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Oil Price Rises As OPEC Biggest Suppliers Mull Output Freeze

Following the world’s biggest suppliers decision to meet and discuss an output freeze, oil prices rise on Thursday, March 18.

Oil producers including Gulf OPEC members support holding talks next month on a deal to keep production at current levels, even if Iran declines to participate, OPEC sources said on Wednesday.

A meeting would increase the likelihood of the first global supply deal in 15 years.

U.S. crude was up 65 cents at 39.11 dollars a barrel at 0452 GMT, having earlier risen as high as 39.38 dollars.

Brent crude rose 38 cents to 40.71 dollars.

“A smaller than expected gain in inventories in the U.S. also supported prices,” ANZ said in a morning note.

Crude inventories jumped 1.3 million barrels in the week to March 11 to 523.2 million, a much smaller build than the 3.4 million-barrel increase expected by analysts.

The market is also rallying after a less hawkish U.S. monetary outlook, as the U.S. Federal Reserve held interest rates steady and indicated two rate hikes this year instead of the four expected.

 

Dollar Crashes As Fed Trims Rate Hike Forecasts

The dollar plunged on Thursday, March 18, lifting world shares to their highest level of the year, after the Federal Reserve scaled down its own expectations of the number of U.S. rate hikes likely over the next nine months.

The Fed, via its ‘dot plot’ system, which charts what rate moves policymakers expect, effectively chopped those forecasts in half, from four hikes to two for the year.

It was a signal that triggered a plunge in the dollar and a surge in risk appetite that rolled from Wall Street to Asia and then into Europe, where London .FTSE, Frankfurt .GDAXI and Paris .FCHI opened 0.5 to 0.8 percent higher and bond yields fell. [GVD/EUR] Commodity markets cheered too.

 

User Created Content is The Future

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For centuries, access to information – and the ability to communicate it – has been controlled by the wealthy and the well-educated.  The Internet changed all that.  It has broken down the barriers that exist between people and information – effectively democratizing access to human knowledge.

This has made us all much more powerful as individuals.  We no longer have to take what business, the media or indeed politicians say at face value.  By typing just a few key words into a computer it’s possible to find out about almost any subject – comparing prices, products and policies within seconds.

Not surprisingly people are using that power to buy better value goods and services, to hold others to account and above all to express themselves.  It’s the first rule of the Internet – people have a lot to say.

This has brought unprecedented freedoms to millions of people worldwide:  the freedom to create and communicate, to organize and influence, to speak and to be heard.

Video sharing sites, blogs, social networks – all have offered  platforms on which individuals, politicians, non-profit groups, and others can make themselves heard by a worldwide audience.  From on-the-ground footage of the turmoil in Kenya, to a sophisticated, multi-party Australian politics channel on YouTube, the Internet is providing greater transparency into what is happening in the world, and in the process widening our perspective. Nigeria too has had its own share. One that comes to mind now is the video of the widowed market woman that attained national fame through the words: “Go and die!”. Although the drama occurred in a ‘remote’ location in Edo state, the web made it a global story.

The opportunities the Internet presents to Nigerians are huge. Today, the percentage of Nigerian content available on the web is still small relative to the demand by the large population of Nigerians online. But with easy access to communication tools like setting up blogs, YouTube, forming groups on Google Groups, and creating layers on Google Earth, Nigerian users can not only connect with friends and family, but with a global audience. And thanks to modern translation tools, Nigerian user-generated content can even spread to foreign-language speakers.

Even top leaders and policy makers are taking notice of the trend and the need for user-created content. In the 2015 general elections, the top candidates in the federal and state elections leveraged the power of web tools like YouTube to reach the large population of Nigerians online. In many cases, the videos generated went viral. In 2007, Queen Rania Al Abdullah of Jordan launched her presence on YouTube with a message to the world’s young people asking them to join in a global dialogue to recognize commonalities and to dismantle stereotypes of Muslims and the Arab World. Today, videos on that channel have been watched almost 8 million times.

If you are still not convinced, ponder on this – the combined views on Davido’s hit tracks ‘Gobe’ and ‘Aye’ on YouTube is about a hundred and fifty percent of the population of Ghana. More than what any TV station can deliver. And these are just 2 videos! Now imagine the combined videos from other top artists like PSquare, Olamide, Wizkid etc. One of the most watched user-generated YouTube videos in Nigeria in 2014 was the Arik Air video recorded with a mobile phone by one of the passengers. And the examples are endless.

Becoming a part of this global dialogue is easier than many may think. Upload a photo, share videos on YouTube, share your opinions on a blog or website – or start one yourself on free tools like Blogger. It only takes a few minutes to set up, and the benefits are immediate: are you passionate about travel, or knowledgeable about a local specialty dish? Sharing your passions, hobbies, thoughts, and tips with people around the globe isn’t just about widening your community; it’s also about widening your perspective and helping to introduce people to the world around you.

