Nigerian Stock Exchange Set to Fund N1.8trillion Budget Deficit

January 15, 2016

The management of the Nigerian Stock Exchange, NSE, has said the capital market has the depth to finance the national budget deficit and drive investments in key national infrastructure,.

NSE Chief Executive Officer, Oscar Onyema, who addressed newsmen at the NSE in Lagos on Thursday, January 14 said the sovereign debt market has been on the rise in spite of the current downtrend in the equities market.

He said capital market has the capacity to fund the 2016 budget deficit, which is estimated at N1.8 trillion and to further support the realisation of the Medium Term Expenditure Framework of the government.

While the equities market was in the red in 2015, the NSE bond market rose by a third. Market capitalization for the debt market jumped by 32.7 per cent to N7.14 trillion.

The Federal and State Governments raised N76.5 billion and N35.8 billion in debt capital, respectively. Companies also took to the debt market to raise a total of N112 in seven new listings.

According to him, apart from the federal government raising debt capital directly from the market, other government agencies could be unbundled and made to access the capital market for funds so as to free some cash for the government to fund other areas of development.

“The capital market has an opportunity to effectively finance the FGN’s proposed budget deficit for 2016 and the implementation of its Medium Term Expenditure Framework (MTEF). With greater clarity on policy direction, we anticipate the return of investors who had remained on the sidelines throughout 2015,” Onyema said.

Yabatech to Set Up Radio station, Mortgage bank and Bottled Water Plant in 2016.

January 14, 2016

The management of Yaba College of Technology (YABATECH) said on Thursday that it would establish a radio station, a mortgage bank and a bottled water production plant. Mr Charles Oni, the Head of Public Relations Unit of the college disclosed this in Lagos.

Oni said that the projects were the investment plans of the institution for 2016 and they were near take-off stages. He said that the college had constructed the first central industrial laboratory in Nigeria which would soon be inaugurated. He explained that the central laboratory would attract chemical and allied industries into the institution.

“We have secured a radio license to connect the two campuses in Yaba and Epe. “The objective of this project is to ensure that products of the college are fully engaged to demonstrate their acquired skills and become more employable. “We have struggled to obtain the license so that we can reach out to students in both campuses and teach them through ICT and radio,’’ Oni said.

Oni said that the Mortgage bank for which it secured an operating license from CBN last year,would be used as a training ground for Accounting, Banking and Finance students as well as handled the financial transactions of the institution.

“We have constructed a bottled water plant with sophisticated equipment within the campus to boost the internal generated revenue.“The equipment has been assembled and the plant will begin production soon,’’ he said.

To ensure uninterrupted operations, he said that the college had taken delivery of a 250KVA transformer for regular electricity supply. Oni said that the school authority was working towards expanding its Epe campus as well.

“The management has brought in experts from Europe to address the principal officers of the college on how to expand the scope and capacity building of the institution.
“This will enable the college to admit more students on technical and vocational education,’’ he said.

Federal High Court Redeploys 27 Judges.

January 14, 2016

The Federal High Court judges have just witnessed a recent redeployment which has seen 27 of the court’s initial 52 judges swapping divisions.

Also, the 30 new judges sworn in last December 2, have been assigned courts across the country.

Of the court’s initial 52 judges, 25 retain their previous postings.

A senior official of the court, who spoke on condition of anonymity, said the redeployment “is a routine administrative exercise carried out by the Chief Judge.”

Those affected are Justice James Tsoho (moved from Lagos to Abuja), Justice Mojisola Olatoregun-Ishola (Asaba to Lagos), Justice Binta Nyako (Makurdi to Abuja), Justice Mohammed Liman (Benin City to Port-Harcourt), Justice Anwuli Chikere (Minna to Abuja), Justice A. O. Faji (Ilorin to Asaba), Justice A. L. Allagoa (Jos to Owerri), Justice B. O. Kuewunmi (Oshogbo to Lagos), Justice M. G. Umar (Bauchi to Gombe), Justice S. M. Shuaibu (Owerri to Kaduna), Justice Z. B. Abubakar (Gusau to Kano) and Justice I. M. Sani (Akure to Lokoja).

