Bird flu Hits 24 States, Kills 3.3million Birds

January 19, 2016

According to the latest data obtained from the Department of Veterinary and Disease Control of the Federal Ministry of Agriculture and Rural Development, 96 local government areas have recorded outbreak of bird flu while estimated 2.5 million birds have been depopulated and buried.

Katsina, Adamawa Bayelsa and Ebonyi are the latest states affected by bird flu, bringing the total number of states affected since last year to 24.

Director-General, Poultry Association of Nigeria (PAN) Onallo Akpa told Daily Trust on Monday, January, 18, that the nation has recorded 556 positive cases noting that 12 live-bird markets across the country are also affected by the current outbreaks.

Akpa stated that as at January 16, the total number of birds that tested positive to the virus is over 2.3 million, adding that 2 million birds have already been depopulated and field activities by veterinary officers across the country was ongoing.

Akpa said PAN has sent out updates on the current state of bird flu to all the states to enable farmers step up bio-security measures in their farms. Daily Trust gathered that in Kano over 80,000 chickens infected with Avian Influenza have been killed as disease spread to 22 additional farms.

IMF Forecasts 3.4% Global Economic Growth in 2016

January 19, 2016

The International Monetary Fund, IMF, has forecasted a 3.4 per cent global economic growth for 2016, indicating an increase of 0.3per cent over last year’s growth rate of 3.1per cent.

The World financial body has equally predicted a growth rate of 3.6per cent for 2017, pointing out that the pickup in global activity is projected to be more gradual than its forecast of last October, 2015 World Economic Outlook.

It said these projections are primarily for emerging market and developing economies.

The report, which was released yesterday in London and Washington DC, painted a slightly different outlook for developed economies, saying recovery is expected to be modest and uneven.

“In advanced economies, a modest and uneven recovery is expected to continue, with a gradual further narrowing of output gaps, the IMF said, adding that the picture for emerging market and developing economies is diverse, but in many cases challenging.

It said however, that most countries in sub-Saharan Africa, will see a gradual pickup in growth, saying with lower commodity prices, to rates that are lower than those seen over the past decade, this mainly reflects the continued adjustment to lower commodity prices and higher borrowing costs, which are weighing heavily on some of the region’s largest economies, including Nigeria, Angola and South Africa, as well as a number of smaller commodity exporters.

The IMF also revised downward by 0.2 percentage point overall forecasts for global growth for both 2016 and 2017, stating that these revisions reflect, to a substantial degree, “but not exclusively, a weaker pickup in emerging economies than was forecast in October.

In terms of the country composition, it said, the revisions are largely accounted for by Brazil, where it linked the development to the recession caused by political uncertainty amid continued fallout from the Petrobras investigation, which it pointed out, is proving to be deeper and more protracted than previously expected.

BPP Saves N680billion From Transparency in Awarded Contracts

January 19, 2016

The Bureau of Public Procurement, BPP, has saved N680 billion from following due process in awarding contracts, its Director-General, Emeka Eze, revealed.

The BPP Boss spoke at the annual retreat for Federal Permanent Secretaries, who are accounting officers of Ministries, to improve their understanding of the Federal Procurement System and the appropriate strategies for the implementation of government’s annual budgets.

Eze said at the 2016 procurement retreat held in Lagos with theme: ‘Public Procurement Act, 2007: An Effective Tool for Delivering More for Less’, that the the funds were saved from 2009 till date.

He said beyond the money saved, the opportunity granted ordinary people to bid and win contracts, is even to BPP more rewarding. He said the ordinary people can now bid for contracts and be considered.

“They can now bid and when they feel they have been short changed, they can complain to us and we intervene to restore their own things back. Even beyond the savings, that one is even more important to us that people are now biding for contracts,” he said.

NIPOST Intercepts N84billion Illegal Transfers In 2015

January 19, 2016

The Nigerian Postal Service, NIPOST, on Monday, January 18, revealed that it intercepted financial instruments worth over N83. 9 billion in foreign currencies meant for illegal transfers from January to December, 2015.

