South Africa owned telecommunications group, MTN, on Tuesday, January 19, said its Nigerian business is likely to rake in about $955 million in annual profit after tax.
The company, in a statement said: “Profit after tax figure for MTN Nigeria for the period ended 31 December 2015 being speculated is N190 billion ($955 million), which is within the current estimate.”
The continent’s largest mobile operator has been fined $3.9 billion in Nigeria for failing to disconnect users of unregistered subscriber identity module (SIM) cards.
MTN, which makes about 37 per cent of its revenue from Nigeria, has filed a court challenge over the fine, which equates to more than twice its annual average capital spending over the past five years.
Nigeria has lost about $3.3 billion to extraordinary tax breaks granted by the government to some of the world’s biggest oil and gas companies.
The companies include Shell, Total and ENI, which form part of the Nigeria Liquified Natural Gas (NLNG) consortium. The tax break started in 1999.
The NLNG Act grants a 10-year tax holiday making the company exempt from all corporate tax payments for the first ten years of operation.
According to ActionAid, the NLNG Act makes the consortium the only company in Nigeria with its own law defining its tax framework, also exempts the consortium from other taxes.
The Country Director of ActionAid Nigeria, Ojobo Atuluku, disclosed this during yesterday the launch of the report ‘Leaking Revenue: How a big tax break to European gas companies has cost Nigeria billions’ in Abuja.
Atuluku said: “that amount is the equivalent of twice our national education budget and thrice the healthcare budget for 2015.
“This calls for serious concern in a country where over 20 million children do not go to school and almost 15 out of one hundred children die before their fifth birthday”, she said.
ActionAid researches from 2013, she said, “show that the tax incentives cost developing countries at least $138 billion every year, part of which is an estimated amount of $2.9 billion, or a whopping N577 billion Nigeria forfeits every year as a result of tax incentives.”
Nigeria’s Central Bank has told commercial banks to start enforcing the country’s stamp duties law on financial transactions with “immediate effect”.
In a cricular to the banks today, the CBN asked the banks to charge N50 on deposits of N1,000 and above or electronic transfer made by customers.
Deposits or transfers made by a person to his own account, inter bank or intra-bank are exempted. Also exempted are withdrawals from savings accounts.
The CBN said the charges are only payable by receiving accounts and urged banks and financial institutions to support government drive to boost revenue base, in view of the gross fall in oil income.
Nigeria relies heavily on revenue from crude sales but the falling oil price means it will have to look elsewhere to fund its budget.
The Federal Government plans to spend about 6 trillion naira in 2016 with expected revenue of around 3.9 trillion naira, of which only 820 billion would come from oil.
The Lagos State Government on Tuesday said it would not succumb to what it described as blackmail attempts by the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) to make it pay a questionable N224 million debt.
This is coming in reaction to a purported protest by members of the association over what they said was a N224 million payment for the supply of diesel and kerosene to the Lagos State Government for execution of direct labour projects in Ojodu between October 2014 and May 2015.
The government said that, while it was not against peaceful protest by aggrieved citizens, it would not be stampeded into taking any action without strictly following due process and rule of law.
South-West Chairman of NUPENG, Alhaji Tokunbo Korodo, had threatened that members of the association would embark on the protest with over 1,000 tankers, and that Lagosians would be subjected to experience scarcity of fuel if the request was not granted by government.
But in a statement signed on Tuesday by the State’s Commissioner for Information and Strategy, Mr. Steve Ayorinde, the government recalled that the said transaction took place between an independent marketer and the Lagos State Public Works Corporation (LSPWC) before this present government assumed office.
Ayorinde said the company wrote the government about the transaction, and government replied that it wanted to investigate the claim.
The Nigerian Postal Service (NIPOST) succeeded in intercepting counterfeit financial instrument worth N83.1 billion between January and December 2015, the Acting Postmaster General (PMG) of NIPOST, Mr. Enoch Ade Ogun, disclosed on Monday.