Also redeployed are Justice I. E. Ekwo (Port-Harcourt to Calabar), Justice M. A. Onyetenu (Abakaliki to Oshogbo), Justice Okon E. Abang (Lagos to Abuja), Justice D. V. Agishi (Enugu to Jos), Justice M.S. Abubakar (Warri to Bauchi), Justice F. A. Olubanjo (Umuahia to Akure), Justice M. N. Yunusa (Lagos to Enugu), Justice E. A. Obile (Calabar to Warri), Justice C. J. Aneke (Lagos to Makurdi) and Justice D. U. Okorowo (Taraba to Ekiti).

Equally moved are Justice Muhammed Lawal Abubakar (Awka to Abakaliki), Justice Musa Haruna Kurya (Lagos to Jos), Justice Evelyn Nmasinulo Anyadike (Kaduna to Umuahia), Justice Oluremi Omowunmi Oguntoyinbo (Owerri to Ilorin) and Justice Fatun Odohi Riman (Kano to Uyo).

Of the newly appointed ones, Justice Muslim Sule Hassan has been posted to Lagos, Justice Nnamdi Dimgba (Abuja), Justice Taiwo Obayomi Taiwo (Ado-Ekiti), Justice Yellin S. Bogoro (Niger), Justice Rosemary Dugbo Oghoghorie (Enugu), Justice Ibrahim Watila (Port-Harcourt), Justice Isa Hamma Adama Dashen (Yobe), Justice Mallong Peter Hoommuk (Port0Harcourt), Justice Jude Kanyioh Dagat (Lagos), Olayinka Olusegun Tokede (Benin), Justice Simon Akpah Amobeda (Kebbi), Justice Jane Egienanwan Inyang (Owerri) and Justice Daniel Emeka Osiagor (Umuahia).

Others are Justice Hassan Dikko, assigned to (Makurdi), Justice Chuka Austine Obiozor (Lagos), Justice Iniekenimi Nicholas Oweibo (Awka), Justice Hadiza Rabiu Shagari (Lagos), Justice Saleh Kogo Idrissa (Kano), Justice Joyce Obehi Abdulmalik (Ibadan), Justice Hillaru Ide Osho Oshomah (Lafia), Justice Fadima Murtala Aminu (Zamfara), Justice Toyin Bolaji Adegoke (Asaba), Justice James Kolawole omotosho (Kano) and Justice Stephen Daylop Pam (Taraba).

Justice Akintayo Aluko is assigned to Abakaliki, Justice Nehizena Idemudia (Ilorin), Justice Emeka Nwite (Kaduna), Justice Abdu Dogo (Akure), Justice Abdulazeez M. Z. Anka (Lagos) and Justice Adamu Turaki Muhammed (Abeokuta).

Court Orders Skye Bank Branches in Osogbo Shut

January 14, 2016

Marshalls from the Osun State High Court on Thursday stormed the four branches of Skye Bank Plc in Osogbo, the Osun State capital, sealed them and removed some valuable property to execute the order of the court got from Tuns Farms Nigeria Limited against the bank.

Tuns Farms Limited and other subsidiaries of Tuns company had got three separate court judgments against the bank totalling N3,991,150 .000 ( N3.9bn) and the judgments were affirmed by the Court of Appeal, Akure .

The company applied to the court and got the writ of attachment and sale against goods of judgment debtor (Skye Bank) and the order was executed with the sealing of the branches and removal of the bank’s property.

The Marshalls, who were escorted to the branches by heavily armed policemen drove out the bank officials, locked the doors and removed some property. Items such as generators, vehicles, air conditioner and some items from the bank were removed and taken away by the court officials.