The acting postmaster general of the service, Enoch Ade Ogun revealed this in his 2016 Pan African post day celebration message, in Abuja.

Ogun, in his remarks, said the monetary value of the intercepted financial instruments in different foreign currencies 1,112,724. 86 Pounds with the naira equivalent of N314 million; 40, 427, 909.36 Euros with the naira equivalent of N8.68 million; 376, 615, 994. 31 US dollars with the naira equivalent of N74.19 billion and 5, 200.Australian dollars with the equivalent of N713,813. 31.

The NIPOST Boss said that other items intercepted during the year include 848 pieces of fake cheques, 293 pieces of money orders, 147 pieces of postal orders and 30 pieces of international passports in addition to 167. 3 kg of narcotics.

He said: “All the negotiable financial instruments have been deposited with the Economic and Financial Crimes Commission (EFCC) for further scrutiny and action, the narcotics containing heroine, cocaine and cannabis have been deposited with the National Drug Law Enforcement Agency for further laboratory test and for possible arrest and prosecution.”

“The international passports have been deposited with the Nigerian Immigration Service while officers of the Nigerian Customs Service confiscated some parcels with prohibited items.”

Trading Moves Farther South as NSE Index Sheds 4.10%

January 19, 2016

Nigeria’s equity continued its movement southward on Monday, January 18, as the Nigerian Stock Exchnage, NSE, All-Share Index plunged by 4.10% compared with a loss of 2.99% recorded last Friday, January 15.

Consequently, the Market Capitalization slid by 4.10% to close at N7.76trn, compared with the depreciation of 2.99% recorded last Friday to close at N8.09trn.

The value of the Index closed at 22,550.83 points, down from 23,514.04 points recorded last Friday. Year-to-date (YTD), the Index depreciated by 21.27%. The losses recorded in the share prices of Lafarge Africa, Guinness, Stanbic IBTC, Nestle and Dangote Cement were mainly responsible for the depreciation in the value of the Index.

The total value of stocks traded on the floors of The NSE today was N1.67bn, down by 72.91% from N6.18bn traded last Friday. The total volume of stocks traded was 196.25mn in 3,248 deals.

The three most actively traded stocks were: UBA (38.31mn), GT Bank (25.26mn) and Zenith Bank (23.25mn). The most actively traded sectors were: Financial Services (162.28mn), Consumer Goods (14.35mn) and Conglomerates (11.18mn).

Naira Gains Ground to N295 Against Dollar at Parallel Market

January 19, 2016

The naira on Monday, January 18, bounced back after a series of crash in the parallel market, following the Central Bank of Nigeria’s (CBN’s) easing of forex policies.

The local currency climbed to N295 against the dollar from N305 on Friday, January 15 after the apex bank lifted the ban on dollar transfers and allowed dollar deposits into domiciliary accounts.

It has remained stable in the official market, exchanging for N199 to a dollar.

Association of Bureau De Change Operators of Nigeria (ABCON) President Aminu Gwadabe said the naira was exchanging at N291/293 against the dollar in the morning but closed later at N295.

He said although the CBN did not supply dollar to the market, its relaxation of forex restrictions that allowed banks to accept dollar deposits and transfer foreign currency deposits has helped shore up the value of the naira.

Meanwhile, CBN Spokesman, Ibrahim Mu’azu, said the apex bank decided to reverse the policy because its finding shows that currency substitution by customers which made it enforce it in the first place has been tackled.

He said bank customers were before now, converting naira to dollar, and depositing the proceeds with the hope that the dollar will continue to appreciate in both the parallel and official markets.

However, other market sources believe the lifting of the over six-month old dollar transfer ban, followed outcry from local and international stakeholders who insisted that a restriction on such transfers is not only killing businesses but has led to diversion of huge forex to neighboring countries of Ghana, Togo and Cotonu.