The NIPOST boss, who made the the disclosure at ceremony organised by the service to mark its 2016 Pan African Postal Union (PAPU) Day in Abuja, also put the monetary value of the financial instruments, which included different foreign currencies, as; Pound Sterling worth 1.1 million, Euros 40.4million, US Dollars 376.6 million, and Australian Dollars 5,200.
According to him, the counterfeit financial instruments have been deposited with the Economic and Financial Crimes Commission (EFCC).
Ogun also said that some seizures of narcotics including heroin, cocaine and canabis were made and that these have also been deposited with the National Drug Law Enforcement Agency (NDLEA) for further laboratory test and for possible arrest.
The PMG added that the discovery was made because of the physical inspection of over 500 scam letters containing various negotiable counterfeit financial instruments going either through or coming into the country.
According to him, the international passports have also been deposited with the Nigerian Immigration Service (NIS).
Other items intercepted according to him, include: 848 pieces of fake cheques, 2393 pieces of money orders, 147 pieces of postal orders and 30 pieces of international passports in addition to 167.5 Kg of narcotics.
Heineken International – Established in 1864 by the Heineken family, HEINEKEN has a long and proud history and heritage as an independent global brewer. We brew quality beers, build award-winning brands and are committed to enthusing consumers everywhere.
Today, Heineken is the number one brewer in Europe and the number three brewer by volume in the world. With recent acquisitions in Africa, India, Asia and Latin America, we are continuing to increase our presence within emerging markets, which will contribute to our ongoing growth.
The aim of Heineken International Graduate Programme is to attract, recruit and develop a pool of internationally mobile individuals with the potential, capability and ambition to become senior managers in HEINEKEN, whilst strengthening HEINEKEN’s position as a strong employer of choice globally.
We invite applications from suitably qualified candidates for the position below:
Job Title: Heineken International Graduate Programme
Location: Amsterdam
Job Description
The aim of the IGP is to develop a pool of internationally minded individuals with the potential and capability to become leaders within Heineken.
Applicant, once on board will enjoy responsibility, development opportunities, training, coaching, travel and an environment that both stimulates intellectually and rewards high performance.
Every year Heineken employs graduates directly into different roles across our business and through graduate recruitment schemes in some of our local markets, whilst some of these programmes have an international element, we have a specific programme for those focused on a long term international career listed below:
Commerce
Finance
Supply Chain
HR
Corporate Relations
IT
Desired Skills and Experience
A degree or will graduate by August 2016 (Preferably a Masters)
No more than 2 years of professional work experience in their chosen function (voluntary/internships don’t count)
At least 6 months gained abroad working, studying, or volunteering
Speaks at least two languages (preferably three) in business fluency, one of which must be English
A desire to live and work abroad
Proven leadership skills
Genuine interest in other countries and cultures
Able to demonstrate their drive and desire to succeed
Function specific requirements
Fit the Heineken culture
If applying to Finance, your degree needs to be in Finance, Economics, Business or a similar degree
If applying for Marketing & Sales, your degree must be a MASTERS in business, economics, or commerce
If applying for Procurement, your degree needs to be in business, financial, commercial, economic, or technical discipline
If applying for Supply Chain, your degree needs to be in science or engineering
Application Closing Date
31st January, 2016.
How to Apply
Interested and qualified candidates should APPLY
The Senate monday promised that the contentious 2016 budget would be passed before the end of February.
This promise was made by Senate Leader, Senator Ali Ndume, as the National Assembly leadership read the new letter addressed to it by President Muhammadu Buhari on the budget today. Buhari had in the letter announced that there were errors in the budget that he presented on December 22 as well as the correction done on it.
Last week, Senate President, Bukola Saraki, announced that presidential aide on National Assembly matters, Senator Ita Enang, smuggled a ‘fake’ budget proposal into the Senate and insisted that Senate would only work on the document presented to National Assembly by President Buhari on December 22, 2015.
Speaking on the development yesterday, Ndume said having compared the new budget with the old one, there is a major difference as the executive had increased the number of projects in the new document but retained the overall budget figure.
“But what I can tell you now is that the budget that was submitted originally, there were certain integrity checks on it that made some changes in the quantity but not in the total,” he said.