The sealing of the branches of the bank distrupted the plans of many customers as many of them had come to make withdrawals and they just wondered why the bank should be sealed up.

POLITICS & GOVERNMENT JOBS | State Government of Osun Fresh Graduate & Exp. Job Recruitment (4)

January 14, 2016

The State Government of Osun hereby requests for applications for employment from suitably qualified candidates both in Nigeria and the Diaspora for the following vacant positions in its public services:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

POWER & ENERGY JOBS | Ikeja Electricity Distribution Company (IKEDC) Fresh Graduate & Exp. Job Recruitment (8 Positions)

January 14, 2016

Ikeja Electricity Distribution Plc, Nigeria’s largest power distribution network, came into existence on November 1st, 2013 following the handover of the defunct Power Holding Company Of Nigeria (PHCN) to NEDC/ KEPCO Consortium under the privatization scheme of the Federal Government.

The consortium has the Korean Electric Power Corporation (KEPCO) which generates about 84,000MW in capacity and has a global efficiency record of a maximum down time period of slightly above three minutes annually as technical partners.

This partnership has positioned IE to effectively drive its commitment to deliver efficient and sustainable power supply through investments in new technology, infrastructure upgrade and human capital development.

We are recruiting to fill the following positions below:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

SCIENCE AND TECHNOLOGY JOBS | GE Nigeria Fresh Graduate & Exp. Job Recruitment (9 Positions)

January 14, 2016

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:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

MANUFACTURING JOBS| Merchandising-In-Trade (MIT) Vendors at Nigerian Breweries Plc – 4 Positions

January 14, 2016

Nigerian Breweries Plc – We are the foremost brewing company in Nigeria, passionate about our vision to remain World class in all our activities while marketing high quality brands. We are currently considering applications from bright, talented Nigerians with the right attributes/profile to pursue successful and interesting long term careers in Nigerian Breweries.

We are recruiting to fill the position of:

Job Title: Merchandising-In-Trade (MIT) Vendor

Locations: Abia/Imo, Adamawa and Kaduna

Job Description
We require the services of a Merchandising-In-Trade (MIT) vendor, to provide outsourced labour services for sales deployment and activations in Abia/Imo, Adamawa and Kaduna State.

Requirements
The following are the minimum qualification for appointment as an MIT agent:

A.) Execution Capability and Capacity:

Agency must be a limited liability company registered in Nigeria
Good requisite structure of both human and material resources to run field operations
Good and accessible office located within the operating area. Skilled personnel in sales and marketing to coordinate field sales operations
Ability to attract and retain staff in the assigned operational area Documented human resource management policies and procedures.
The agency must have all the requisite permit by law for a labour agency

B.) Knowledge of Environment:

Agency must have grass root knowledge of the coverage area.
Field staff MUST be predominantly locals or must have lived for a reasonable length of time, in the operating environment

C.) Financial Strength:

Agency must show evidence that they can meet short term financial obligations on behalf of Nigerian Breweries.
In addition to general financial capacity, the agency must demonstrate ability to pay salaries, wages and incentives of its staff on time, fully.

Application Closing Date
20th January, 2016.

Method of Application
Interested and qualified Vendors should address their applications to the:
The Head of Procurement,
Nigerian Breweries Plc,
1, Abebe Village Road,
Iganmu,
Lagos State.

Federal Government Confirms Spread of Lassa Fever to Abuja

January 14, 2016

The Federal Capital Territory has recorded it’s first death of the deadly viral disease, Lassa Fever. Minister of Health, Prof Isaac Oyewole made this known during a visit to the National Hospital, Abuja where the patient died.

The medical director of the hospital, Jack Momoh, while confirming the death, said the patient, a 33 year old newly married man, was brought in unconscious from a private hospital in Kubwa, a suburb of Abuja, where he had been admitted for eight days.

He however died within 24hours of being at the national hospital.‎ Search for all the primary and second contact of the deceased is ongoing.