Transcorp Hotels Lists N10billion Bond on NSE, FMDQ

January 19, 2016

The hospitality subsidiary of Transnational Corporation of Nigeria Plc, Transcorp Hotels Plc, on Monday, January 18, listed its Series 1 N10billion bond on the Nigerian Stock Exchange (NSE) and FMDQ OTC Securities Exchange.

The company successfully closed its Series 1 & 2 bonds at the last quarter of 2015 and has raised a total of N19.758billion.

Series 1 which is now listed, is a 7-year bond issued at 16.00 per cent fixed rate and maturing in 2022.

With this development, the company’s bonds are now available at the bond markets, and the investing public can trade and derive value from their investments. Such a major accomplishment reiterates the company’s resolve to continuously deliver value to all its stakeholders.

During the event at the NSE, the Managing Director/CEO, of Transcorp Hotels Plc, Valentine Ozigbo, expressed his excitement over the successful completion of the company’s Series 1 & 2 bonds.

He said Series 1 was oversubscribed by 30 per cent, while Series 2 was 98 per cent subscribed, indicating a testimony of undeniable investor confidence to the achievements and leadership of the company.

Ozigbo said: “By successfully raising these funds, we now have sufficient funding for our immediate priority projects, especially the upgrade and expansion of the multi –award winning and iconic Transcorp Hilton, Abuja.”

MANUFACTURING JOBS | Field Sales Manager, Waters at Nestle Nigeria Plc

January 18, 2016

Nestle Nigeria Plc – As the Leading Nutrition Health and Wellness Company, we are committed to enhancing People’s lives, everywhere, every day. Infact enhancing lives will influence everything we do together.

A presence in more than 130 countries and factories in more than 80 research centres brings many global benefits. We believe in long term career development and appreciate how challenges and motivation will help you reach your potential. Nestle Nigeria Plc upholds the principle of Non- Discrimination and Equal Employment Opportunities in its recruitment processes.

We are recruiting to fill the position of:

Job Title: Field Sales Manager, Water

Job Number: 160000B9
Location: Nigeria
Job: Sales
Schedule: Full-time

Job Descriptions

As the Leading Nutrition Health and Wellness Company, we are committed to enhancing People’s lives, everywhere, everyday.
This same commitment is what is expected of our Field Sales Manager who will ensure availability, visibility and accessibility of Nestlé Waters products in all relevant outlets through effective management of the sales force.
To succeed in this role you must be an effective team leader, with excellent interpersonal skills , strong drive and passion for business results.

Other Responsibilities

Manage Sell Out activities in assigned territory.
Establish coverage plan for Distributor in assigned territory.
Develop and implement route plan for Sales Force.
Manage relationships between retailers, wholesalers, distributors and Nestlé.
Manage deployment of POS Materials.

Requirements
What it takes:

B.Sc degree or HND in any discipline (Minimum of Second Class Lower or HND Lower Credit).
Must have 2 – 3 years’ experience in Field Sales Management in a Fast Moving Consumer Goods (FMCG) environment.
Great communications and negotiation skills.
Good Computer skills- Ms. Word, Ms. Excel, Ms. Power Point.
Candidate must have a valid driver’s license and must be willing to work in any part of Nigeria.

Application Closing Date
31st January, 2016.

How to Apply
Interested and qualified candidates should APPLY

SCIENCE AND TECHNOLOGY JOBS | Operations & Transformation Consultants at Ericsson Nigeria

January 18, 2016

Ericsson is a world-leading provider of telecommunications equipment & services to mobile & fixed network operators. Over 1,000 networks in more than 180 countries use Ericsson equipment, & more than 40 percent of the world’s mobile traffic passes through Ericsson networks. Using innovation to empower people, business & society, we are working towards the Networked Society, in which everything that can benefit from a connection will have one. At Ericsson, we apply our innovation to market-based solutions that empower people & society to help shape a more sustainable world.