GE is an advanced technology, services and capital company with the scale, resources and expertise to take on the world’s toughest challenges. Dedicated to innovation in the areas of energy, health, transportation and infrastructure, we’re committed to leadership, integrity, partnership and human progress. GE businesses ranging from Aviation, Capital, Oil & Gas, Energy Management, Power and Water, Healthcare, Transportation and Home & Business Solutions have operations on the African continent. Major locations include Angola, Ghana, Kenya, Nigeria and South Africa.
Over 1300 employees are working in the region, creating local partnerships and providing solutions & services that supports Africa’s infrastructure and sustainable growth. We are also dedicated to knowledge transfer, whether it is providing technical expertise to customers by hosting customer summits, to developing young local talent through unique programs such as the Early Career Development Program.
We are recruiting to fill the following positions:
Hewlett Packard – HP is a technology company that operates in more than 170 countries around the world. We explore how technology and services can help people and companies address their problems and challenges, and realize their possibilities, aspirations and dreams. We apply new thinking and ideas to create more simple, valuable and trusted experiences with technology, continuously improving the way our customers live and work.
No other company offers as complete a technology product portfolio as HP. We provide infrastructure and business offerings that span from handheld devices to some of the world’s most powerful supercomputer installations. We offer consumers a wide range of products and services from digital photography to digital entertainment and from computing to home printing. This comprehensive portfolio helps us match the right products, services and solutions to our customers’ specific needs.
We are recruiting to fill the position below:
Job Title: Executive Assistant
Executive Assistant: 1488379 Location: Lagos
Schedule: Full-time
Shift: Day Job
Travel: No
Responsibilities
Compiles and reviews reports detailing performance indicators, sales trends, and other sales data related analysis.
Supports day-to-day post-sales order transactions (e.g., credits, returns, order entry) and reporting of customer issues, including resolution of basic issues; handles a limited number of highly complex customer accounts.
Collaborates with other departments and support groups (e.g., internal sales, audit, operational support, delivery) to resolve routine to moderately complex issues.
Ensures resolution of order management issues for all product lines using specialized subject matter knowledge and is a subject matter expert to other departments (e.g., testing new systems to ensure order management system works correctly).
Handles a limited number of customer accounts that are highly complex with strategic importance.
Supports solutions that impact other departments.
Facilitates compliance requirements.
Schedules and supervises executive appointments, meetings & events.
Ensures key office logistics and maintains records.
Qualifications
Education and Experience Required
A university degree (Bachelor) or equivalent.
Typically 4+ years experience in a customer service role.
Requirements
Excellent communication skills. Fluency in English.
Advanced knowledge of internal processes and policies.
Solid understanding of local legal compliance issues.
Advanced problem-solving and analytical skills.
Strong teamwork skills.
Advanced time management skills.
Demonstrated project management skills.
Developing mentoring and coaching skills.
Extensive expertise in all MS Office Application.
Strong sense of confidentiality and responsibility.
Application Closing Date
Not Specified.
How to Apply
Interested and qualified candidate should APPLY
The federal government, on Monday alleged that between 2006 and 2013, 55 persons stole a total of N1.34 trillion in Nigeria, an amount that it said was more than a quarter of the 2015 national budget.
Making the revelation at a press briefing in Abuja, organised to kick-start the national sensitization campaign against corruption, the Minister of Information and Culture, Alhaji Lai Mohammed, said if the period is stretched to 2015, the total amount stolen would be about N3.2 trillion.
He said of the stolen funds, 15 former governors allegedly stole N146.84 billion; four former ministers allegedly stole N7 billion; 12 former public servants, both at federal and state levels, allegedly stole over N14 billion; eight people in the banking industry allegedly stole N524 billion; while 11 businessmen allegedly stole N653 billion, but failed to name any of them.
He added: “Using the World Bank rates and costs, one third of the stolen funds could have provided 635.18 kilometres of roads; built 36 ultramodern hospitals, that is one ultramodern hospital per state; built 183 schools; educated 3,974 children from primary to tertiary level at N25.24 million per child; and built 20,062 units of 2-bedroom houses.