User created content is the new face of the internet and will shape the way we think and behave as individuals – when used positively it means more choice, more freedom and ultimately more power for the individual.

Here’s  to making the web more Nigerian!

Dangote Sugar Revenue Leaps to N101billion

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Dangote Sugar Refinery Plc, on Thursday, March 17, announced improvement in its consolidated and separate financial statement for the year ended December 31, 2015 with N101.058 billion.

The sugar refinery company’s revenue leaped from N94.856 billion in 2014 financial year represented N6.202 billion increase.

It spent N80.329 billion on cost of sales in 2015 against N76.227 billion it spent on the same purpose in 2014.

The company gross profit stood at N20.728 billion at the end of 2015 financial year from N18.628 billion in 2014.
Its profit before tax rose by N956 million from N15.592 billion it made in 2014 toN16.548 billion at the end of current year. While its profit after tax stood at N11.535 billion in 2015 from N11.636 billion in 2014.

Its earnings per share dropped from N97 kobo in 2014 to N96 kobo during the review period of 2015, indicates N1 kobo or 1.03 per cent increase.

Stock Market Records N114billion Three-Day Loss as Investors Book Profit

The bearish trend that rocked the Nigerian Stock Exchange, NSE, for three consecutive days let to a drop of N114 billion from Monday to Wednesday.

The Market Capitalization of 190 listed companies on the bourse opened the week with N8.939 trillion to end the mid-week at N8.826 trillion.

The All Share Index also depreciated by 330.92 basis points from 25,988.40 points to close yesterday at 25,657.49 points.

The mid-week trading also declined by N29 billion representing 0.34 per cent.

Analysts believed that the recent downtrend in equities was driven by profit taking following dividend play by investors in recent weeks.

At the end of the trading, Unity Capital Plc led the most traded stocks with 4.160 billion units of shares worth N3.203 billion followed by Zenith Bank Plc with 44.521 million shares at N560.549 million, UBA Plc with 21.685 million shares valued at N78.337 million, FCMB Plc with 17.467 million of shares at N14.099 million and Transnational Corporation of Nigeria Plc with 14.769 million shares worth N16.278 million.

Access Bank Grosses N337billion Revenue

Access Bank Plc, on Thursday, March 18, declared N337.404 billion gross earnings in its 2015 financial results released to the Nigerian Stock Exchange.

The bank’s gross earnings leaped by N92.021 billion translated to 37.50 per cent from N245.383 billion it made during the same period of 2014.

Access Bank result for 2015 showed that profit before tax stood at N75.038 billion, as it grew to N23.016 billion or 44.24 per cent from N52.022 billion, while profit after tax stood at N65.869 billion, growing at N22.893 billion, representing 53.27 per cent from N42.976 billion.

The strong year-on-year growth in profit before tax was driven by both revenue lines; funding income grew 23 per cent year-on-year while non-interest income grew 45 per cent year-on-year.

Its earnings per share increased from N185 kobo in 2014 to N262 kobo during the review period of 2015, indicating N77 kobo or 41.62 per cent increase.

Access Bank total assets increased by N487 billion from N2.104 trillion to end 2015 with N2.591 trillion.
Its liabilities also rose from N1.827 trillion during the 2014 financial year to N2.224 trillion at the end of 2015 showing a N397 billion increase.

The bank’s non-performing loans ratio dropped from 2.2 per cent it made in 2014 to 1.7 per cent at the end of 2015 financial year.

 

Telecoms Sector Contributed N500billion to Federation Account in 10 Years

The Nigerian Communications Commission, NCC, has said the telecommunications sector contributed over N500 billion to the Federation Account in the last 10 years.

NCC’s Executive Vice Chairman, Umar Danbatta, made this known on Thursday, March 18, when the executive members of the Association of Licensed Telecommunications Operators (ALTON) visited the headquarters in Abuja.

Danbatta said apart from the monetary contribution, about 2.5 million direct and indirect jobs were also generated by the sector in the same period.

“We are in no doubt about what impact the telecom sector can make to the economy of the country. It has created 2.5 million direct and indirect jobs in the last 10 years; no sector has done that except may be the oil and gas. No sector except for oil and gas has succeeded in contributing N500 billion to the Federation Account in the last 10 years. No sector has contributed 10% to the GDP except for oil and gas. In 2014 alone, the investment in the sector hit $10 billion. So, the telecoms sector has contributed more than any other sector to the economy”, he said.

He called on the federal government’s economic team to relax its Forex policy as it was affecting investments in the telecom sector.

“I want to join in the call for government to reconsider and revisit its fiscal and monetary policy as it relates to Forex. The operators are facing a hard time doing business,” he said.