We are truly a global company, working across borders in 175 countries, offering a diverse, performance-driven culture & an innovative & engaging environment where employees enhance their potential every day. Our employees live our vision, core values & guiding principles. They share a passion to win & a high responsiveness to customer needs that in turn makes us a desirable partner to our clients. To ensure professional growth, Ericsson offers a stimulating work experience, continuous learning & growth opportunities that allow you to acquire the knowledge & skills necessary to reach your career goals.

We are recruiting to fill the position of:

Job Title: Operations & Transformation Consultant

Location: Lagos, NG

Role Description

Sell and deliver enterprise transformation and business process improvement projects to telecoms clients
Shape and lead holistic programs that translate operational shortfalls into transformation programs
Define roadmaps for organization change and process development
Undertake capability and assessments across processes and systems
Support operators in defining data requirements and leveraging real time data to drive improved customer experience

Required Skills:

Analytical and problem solving skills
Excellent communications skills (both oral and written) – able to explain complex concepts
Consultative selling knowledge
Team and stakeholder management

Required Experience:

Deep telecommunications industry knowledge
Excellent working knowledge of ICT, network and business processes in the areas of OSS, BSS and Network technology in wireline or wireless environments.
Proven sales and delivery record with a focus on transformation and/or operational transformation and efficiency programs for telecommunications companies.
Working knowledge of using and supporting ITIL, eTOM and security standards. Certification in one or more of these standards is a plus. TOGAF and Frameworx knowledge beneficial.
Understanding of processes and architecture related to fulfilment, assurance and billing
Managing cross functional teams
Experience and ability to interact with senior (C-Level) stakeholders

Requirements
Your Profile:

4 years + experience in consulting
3 years + experience within telecommunications industry architecting end-2end solutions or leading transformation projects
Willingness and ability to travel in Africa up to 75% of the time
Minimum relevant 3 year Bachelor’s degree (postgraduate qualification recommended)

Application Closing Date
Not Specified.

How to Apply
Interested and qualified candidates should APPLY

OIL & GAS JOBS | Finance Directors at a Leading Downstream Oil Company – WWB Recruitment

January 18, 2016

WWB Recruitment – Our client, a downstream oil company based in Port Harcourt, is recruiting to fill the position below:

Job Title: Finance Director

Industry: Oil & Energy
Employment type: Full-time
Location: Port Harcourt, Rivers
Experience: Mid-Senior level
Job function: Accounting/Auditing

Job Description

As a key member of the senior management team, you should preferable be based in Port Harcourt, and have significant experience in a similar downstream environment. With a current turnover of c$15M there are ambitious plans to grow the business to $100M so an equally ambitious and commercial FD is sought to fill this role.

Qualification/Requirements

Qualified Accountant.
Senior level experience as a FD in Oil/Gas downstream.

Application Closing Date
Not Specified.

How to Apply
Interested and qualified candidate should APPLY

POLITICS & GOVERNMENT JOBS | Humanitarian Affairs Officers at the United Nations – Abuja

January 18, 2016

The United Nations is the one international organization with the reach and vision capable of solving global problems.

The United Nations Foundation links the UN’s work with others around the world, mobilizing the energy and expertise of business and non-governmental organizations to help the UN tackle issues including climate change, global health, peace and security, women’s empowerment, poverty eradication, energy access, and U.S.-UN relations.

The United Nations Foundation is honored to work with you and the United Nations to foster a more peaceful, prosperous and just world.

We are recruiting to fill the position below:

Job Title: Humanitarian Affairs Officer

Job Opening Number: 53740
Location: Abuja

Responsibilities
Within delegated authority, the Humanitarian Affairs Officer will be responsible for the following duties:

Monitors, analyzes and reports on humanitarian developments, disaster relief/management or emergency situations in assigned area.
Organizes and prepares studies on humanitarian, emergency relief and related issues.
Organizes follow-up work, including inter-agency technical review meetings to support policy development work and decision-making on important issues.
Drafts and prepares regular situation papers/reports highlighting relevant operational factors affecting the humanitarian situation and response efforts.
Prepares or contributes to the preparation of various written reports, documents and communications, e.g. drafts sections of studies, background papers, policy guidelines, parliamentary documents, briefings, case studies, presentations, correspondence, etc.
Ensures appropriate monitoring and reporting mechanisms; provides information and advice on a range of related issues.
Reviews and provides advice on policy issues related to safeguarding humanitarian principles and ensuring the effective delivery of humanitarian assistance.
Partners with other humanitarian agencies to plan and evaluate humanitarian and emergency assistance programmes and help ensure that latest findings, lessons learned, policy guidelines, etc. are incorporated into these activities, including gender related considerations.
Provides substantial support to sector / cluster working groups as required and facilitate exchange on cross cutting issues.
Establishes and maintains contacts with government officials, other UN agencies, non-governmental organizations, diplomatic missions, media, etc.
Supports advocacy initiatives on issues impacting humanitarian needs and response efforts through the collection of information, liaison with humanitarian partners, government officials, the media, etc.
Manages the production of appeals for international assistance; ensures the proper use and spending of donor contributions channeled through OCHA.
Undertakes and provides support to technical assistance and other field missions, e.g. participates in field trips to undertake in-depth reviews of specific country work mechanisms.
Organizes and participates in working groups, meetings, conferences, consultations with other agencies and partners on humanitarian and emergency relief-related matters.
Performs other duties as required.

Competencies

Professionalism:

Knowledge of a range of humanitarian assistance, emergency relief and related human rights issues, including approaches and techniques to address difficult problems.
Analytical capacity and in particular the ability to analyze and articulate the humanitarian dimension of issues which require a coordinated UN response.
Ability to identify issues and judgment in applying technical expertise to resolve a wide range of problems.
Ability to conduct research, including ability to evaluate and integrate information from a variety of sources and assess impact on the humanitarian rights situation in assigned country/area.
Ability to work under extreme pressure, on occasion in a highly stressful environment (e.g. civil strife, natural disasters and human misery); ability to provide guidance to new/junior staff.
Shows pride in work and in achievements; demonstrates professional competence and mastery of subject matter; is conscientious and efficient in meeting commitments, observing deadlines and achieving results; is motivated by professional rather than personal concerns; shows persistence when faced with difficult problems or challenges; remains calm in stressful situations.
Takes responsibility for incorporating gender perspectives and ensuring the equal participation of women and men in all areas of work.

Team Work:

Works collaboratively with colleagues to achieve organizational goals; solicits input by genuinely valuing others’ ideas and expertise; is willing to learn from others; places team agenda before personal agenda; supports and acts in accordance with final group decision, even when such decisions may not entirely reflect own position; shares credit for team accomplishments and accepts joint responsibility for team shortcomings.

Planning & Organizing:

Develops clear goals that are consistent with agreed strategies; identifies priority activities and assignments; adjusts priorities as required; allocates appropriate amount of time and resources for completing work; foresees risks and allows for contingencies when planning; monitors and adjusts plans and actions as necessary; uses time efficiently.

Qualifications

An advanced university degree (Master’s degree or equivalent) in Political Science, Social Science, Public Administration, International Studies, Economics, Engineering, Earth Sciences or a related field is required.
A first-level university degree in combination with two additional years of qualifying experience may be accepted in lieu of the advanced university degree.

Work Experience

A minimum of five years of progressively responsible professional experience in humanitarian affairs, emergency preparedness, crisis/emergency relief management, rehabilitation, development, or other related area is required.
Experience in the UN common system is desirable.

Languages:

English and French are the working languages of the United Nations Secretariat. For the post advertised, fluency in English is required.

Assessment Method:

Evaluation of qualified candidates may include an assessment exercise which may be followed by competency-based interview.

United Nations Considerations:

The United Nations shall place no restrictions on the eligibility of men and women to participate in any capacity and under conditions of equality in its principal and subsidiary organs. (Charter of the United Nations – Chapter 3, article 8).
The United Nations Secretariat is a non-smoking environment.

Application Closing Date
11th March, 2016.