Ex-Militant Leader, Tompolo, Disregards Court Order Over Alleged N13 Billion Fraud

January 14, 2016

Niger-Delta ex-militant Government Ekpemupolo (aka Tompolo),has shunned the order of a Federal High Court in Lagos to unconditionally appear today to answer a 40-count of alleged N13bn fraud levelled against him by the Economic and Financial Crimes Commission.

While all his co-accused, including a former Director-General of the Nigerian Maritime Administration and Safety Agency, Patrick Akpobolokemi, were present in court, only Tompolo failed to appear.

Justice Ibrahim Buba has consequently issued a bench warrant on Tompolo and ordered the police to produce him in court by all means.

Nigerian Firm to Build 100,000 BPD Capacity Refinery in Bayelsa

January 14, 2016

A Nigerian firm, Epic Refinery Group, has signed a consulting agreement with a foreign firm, Chiron Refineries, for the construction of a 100,000 barrel refinery in Bayelsa State in south-eastern Nigeria.

The Managing Director of Epic Refinery, Barango Wenke Jnr., said that the agreement followed the granting of licence to the company by the Nigerian Government.

He said that his group had signed a consulting agreement with Mr. Kuperberg and his company to find the best match for Epic’s location, and that the future was Brownfield, as opposed to Greenfield, to find a lasting solution to the energy problems in Nigeria.

According to local media report, the agreement for the construction of the refinery was sealed in Lagos by representatives of both companies, led by Wenke Jnr., and Managing Director of Chiron Refineries, Ron Kuperberg, an expert on relocation and assets management.

Wenke disclosed that the initiative was his company’s response to the growing demand for refined products in the country in the midst of the sharp decline in the price of crude oil in the international market.

He noted that with the forecast that the price of crude oil may further drop to below $20, it was imperative that the country commence refining of its crude.

Less Than 1% of Nigerians Have Life Insurance

January 14, 2016

Less than 1% of Nigerians voluntarily subscribe to life insurance due to a general apathy for the business by the government and the citizens.

This revelation was made by the Director-General of the National Insurers Association, Mr Sunday Thomas, who expressed worry that Nigeria was among the least countries in terms of insurance contribution to the Gross Domestic Product at 0.72 per cent.

The Nigerian insurance sector, he said, was grossly untapped because it had not yet appealed to the informal sector, which constituted over 80 per cent of the population.

Thomas noted that it was common knowledge that insurance culture was very low among people in the informal sector, adding that it would take deliberate efforts to win the confidence of this sector.

Arsenal Makes £6 Million Bid for Nigeria U-17 Youngsters

January 14, 2016

English Premier League side Arsenal has reportedly tabled a £6 million bid for Nigeria youngsters Kelechi Nwakali and Samuel Chukwueze.

The youngsters, who shone at last year’s FIFA U17 World Cup in Chile in November, are expected with their guardians and academy officials in London this month to complete the transfer to the London Gunners.

Last year, Nwakali’s agents demanded £4m from another EPL side Manchester City after he underwent trials at The Etihad.

City officials felt the player was overpriced and did not follow up on the deal.

Kelechi’s older brother Chidiebere is on the books of City and his own transfer three years ago was put at over £3m.

Lagos State Plans 24-Hour Operation for BRT Buses

January 14, 2016

The Lagos State Government has announced that it is planning to extend the operation of the state’s Bus Rapid Transit (BRT) scheme to 24, as it is the wish of the present administration that the BRT buses work at night..

The state government is also intensifying efforts on the state’s Light Up Lagos project, to provide functioning streetlights in every nook and cranny of the state.

The Lagos State Commissioner for Energy and Mineral Resources, Mr. Wale Oluwo, on Wednesday in Ikeja said the efforts being made by the government to make BRT buses operate for 24 hours and provide streetlights everywhere in the state were in line with the campaign promise of Governor Akinwunmi Ambode.