“This is the money that a few people, just 55 in number, allegedly stole within a period of just eight years. And instead of a national outrage, all we hear are these nonsensical statements that the government is fighting only the opposition, or that the government is engaging in vendetta.”
Commenting on the issue of the $2.1 billion arms deal, the minister said irrespective of what anyone might say, the funds meant to fight terrorism were deployed to another “fight” – the fight to keep then President Goodluck Jonathan and his party, the Peoples Democratic Party (PDP), in power at all cost.
“So far, based on what we know, no one who has been accused of partaking in the sharing of the funds has denied receiving money. All we have heard from them are ludicrous reasons why they partook in sharing of the money. One said he collected N4.5 billion for spiritual purposes, another said he received N2.1 billion for publicity, while yet another said he got N13 billion to pay someone else for the maritime university land,” the minister stated.
He further said, so many lives have been lost and so many hopes dashed as a result of corruption, however he emphasized that corruption will damage the live and well – being of Nigerians, thereby urging that we need to kill corruption before it kills the nation.
PricewaterhouseCooper (PwC) firms help organisations and individuals create the value they’re looking for. We’re a network of firms in 157 countries with more than 208,000 people who are committed to delivering quality in assurance, tax and advisory services. In Sub-Saharan Africa, we’re the largest provider of professional services with offices in 34 countries and close to 9 000 people. This enables us to provide our clients with seamless and consistent service, wherever they’re located on the continent. Our in-depth knowledge and understanding of African operating environments enables us to put ourselves in our clients’ shoes and offer truly tailored Tax, Assurance and Advisory solutions to unique business challenges.
PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity.
Your learning with us begins with a structured 6 – 8 weeks induction course. This is the first element of a development framework that will help you build business awareness, technical, personal and management skills throughout your career.
Self-directed, career-long training is a key feature of life here at PwC. The entire working environment is designed to empower you to learn.
You will have access to a wealth of critical knowledge, such as best practices documentation and methodology tools. We will provide you with continuous on- the-job guidance, and you will acquire key knowledge about industries, business strategy and practical business issues faced by our clients through your daily experiences.
Professional qualifications will play a vital role in your career. We will provide you with all the support and resources you need to excel in your professional exams. A coach who will play an important role in your career development will be made available to help you unlock your potentials, so that you can perform at your best.
International development is a valuable development opportunity which our global network can provide .This provides you with the opportunity to spend a year or two gaining experience and fresh perspectives with one of the PwC firms around the world, or explore new cultures during short-term client assignments or training courses abroad.
Requirements
Fresh Graduate
Completed NYSC
Minimum of 2nd Upper Class Honours
Additional Information
This position is for our Assurance and Tax Regulatory Services
Application Closing Date
5th February, 2016.
How to Apply
Interested and qualified candidates should APPLY
Consumer spending by a fast-growing middle class is as important a growth driver for Africa as mineral and resource demand, according to a new survey of global logistics executives.
In the survey, which is part of the 2016 Agility Emerging Markets Logistics Index, industry executives rank South Africa, Nigeria, Kenya and Ghana as the most promising markets in Sub-Saharan Africa. Poor infrastructure, lack of power generation and corruption continue to pose the most risk to African economies, according to the more than 1,100 executives responding to the survey.
Despite recent growth and surging foreign investment, Sub-Saharan Africa remains a challenging frontier for many. Only 21.2% of logistics industry executives surveyed said their companies have operations there. Another 12.7% said they are in the planning stages to enter African markets. More than 43% said they have no plans to set up in Africa.
“The results show a serious disconnect between the perception of the market and actual opportunities. These are some of the world’s fastest-growing economies. Africa’s requirement for logistics services and supply chain expertise is huge and growing every day. At the same time, many of the companies that need logistics to enter the market don’t know how to get started in Africa or aren’t willing to take the risk,” said Geoffrey White, CEO of Agility Africa. “The market is open for first movers who can navigate risk and nurture African talent. The opportunity is for those seeking to build long-term, sustainable businesses that bring world-class practices and adapt to local conditions.”