How to Apply
Interested and qualified candidates should APPLY

“Nigerians Purchased Fuel at N119 Per Litre in December” – NBS

January 18, 2016

The National Bureau of Statistics, NBS, has reported that Nigerians bought petrol at an average of N119.61 per litre in December 105.

The Premium Motor Spirit (PMS) Watch report for last month released on Sunday, January 17 indicated that Nigerians paid N4.26 per litre higher than the N115.35 per litre paid the previous month.

As at December 2015, the official pump price of petrol in Nigeria stood at N87 per litre but the PMS Watch reports for the last one year showed that the least average price Nigerians bought the product was N93 in February 2015.

As at January 1, the federal government reviewed downward the official price of the product by 50k per litre but compliance and full enforcement have remained a challenge for the regulators.

Details of the latest report revealed that the oil-rich state, Bayelsa, continued to top the list of states where residents bought the product exorbitantly. Bayelsa, Taraba and Kogi residents bought petrol at N154, N153.33 and N146.67 per litre respectively in December.

Katsina State topped the list of states where residents bought the product at the least market price. Katsina, Lagos and Kano residents bought petrol at N89.17, N89.80 and N93.14 per litre respectively. Residents of the nation’s capital, Abuja, bought the product above government regulated price at N114.78 per litre.

UAE Investor Indicates Interest in Nigeria’s Infrastructure, Mining, Other Sectors

January 18, 2016

Nigerian Trade Centre, Dubai, UAE, has revealed that Nigeria’s foreign direct investment is about to receive a boost as one of the leading United Arab Emirates’ (UAE) business moguls, Sheikh Abdullah Ahmed Al Ghurair, has indicated interest in different sectors of the country’s economy.

Director, Nigerian Trade Centre, Dubai, UAE, Mohammed Aliyu Baiwa, told newsmen that “Al Ghurair, who is the chairman of Al Ghurair Investment, is planning to invest massively in the oil and gas, power and financial sectors as well as agriculture and mining sectors, and Infrastructure.”

He said Abdullahi Al-Ghurair, who has expressed confidence in the administration of President Muhammadu Buhari, is the chairman of over 36 companies, He is chairman of Mashreq Bank, the oldest bank in the region.”

His empire cuts across a wide variety of businesses that helped in bringing prosperity to the UAE from its earliest days and also extends to more than 20 countries of the world.

Abdullah Al Ghurair serves as the chairman of UAE Bankers Association, chairman of Al Ghurair University and member of Dubai Economic Affairs.

He recently donated a third of his wealth to education charity with a view to helping underprivileged Arab youths.

Gombe Nets N10million from Airport

January 18, 2016

Gombe State government raked in over N10 million in 2015 from the Gombe International airport, the Permanent Secretary, Gombe State Ministry of Works, Mohammed Bappa, stated this over the weekend in Gombe.

Bappa said apart from the sum of N10 million realised, some airlines were yet to settle their indebtedness.

He said the funds realized were used for developmental projects in the state, particularly with revenues from the federation account becoming lean as a result of fall in price of crude oil.

BUA Sugar Refinery Discontinues Credit Facilities to Customers

January 18, 2016

The management of BUA Sugar Refinery, BSR, has discontinued credit facilities to its customers following the prolonged currency fluctuation and the nation’s sugar industry’s dependence on imported raw sugar.

The company, in statement issued over the weekend in Lagos, said the decision is expected to guard against any currency and transaction risks as well as prevent hedging.

The management of BSR said that whilst the official exchange rate had remained stable, significant currency and transaction risks still exist for customers who collect sugar on credit.

As a result, the company is temporarily discontinuing its credit lines to those customers effective today, January 18, till further notice.

This measure, according to the statement, will however not affect the company’s operations and that sugar deliveries will continue to be made against verified payments.

In a related development, BSR has reiterated its support for the Backward Integration Policy (BIP) of the federal government’s National Sugar Master Plan.