Earlier, ALTON chairman Engr Gbenga Adebayo appealed to NCC to do something urgent on the problem of multiple taxes in the sector and the proposed telecom tax on consumers.

He said the gains in the sector may be eroded if the telecoms tax law is enacted as it would affect many poor subscribers.

Lafferty Rates Sterling Bank Among 15 Top Banks In The World

 Sterling Bank Plc Nigeria is rated as one of the best banks in the world and it is among 15 top banks in the world to achieve 4-star rating by a United kingdom (UK) based agency, Lafferty Quality Ratings,  following an innovative and ‘radically different approach to determine quality and excellence in banking globally.

Lafferty Group is a major enhancer of knowledge services to the banking industry worldwide – from bench marking research to professional education.

There are other banks that were rated alongside The other banks Sterling Bank from Nigeria, which are Capitec and Barclays Africa, South Africa; HDFC, India; Discover, US; Public Bank and Hong Leong, Malaysia; OCBC, Singapore; TSB, UK; Swedbank and Handelsbanken, Sweden; National Bank of Kuwait; ADIB, UAE; Arab National Bank, Saudi Arabia; and  BCA Indonesia.

Stylish Jewellery With Affordable Prices

Fashion comes with limitless categories, from clothes, shoes, bags. All of these are placed side by side to give you that stylish look. But it would be a total disaster if all this combination miss out on the effect of placing a jewellery. Apparently, the true taste of appearance in fashion, can only be more dapper if you recognise the value of a simple yet elegant necklace.

You have every right to stay trendy even in your most rational state. Step out with confidence looking ravishing and classy.

With our unending concern for fashion, we showcase affordable jewellery that will help you stay chicky and trendy.

This  Fashion Bond Rose Gold Chain With Red Acrylic Jewellery Sets from Jumai is well suited for an official look.

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N2,500

This SQ Professional Austria Crystal Jewellery Set from Konga is charming for a dinner date.

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N2,000

This Set of Four Costume Jewelry Set – Gold from Kaymu will go on a nice gown for an event.

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N3,800

This Fashion Wedding Jewellery Set from Konga is a complete set of jewellery well suited for a wedding occasion.

 

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N3,200

This Universal Double Ball Circle Necklace from Jumai is convenient on a casual look to the cinemas.

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N2,000

 

Olashore International School Trains Sports Youngsters

Blue House Captain, Onigbogi Damilare, Sports Prefect, Effiong Mminika, Head Of Extra curricular activities, Mr Felix Adeboboye, Green House Captain, Ishola Taofeek Oluwatobi, at the Olashore International School Interhouse Sports, recently held at the school at Illoko-Ijesha, Osun State

Olashore International School is set to build an international standard set of student as far as sports is concerned. This was stated at the school’s inter house sports held at the school recently in illoko – ijesha.

According to the school’s Head of Extra – curricular activities, Mr Flex Adeboboye helps train children for the future. His words: “Generally, inter house sports helps to keep students fit, engenders healthy rivalry and trains them for the future. We are committed to raising sports youngsters with the international standards set by the school in sports. Sports have helped Nigeria because they have won laurels across the world. It is a segment that has pictured Nigerians in the committee of Nations. We have a structured programme for our sports development such that between 5pm and 6pm on Mondays, Thursdays and Fridays, the students come out to train and also weekends. Aside from in- house training, we also hire someone from outside to train them. They usually embark on various field and track events in order to get well rooted in them. I encourage students to build themselves on sports because in this present day, sports is more like a money spinning sector and we need to ensure students  are kept on their toes”.

Red House Captain Adeniran Adedeji and Assistant Red House Captain Nwachukwu Chioma, receiving trophy from the Chairman Board Of Director, Prince Abimbola Olashore, on behalf of Red House, the winner of the Interhouse sports competition , at Olashore International School, Illoko-Ijesha, Osun State.
Red House Captain Adeniran Adedeji and Assistant Red House Captain Nwachukwu Chioma, receiving trophy from the Chairman Board Of Director, Prince Abimbola Olashore, on behalf of Red House, the winner of the Interhouse sports competition , at Olashore International School, Illoko-Ijesha, Osun State.

Similarly, the principal Mr Derek Smith stated that as part of school’s eagerness to build 21st century leaders, children are trained to be skilled. “We want to ensure our students are trained and well skilled in sports so they can participate in competitions. As it is, we have one of our students participating in the UK. Some of our present students might grow to become even better competitors. Above all, learning to learning to live a healthy lifestyle is key”.

Olashore inter house sports ended in grand style, with Red house emerging the winner, Blue house the first runner up and Greenhouse the second runner up, while leaving yellow house behind.