The Agility Emerging Markets Logistics Index, now in its 7th year, offers a snapshot of logistics industry sentiment and ranks the world’s 45 leading emerging markets based on their size, business conditions, infrastructure and other factors that make them attractive to logistics providers, freight forwarders, shipping lines, air cargo carriers and distributors.
China, the world’s second-largest economy, remains the leading emerging market by a large margin. Among the countries at the top of the Index rankings this year, UAE (No. 2), India (3) and Malaysia (4) leaped over the commodity-dependent economies of Saudi Arabia (5), Brazil (6) and Indonesia (7). Rounding out the top 10 are Mexico (8), Russia (9) and Turkey (10).
The leading markets in Sub-Saharan Africa are South Africa (No. 16) and Nigeria (17). South Africa has Africa’s most advanced logistics industry and transport infrastructure, but its economy has been hobbled by chronic power shortages, slumping commodity prices, a plunging currency and labor unrest.
Nigeria climbed 10 spots in the 2016 Index, tying Egypt (No. 22) for the biggest gain by any country in the seven years since the Index was first published. Nigeria’s enormous potential has become clearer since its recent decision to update the methods by which it collects economic data. Even so, its economy is heavily reliant on oil and has been hurt by low energy prices.
Other countries in the region fall toward the bottom of the rankings: Ethiopia (37), Tanzania (40), Kenya (43) and Uganda (45). Among countries in North Africa, Morocco ranked No. 20, trailed by Egypt (22), Algeria (30), Tunisia (36) and Libya (41).
14 different companies have indicated their interest to bid for the proposed concession of the Asaba International Airport.
They include the BGL Consortium, FBN Capital, Infrastructural Bank Plc, One Dott Aviation, Rougton International Consortium, Ponclef Associates Limited and Planet Capital Consortium, Enterprise Integratus.
Others are Halcro Infrastructure Consortium, Deloids, PwC, Rosecross, Ed-field Partners Consortium and Vetiva Capital Management Limited.
The state government had, in a bid to upgrade the standard of the airport few weeks ago, called for bidders as transaction adviser in the concession arrangement.
At the opening of the bids on Monday in Asaba, the Senior Policy Adviser to the Governor Prof. Sylvester Monye, supported by his counterpart in Economic Planning, Mr. George Orogun, said only a company with technical capability, quality aviation experience and strong financial base would be considered.
Monye, a former Senior Special Adviser to President Goodluck Jonathan on Project Monitoring and Evaluation, said the state would be represented in Turkey for the proposed Airport Public-Private-Partnership meeting, designed purely for airport concession.
Representatives of the 14 companies expressed their preparedness to lead the transaction both in technical experience and financial strength.
The country generated N3.27 trillion from the oil and gas sector in 10 months, between January and October 2015, data obtained from the Central Bank of Nigeria, CBN, has revealed.
The apex bank, in its Economic Report for October 2015, revealed that oil and gas revenue in the 10-month period accounted for 55.93 per cent of the N5.847 trillion total federally collected revenue in the period under review.
In addition to revenue from oil and gas, the country also recorded non-oil revenue of N2.577 trillion, representing 44.1 per cent of federally-collected revenue from January to October 2015.
Giving a breakdown of components of the country’s oil revenue, the report stated that Nigeria earned N737.5 billion from crude oil and gas sales; N1.289 trillion from Petroleum Profit Tax (PPT)/Royalties; N1.159 trillion from domestic crude oil/gas sales and N85 billion from other unlisted sources.
On a month-by-month basis, the report revealed Nigerian earned as follows:
January – N486.4 billion; February – N359.7 billion; March – N364.6 billion; April – N286.2 billion; May – N267.2 billion and June – N285.6 billion respectively. Others are July – N369.4 billion, August – N314.9 billion, September – N265.2 billion and October – N271.1 billion respectively.