The commissioner said most major highways and streets had their streetlights working, adding that repairs of streetlights were being carried out in other strategic places.

He noted that places from Berger to Lekki, Ikorodu to the Lagos Island, Ikeja, Victoria Island and Ikoyi, among others, were already enjoying functioning streetlights at night.

Reps Mull Bill to Enforce Payment of N18,000 Minimum Wage by Foreign Firms

January 14, 2016

Yakubu Dogara, Speaker, Nigeria's House Representative Denies Media report

The House of Representatives has commenced an amendment of the National Minimum Wage Act, 2004 to make it mandatory for companies with foreign interests to pay the minimum wage of N18,000 to their workers.

The Act, under its current provisions, exempts such foreign companies from paying the wage as they are included on the list of establishments exempted from the wage policy.

However, on Wednesday, a former trade unionist, Mr. Peter Akpatason, sponsored a bill to amend the Act to reverse the trend.

Akpatason, who is a member of the All Progressives Congress from Edo State, informed the House that while some of those companies might have a fewer number of employees in some cases, they raked in more revenues than companies with a higher number of workers.

The bill was titled, “A Bill for an Act to Amend the National Minimum Wage Act Cap N6, Laws of the Federation of Nigeria 2004, to Exclude the Establishments that have Foreign Participation from the List of Establishments Exempted from the Payment of the National Minimum Wage and for Other Matters Related Thereto.”

Akpatason argued that such companies, which did not have up to 50 workers as pegged in the Act, made “millions and billions” of revenue yearly, but did not pay their employees the minimum wage.

To address the issue, he added that the number of workers applicable in such instances should be amended from 50 to 20 to cover the foreign companies.

Akpatason argued that by not paying the minimum wage, the country was also losing the revenues accruable to it from the operations of the companies.

He said the Act defined foreign companies to include firms that had up to 50 per cent equity participation by foreigners.

FAAN to Move Petrol Tankers off Lagos Airport Road

January 14, 2016

NNPC Triples Daily Petrol Supply, Deploys 1,661 Trucks

The Federal Airports Authority of Nigeria has begun moves to permanently move petroleum tankers out of the Murtala Muhammed International Airport access road in Lagos.

The Managing Director, FAAN, Mr. Saleh Dunoma, said that the move was part of the efforts to ensure safety and security on the access road.

A statement by the General Manager, Corporate Affairs, FAAN, Mr. Yakubu Dati, stated that in line with the agency’s resolve, officials of the Federal Road Safety Corps recently paid a working visit to FAAN corporate headquarters, Lagos.

Issues discussed during the visit included how to move the petroleum tankers out of the area and relocate them to a safe and secure place.

LASG Gets FG’s approval for $200 Million World Bank loan

January 14, 2016

The Federal Executive Council on Wednesday approved an additional $200m loan from the International Development Association, an arm of the World Bank, in support of Lagos State Development Policy Operation.

The Minister of Information and Culture, Alhaji Lai Mohammed; and the Minister of Power, Works and Housing, Mr. Babatunde Fashola, briefed State House correspondents at the end of the meeting presided over by President Muhammadu Buhari.

Mohammed explained that the loan would enable the Lagos State Government to complete some if its desirous projects, such as the 61Km 10-lane Lagos-Badagry Express way.He said the facility would also enable the state government to rehabilitate the inner roads in Apapa in addition to some other major ongoing works.
Fashola explained that the facility was not a new loan but a segment of a programme of developmental initiatives which was approved in 2010 with a total sum of $600m for Lagos State,meant to be disbursed in tranches of $200m each year starting from 2011 to 2013,and to be refunded over a 40year period,a 10-year moratorium and 0.5 percent interest.

He said the arrangement suffered delays as a result of partisan political differences in the last dispensation.

He explained also that such loans are deducted at source at monthly FAAC meetings; therefore the risk of defaults is minimal.