The company said that extensive work is ongoing at its Lafiagi, Kwara State BIP site with over 20,000 hectares and that it has another 50,000 hectares of farmland in Bassa, Kogi State.

“These two operations form the fulcrum of BUA’s backward integration programme for sugar and it will further reduce the country’s dependence on imported raw sugar while supporting the value chain in sugar production within Nigeria,” it said.

NSE Index Sheds 2.99% on Lingering Bear Hold

January 18, 2016

The equity segment of the Nigerian Stock Exchange, NSE, retained a downward trajectory on Friday, January 15.

The All-Share Index slid by 2.99% to 23,514.04 points, compared with the depreciation of 3.44% recorded yesterday.

Week-on-Week, the Index plunged by 13.00% while Year-to-date (YTD), it depreciated by 17.90%.

Similarly, the Market Capitalization fell by 2.99% to close at N8.09trn, compared with the depreciation of 3.44% recorded yesterday to close at N8.34trn.

The losses recorded in the share prices of GT Bank, Access Bank, Nestle, Zenith Bank and Dangote Cement were mainly responsible for the depreciation in the value of the Index.

The total value of stocks traded on the floors of The NSE today was N6.18bn, up by 156.59% from N2.41bn traded yesterday. The total volume of stocks traded was 476.65mn in 4,448 deals.

The three most actively traded stocks were: GT Bank (120.39mn), Zenith Bank (113.75mn) and UBA (44.61mn). The most actively traded sectors were: Financial Services (400.33mn), Conglomerates (32.18mn) and Consumer Goods (18.66mn).

Migrants From Outside Europe Earning Below £35,000 In UK Face Deportation

January 18, 2016

Migrants from outside Europe who have lived in the United Kingdom UK for over five years will now have to prove they will be paid the new minimum threshold in order to stay in the country.

According to The Independent, a new Home Office policy stipulates that those who fail to demonstrate earnings of more than £35,000 will be denied settlement in the UK and will face deportation.

However, the UK’s Home Secretary, Theresa May is facing pressures to rethink the “discriminatory” new earnings threshold of £35,000 for non-EU migrants that could starve Britain of vital talent in the teaching, charity and entrepreneur sectors when the changes take effect in April.

Overseas workers who have lived in the UK for five years will have to prove they will be paid the new minimum threshold in order to stay in the country.

The UK Government temporarily exempted nurses from the new rules last autumn in response to fears about widespread shortages of workers across the NHS.

But the earnings threshold could be applied to migrant nurses in the future should the Government decide to take them off the Shortage Occupation List.

Former Cabinet minister Alistair Carmichael, who was David Cameron’s Scottish Secretary before the election, said that discriminating on the basis of income would harm the UK’s place at the “forefront of the global economy”, while shadow immigration minister Keir Starmer said there were “real concerns” over how key industries would be affected.

Mr Starmer, who served as the Director of Public Prosecutions from 2008-2013, urged ministers to “look more closely” at the threshold, which is currently £20,800 – around £5,000 less than the average UK salary.

A petition launched earlier this week to try to force the UK Government to rethink the sharp rise in the minimum income requirements has attracted more than 2,000 signatures.

The petition, which is urging the Government to scrap the new £35,000 threshold for non-EU citizens, could be debated by MPs if it reaches 100,000 signatures but only needs 10,000 to receive a response from the Government.

NNPC To Build 109 New Fuel Stations to Cushion Effect of Fuel Scarcity

January 18, 2016

The Nigerian National Petroleum Corporation (NNPC) has unveiled plans to build a mega station in every Senatorial district of the nation, thus upping its market share in the fuel retail business from the current 12 per cent to a significantly higher number.

The state-run oil firm, in a statement, on January 17, by its spokesman, Ohi Alegbe, said the move was part of efforts to expand its retail outlets across the country to ensure efficient distribution and country-wide penetration of petroleum products.

The corporation, which had already flagged off nationwide consultation with stakeholders aimed at getting support for the planned project, maintained that the project would go a long way in ensuring product availability across all parts of the country.