In terms of federally-collected revenue on a month-by-month basis, the CBN report showed the country collected for January, February, March, April and May, the sum of N692.1 billion, N554.8 billion, N808.7 billion, N472.2 billion and N462.5 billion respectively.
While N462.6 billion, N679.3 billion, 682.6 billion, N533.1 billion and N499.4 billon were collected in the months of June, July, August, September and October 2015 respectively.
In its analysis of the financials, CBN said the N499.37 billion collected in October was lower than both the monthly budget estimate and the receipt in September by 38.7 per cent and 6.3 per cent, respectively, which it attributed to the shortfall in receipts from oil and non-oil revenue, during the month of October.
In addition, the CBN stated that Nigeria’s crude oil production, including condensates and natural gas liquids, stood at an average of 2.02 million barrels per day (mbd) or 62.62 million barrels (mb) in October. It added that this represented an increase of 0.04 mbd or 2.0 per cent above the average of 1.98 mbd or 59.40 mb, recorded in the preceding month.
The Federal Airport Authority of Nigeria, FAAN, on Monday, January 18, revealed tha more than 66,000 passengers were airlifted from the Ilorin International Airport, while 2,812 aircraft movements were also recorded from January to December in 2015.
These figures were released in Ilorin by the Operation unit of the agency, Ilorin.
FAAN stated that the passengers figure,was above the 2014 statistics which had a total of 63,441 passengers.
However, the number of aircraft movement in 2014 was more with a total of 3,132, which means that more air passengers travelled through the airport than the number of aircraft landing via Ilorin route during the year under review.
The Airport Manager, Abubakar Muhammed Bibi, disclosed that the airport recorded a higher number of passengers in December, with a total of 6,861 passengers.
However, it recorded low turn-out in May with a total of 4,356 passengers, while a few aircraft landed at the airport in December. Bibi attributed the low aircraft turnout to “the untimely scarcity of Jet A1 (aviation fuel) nationwide between October and November 2015.
The oil plunge to 13-year lows has led to serious cutbacks in investments by energy companies, as 68 large upstream oil and gas projects worth $380 billion have been put on hold.
A report from an industry consultancy firm, Wood Mackenzie, stated that, “68 large upstream oil and gas projects worth $380 billion have already been put on hold.”
“The impact of lower oil prices on company plans has been brutal,” said Angus Rodger, an analyst at Wood Mackenzie.
Oil has plunged by about 70 percent (around $30 per barrel) from the June 2014 peak of almost $108.
Instead of concentrating on finding new sources of oil and gas, big companies are now focusing on how to “free up the capital just to survive at low prices,” Wood Mackenzie said.
It added that it’s not just the low price, but the prospect that oil won’t rebound for a long time that is killing projects, particularly costly deepwater investments.
Many of the 68 projects would have taken years to come on stream. Delaying them will deprive markets of 1.5 million barrels of oil per day by 2021, and nearly 3 million barrels by 2025, the report concludes.
Most of the delayed oil projects are in Canada, Angola, Kazakhstan, Nigeria, Norway and the United States, and even more projects could be delayed if prices don’t recover soon.
Wood Mackenzie believes oil would have to jump back above $60 a barrel before companies start dusting off their plans again.
Indications have emerged that the lifting of sanctions against Iran could take up Nigeria’s share of oil export to India.
Economic sanctions on Iran were lifted on Saturday, January 16, after the UN nuclear agency certified that the country has committed stop of its nuclear programme.
The lifting restores Iran’s access to the world’s markets. According to reports, the country is expected to increase its daily export of 1.1m barrels of crude oil by 500,000 and a further 500,000 thereafter.
Iran is said to be targeting India as its main destination for the crude and is already in supply negotiations with the country over export of thousands of barrels.
If the crude supply deal goes through, it could for the first time in years shrink Nigeria’s crude export to India. India has remained the largest buyer of Nigerian crude since the United States cut its import of Nigeria’s crude.
Prior to 2012 Nigeria accounted for about 10 percent of crude oil imported into the United States, according to data by the US Energy Information Administration (EIA). But the Nigeria-US export has shrank below 5 percent to date.