“Oil Prices Won’t Drop Below $20 Per Barrel” – Kachikwu

January 14, 2016

Nigeria’s Minister of State for Petroleum Resources, Emmanuel Kachikwu said he doesn’t expect oil prices to fall below $20 and that the current $30 price was never really anticipated by members.

Kachiwu spoke to CNN on the sidelines of an energy conference in Abu Dhabi, United Arab Emirates on Tuesday where he said an Organisation of Petroleum Exporting Countries (OPEC) emergency meeting is necessary for member countries to review strategies if they must continue to survive in the oil business.

He said a time has come for member countries to sit back, have a meeting and dialogue once more without the sort of tension that trailed previous meetings.

Asked whether the dialogue will lead to action especially by Saudi Arabia giving up around 1.5m barrels crude in the market, he said, “I think ultimately for the interest of everybody some policy change will happen…The symbolism will be more important to me than the numbers and that symbolism is essential if you are going to have a meaningful dialogue with people like Russia or the rest.”

“I expect to see it on those fringes of $30, a month or two months I expect to see it to begin to climb. I am optimistic that 2016 we are going to $50 barrel type level but the first quarter is going to be very rough,” he said.

Kachikwu said members must agree on common positions else, “the meetings won’t make any meanings until you have both protagonists agree to common positions.

“Stamp Duty Act Can Contribute N1trillion to Government Revenue” – NIPOST

January 14, 2016

Nigeria Postal Service, NIPOST, Area Postal Manager, Plateau Territory, Rev Danso Yinka has said that total compliance of Stamp Duty Act can generate revenue worth over N1 trillion to the federation account annually.

Yinka who made this known to reporters at the launching of Stamping Protocol Promotion campaign yesterday in Jos, said that NIPOST is one of the government’s oldest agencies that have the potential and capacity to create jobs and wealth in enormous dimension for the citizenry.

He said that the Stamp Duty Act should be seen as an alternative source of revenue to the government if only the government and the people can enforce the implementation/compliance, the resultant effect of this is bringing billions of naira into the coffers of government of Plateau State in particular and the entire nation at large on an annual basis.

Yinka said that NIPOST has the power to administer the Stamp Duty Act as a means of creating huge revenue base for the country’s economy, but remains unpopular till date among its targeted audience, the citizenry. Majority of Nigerians are not aware of the stamp duty, hence the need to sensitized the public i n the Plateau.

FG Earmarks N 140 Million to Fight Lassa Fever as Death Toll Rises to 41.

January 14, 2016

In its effort to step up the fight against Lassa fever, the federal government yesterday earmarked the sum of N140 million as funds to tackle the disease.This came as the total number of deaths has now risen to 41.

Meanwhile, the Ondo, Oyo and Nasarawa State governments on Tuesday confirmed cases of the disease in their respective states.

At a joint press briefing in Abuja on Tuesday, the Minister of Health, Prof. Isaac Adewole, and his Information and Culture counterpart, Alhaji Lai Mohammed, stated that efforts are being made by government to arrest further spread of the disease, which is now present in 10 states of the federation.

Adewole said: “With respect to the cost, we are currently handling it within our in-house resources, using drugs that we had in stock. But we are trying to replenish our stocks; we estimate that we will spend N56 million to replenish the drugs. And in order to mount the response, we are looking at N140 million.

“So everything is manageable within the budget of the Federal Ministry of Health, therefore we need not panic for now. When we set up an inter-ministerial committee to ensure that we finally declare Lassa fever dead, and buried completely, we will come up with the budget.”

The minister explained that government would be discreet and transparent with any funds geared towards fighting the disease, adding: “We will also be very realistic in line with the posture of the present administration. We are not going to declare a bazaar, so no one should expect to feast on Lassa fever.”

On the current status of the disease, Adewole stated that: “As at today, records from our surveillance show that the number of suspected cases is 93, number of laboratory confirmed cases is 25 and the number of reported deaths is 41, with a case fatality of 44.0 per cent.”