigeria. The partners and people have been operating in Nigeria since 1978, providing multidisciplinary professional services to both local and international organisations within the Nigerian business community. Our vision is to build and sustain our reputation as the best firm to work with by ensuring our people, clients and communities achieve their full potential. At KPMG, we are committed to working with our clients to cut through complexities of the business world finding solutions and adding value.

We are recruiting to fill the position of:

Job Title: Research Analyst

Auto req ID: 104922BR
Location: Lagos
Function: Infrastructure – Marketing & Communications
Service Line: Marketing & Communications
Job Level: Associate/Team member
Contract Type: Permanent
Full Time / Part Time: Full Time

Principal Duties and Responsibilities
Lines of business (LOB) strategy sessions, technical sessions and national accounts meetings.

Set up all logistics arrangements for the meeting: seek for the venue to hold the meeting and send out meeting invites to all members of the LOB teams.
Obtain the details of ‘sold jobs’ and proposals sent: client, fees, nature of work, etc from managers. Confirm the information from the partners.

National Accounts meetings:

Coordinate strategy sessions of all national accounts.
Work with national accounts managers and partners to ensure all meetings are held.
Document and circulate action points of all national accounts’ meetings.

Follow-up on Action Points:

Closely follow-up on action points i.e. monitor the implementation of all LOBs and national accounts action points.
Extract and compile action points for each member.
Circulate the information to the person/group of persons responsible for the action point(s).
Closely monitor the deadline for each action point.

Client care assessment programme.
Specific action points required include the following:

Obtain the list of clients for client care assessment programme (CCAP) from the list of top-clients in the previous FY/as may be recommended by the Head, Sales and Marketing.
Book appointments for the interviews:
Liaise with KPMG personnel to obtain the details of the contacts for the interview.
Inform the clients of the interview and confirm the receipts /acceptance of the request.
Follow-up with the Partner to obtain the report of the interview.
Assist with collation, summary and presentations of the findings of the reports.

Minimum Education & Experience

Minimum of First Degree in any discipline (with a minimum of a second class lower division) with 1 – 3 years’ working experience.
Possession of Master’s degree/professional qualifications will be an advantage.

Knowledge, Skills & Abilities
Functional/Technical Skills:

Strong analytical, numerate, problem-solving, report writing and presentation skills.
Excellent verbal/oral communications skills
Technology appreciation, including a working understanding of MS Office Suite especially Microsoft Excel, Powerpoint and Word.
Ability to gather data, compile and make inferences on the information gathered.
Good understanding of economic and financial indicators.
Ability to be multi-tasking and determined at meeting deadlines.
Strong planning, time and workload management, and execution skills

Behavioural/Management Development Skills:

Relationship building and networking skills
Strong team building skills
Training, coaching and mentoring/supervising abilities.
Strong interpersonal skills and ability to work in diverse teams
Skills in organising resources and establishing priorities/targets
Customer service orientation
Diplomacy and tact
Confidence and pragmatism.

Application Closing Date
Not Specified.

How to Apply
Interested and qualified candidates should APPLY

Nigeria Loses $2.4 Million Daily to Pipeline Attacks

January 21, 2016

Multiple attacks on strategic oil and gas installations is costing Nigeria $2.4 million daily, a Cabinet minister said this on Tuesday as the military launched a manhunt for a militant and warned it will hold community leaders responsible for the “economic sabotage.”

The attacks began Friday in the southern Niger Delta after a court issued an arrest warrant for former warlord Government “Tompolo” Ekpemupolo in connection with $17.4 million that has gone missing from government coffers.

Explosions on a Nigerian Gas Company pipeline connected to the Escravos facility of Chevron Nigeria is costing the country $1.98 million daily in lost power and $400,000 in gas. Power Minister, Babatunde Fashola said, adding repairs would cost another $600,000.

Hundreds of people are fleeing the area and companies are evacuating workers for fear of a harsh military crackdown, community chieftain Elekute Macaulay told The Associated Press.

Tompolo has denied involvement in the theft and the attacks, centered around his hometown of Gbaramatu.
Residents said the military has launched a manhunt for Tompolo in the creeks and mangrove swamps and that militants are patrolling in home-made gunboats.

FG Can Effectively Finance N2.2 Trillion Budget Deficit – NSE

January 21, 2016

The Chief Executive of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, has stated that the outstanding federal government N2.2 trillion budget deficits could be adequately financed through the instruments in the capital market.

He reiterated that the stock exchange is set up to efficiently finance the economy from equity and fixed income perspective and other asset class perspective, Also the NSE will focus on making do with its strategy in order to provide a credible platform for financing the economy.

The NSE chief said: “Like many emerging markets’ governments, the Federal Government of Nigeria (FGN) is largely dependent on oil exports as its leading revenue source. Thus FGN revenue suffered extensively from sustained low commodities prices in the global market, as well as political and economic policy uncertainty leading up to and following the general elections held in April 2015.

“Sustained uncertainty in the country led to postponed decision making by business leaders in anticipation of clearer direction on economic policies, thus slowing economic activity.

Akwa Ibom Government Takes Preventive Steps to Curb Lassa Fever Outbreak

January 21, 2016

The Akwa Ibom Government on Wednesday said that it had set out to create necessary measures to prevent the outbreak of Lassa fever in the state. According to News Agency of Nigeria (NAN) in Uyo, the state’s Epidemiologist, Dr Aniekeme Uwah, said the state had commenced an awareness campaign against the disease since September, 2015.

“Besides, we have done a lot in terms of producing flyers, erection of bill boards, news commentaries on radio and holding of periodic meetings with disease surveillance/notification personnel, hence, with the spread of the fever, we are just trying to build on what we had already started by erecting more bill boards in three major languages in the state and make radio jingles to deepen the awareness,” he said.

Other measures inclusive, are border surveillance by the Rapid Response Team around neighbouring communities with Rivers.

According to the epidemiologist, government would meet with representatives of the World Health Organisation, United Nations Children’s Education Fund and other major Non Governmental Organisations on prevention of the fever.