The group executive director, Commercial and Investment, Babatunde Victor Adeniran, during the flag-off of consultation with a visit to the governor of Kaduna State, Malam Nasir el-Rufai, said the purpose of the visit was to solicit the support of Kaduna State government to provide lands for building new NNPC petrol stations in the state.

He said:“Our mission is to build three mega stations in states, one each in the three senatorial districts of the state. We need about 5,000 square metres for each of the station. Each station will have six pumps including that of Liquefied Petroleum Gas which is cooking gas.”

In his response, el-Rufai who expressed gratitude to NNPC management for deciding to flag-off the outlets expansion programme in Kaduna State, gave express approval for lands to be made available for the mega stations.

He said: “I want to assure you that we will give you all the support that you need. The state director of lands will take the NNPC project team round the state to look at alternative sites. I don’t know how many you are building; we can give you as many as 10 sites if you want.”

Stock Market Posts Lowest Trading Activities Since 2008

January 18, 2016

Transactions on the Nigerian Stock Exchange, NSE, for year 2016 have recorded worst trading sessions seen since 2008, when recession rocked the world economy.

The stock market benchmark index was on a negative since the beginning of 2016 , which so far recorded N1.764 trillion loss in 10 days of trading.

This is the first time in the last eight years that the Nigerian market is making attempt to break the long-drawn recession that has seen investors lose a cumulative N8 trillion since March 2008.

The current trend in the market is going in the same direction of 2008/2009 when market capitalization of quoted companies, which had peaked at a record high of N12.6 trillion in March 2008, nosedived to N6.96 trillion by December 31, 2008 and dropped further to N4.48 trillion in March 2009.

Trading during the first week of the year had declined by N555 billion dropped further last week with N1.209 trillion. The NSE All Share Index and market capitalisation of quoted companies, which had started this year at 28,642.25 points and N9.851 trillion, ended last week at 23,514.04 points and N8.087 trillion respectively.

The market situation on the exchange also indicates broad market sadness with loses spread across all sectors. The NSE-30 Index, which serves as gauge for the market’s 30 most capitalised companies, recorded a loss of 18.85 per cent.

The petroleum-marketing sector index carried a negative return of 6.44 per cent while banking and food and consumer goods sub-sectors declined by 22.66 per cent and 18.06 per cent respectively. The insurance and industry sub-sector also remained an underperformer with a decline of 5.20 per cent and 15.66 per cent respectively.

The NSE Lotus Islamic Index which tracks Islamic compliance stocks slumped by 13.22 per cent, while pension index compliance stock and Alternative Securities Market Index dropped 19.07 per cent and 0.34 per cent correspondingly.

Consequently, premium board and main board index plunged by 23.57 per cent and 14.75 per cent respectively.

NCAA Warns Airline Operators Against Arbitrary Increase Of Airfares

January 18, 2016

The Nigerian Civil Aviation Authority ,NCAA, has threatened to penalize any carrier that arbitrarily hikes miscellaneous charges included in airfares without the authority’s approval.

NCAA’s General Manager, Public Affairs, Samuel Adurogboye, in a statement made available to the News Agency of Nigeria (NAN) in Lagos on Sunday, January 17, said any further breach would attract heavy sanctions.

The statement warned that NCAA would clamp down on any airline that hiked its airfare arbitrarily without filing the proposed add-on charges with the regulatory authority for approval.

“The Nigerian Civil Aviation Authority is directing all airlines to file any proposed add-on charges, surcharges or other miscellaneous charges with it with immediate effect, or risk being sanctioned.

“In the procedure of filing same, all justifiable reasons for increment must be adduced in accordance with parts of the Nigerian Civil Aviation regulations which relate to the approval of charges on all flights within Nigeria or originating from Nigeria to international routes.

“This is as contained in the Nigerian Civil Aviation regulations in requesting for approval of any add-on charges or surcharge, “ it said.

The statement said that an air carrier was required to provide justifiable basis for the proposed increment with a consideration of all relevant factors