India bought around 136m barrels of crude from Nigeria in 2014 to emerge the highest importer of Nigeria’s oil, according to NNPC’s statistical bulletin for 2014.
That data translates to 11.3m monthly and around 373,000 barrels per day (bpd). According to the National Bureau of Statistics (NBS) Foreign Trade Statistics for Q3, 2015, the value of Nigeria’s crude oil exports to India, the world’s third largest crude importer, rose by N31bn from N352bn in the second quarter (Q2) to N383bn in the third (Q3) of 2015.
The federal government has revealed that 55 public offers embezzled a total of N1.34 trillion, in seven years – between 2006 and 2013.
Minister of Information and Culture Alhaji Lai Mohammed announced this at a press conference in Abuja, on Monday, January 18.
He said the figure represented more than a quarter of last year’s national budget.
He revealed that 15 former governors allegedly stole 146.84 billion naira; four former ministers, 7 billion naira and 12 former federal and state officials, N14 billion. Eight people in the banking industry allegedly stole 524 billion while 11 businessmen allegedly stole 653 billion naira.
The period covered the end of former President Olusegun Obasanjo’s second tenure, late President Umaru Musa Yar’Adua and his successor, Goodluck Jonathan.
Using World Bank Rates and Costs, the minister said one third of the stolen funds could have provided 635.18 kilometres of road; built 36 ultra modern hospitals, that is one ultra modern hospital per state; built 183 schools; educated 3,974 children from primary to tertiary level at 25.24 million per child; and built 20,062 units of 2-bedroom houses. “This is the money that a few people, just 55 in number, allegedly stole within a period of just eight years. “The situation is dire and the time to act is now,” Lai Mohammed said.
He added: “And instead of a national outrage, all we hear are these nonsensical statements that the Government is fighting only the opposition, or that the government is engaging in vendetta. T
Market capitalization saw a heavy fall on Monday, January 18, as the equities market sustained a downward trajectory on the back of further intense sale pressure.
At the end of transaction, the market capitalization of 190 listed equites slumped by N331 billion from N8.087 trillion it opened the week to close at N7.756 trillion.
At the end of yesterday trading the year to date losses have increased to 21.27 per cent.
Market breadth closed negative as Continental Insurance Plc led 6 gainers against 37 losers topped by Lafarge Africa Plc at the end of the trading which was an improved performance when compared with previous outlook.
Volume and value of trades recorded a decline of 58.81 per cent and 72.91 per cent respectively from their previous trading levels.
Oil prices hit a 2003 low below $28 per barrel on Monday, January 18, as the market braced for a rise in Iranian exports after the lifting of sanctions against Tehran over the weekend.
The United States revoked sanctions that had cut Iran’s oil exports by about 2 million barrels per day (bpd) since their pre-sanctions 2011 peak to little more than 1 million bpd.
Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), issued an order on Monday to lift production by 500,000 bpd, the country’s deputy oil minister said.
Concerns about Iran’s return to an already oversupplied oil market drove down Brent crude LCOc1 to $27.67 a barrel early on Monday, its lowest since 2003. The benchmark was down 12 cents at $28.82 by 1537 GMT.
U.S. crude CLc1 was down 27 cents at $29.15 a barrel, not far from a 2003 low of $28.36 hit earlier in the session.
“Iran’s return to the oil market has been on the agenda for some time and therefore does not really come as any great surprise,” Commerzbank senior analyst Carsten Fritsch said in a note.
“Nonetheless, prices were bound to react negatively in the short term in view of the negative market sentiment,” Fritsch added.
Analysts expect Iran will realistically be able to export an extra 500,000 bpd in the short term from storage, but there are doubts whether the state of Iranian oil infrastructure will allow further boosts anytime soon.
SEB Markets assumes Iranian oil output will rise by 400,000 bpd to 3.2 million bpd in 2016, while Tehran has said it will add 1 million bpd to its existing output by the year-end.
Iran has at least a dozen Very Large Crude Carrier super-tankers filled and in place to sell into the market.
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