Commissioner Challenges Students to Learn State Anthem

Ogun Unveils OLARMS Portal For Land Sales, Registration
Ogun Unveils OLARMS Portal For Land Sales, Registration

Mrs Modupe Mujota, theOgun State Commissioner for Education, Science and Technology,  has urged the new students of the Ogun State Institute of Technology (OGITECH) Igbesa, Ogun State to learn the lyrics of the State anthem, “Ise Ya”, saying it would help direct their career paths while in the institution.

Mujota said this during the institute’s 10th matriculation of OND and HND  students for the 2015/2016 academic session.

She said the Ogun State anthem stands for virtues of industry, resilience, integrity, prayerfulness, and optimism, among others, all which make up the trademarks of an average native of the state.

She also added that: “We all just sang the Ogun State anthem after that national anthem but I want you all to pay more attention to the lyrics of that song. It talks about those qualities which when imbibed, can make you realise your purpose in this school.

She concluded by saying,“These are the virtues of an average Ogun man and I can tell you that armed with those qualities, you can never lose focus. I also wish to appeal to you not to join bad company so that you don’t destroy your life and career. As I rejoice with you today, I also wish to rejoice with you on your graduation day.”

UNILAG Muslim Students Go On Rampage Over Ban On Activities

Yesterday the Members of Muslim Students’ Society of Nigeria, MSSN, University of Lagos chapter, Akoka, went on rampage, protesting what they described as the school authority’s infringement on their fundamental human right of freedom of worship and association.

For more than two hours in the early hours of the day, this action prevented free flow of human and vehicular traffic in and out of the campus, with members of the university community entertaining fear of possible degeneration and close down of the institution.

The protesters carried placards with different inscriptions, warning the university authorities to stop hindering them from carrying out activities as a religious group. They traced the development to last October when the university received a petition from anonymous individuals, accusing the society’s leadership of financial recklessness. One of them, who is also a member of the outgoing executive committee of the association, said the university had since then been acting on the petition even after finding out that the allegations were baseless.

However an officer, who preferred anonymity said: “Surprisingly, instead of the authorities to lift the ban on our activities, it rather imposed a staff adviser on us and forced our former staff adviser who is the association’s choice to resign. “So, since last October, we have been unable to hold tutorial classes for members and Qur’anic memorisation sessions, among other activities and this is greatly unfair on the part of the school, especially when other religious groups on campus are not treated the same way.”

But reacting, the university, through its deputy registrar (Information), Mr. Toyin Adebule, said the university is already in the process of resolving all the differences. According to him, the new policy on campus demands that all associations and clubs must not only register with the authority but also pledge to adhere to rules and regulations guiding their activities. “All that the university wants is moderation of activities that will take interest of the entire university community into consideration and the process in ongoing,” he said.

Catholic Hospital Calls Out Kaduna Govt Over N15.6m Debts

The management of Saint Gerard Catholic Hospital, Kaduna  has urged Kaduna State governor, Malam Nasir el-Rufai to pay an  outstanding debts of N15.6 million owed it following medical services rendered to victims of the 2011 post election crisis in the state.

The hospital administrator,  Reverend Sister Beatrice Danladi, said “The   debts was the total bills incured in the treatment of victims of the post-election crisis,  derailed train accident in Kakau, police station attack in Kujama and electrocuted children in Kakuri areas of Kaduna city which the state  government undertook full responsibility to settle the hospital bills.”

She stated that the appeal has become necessary in order to recover the money and improve the services of the hospital to its customers, recalling that the late governor of the state, Patrick Ibrahim Yakowa, was about to settle the bills when he suddenly died.

Lawmakers Uncover 25 Fresh Errors 2016 Budget

It was reported yesterday that Lawmakers have uncovered 25 fresh errors in this year’s budget. The items involved are estimated at about N37, 025, 238, 407.

Of the amount,  about N21,623,323,649 voted for office repairs was  rated “avoidable” by the Senate and House of Representatives committees on Appropriation. The committees have also drawn the attention of the Ministry of Budget and Nationasl Planning to the errors.

The Chairman of the Senate Committee on Appropriation, Sen. Danjuma Goje, and the Chairman of the House Committee on Appropriation, Hon. Jibrin Abdulmumin, were making rapid efforts last night to meet Tuesday’s deadline for the passage of the budget.

The two committees and the Ministry of Budget and National Planning were making last-minute consultations as at press time.

The errors were discovered at the last stage of the budget’s consideration.

It was gathered that the errors spotted by the National Assembly tallied with the input from many Civil Society Organisations, including CLP/ Reclaim Naija.

It was learnt that the mistakes are in the following eight areas:

  • Duplication of budget line items;
  • Budget items with quantities not specified;
  • Budget items with no location;
  • Large amount of money being appropriated for rehabilitation/repairs of office /residential buildings and purchase of office furniture and fittings;
  • Budget items repeated over the past four years;
  • Curious budget line items;
  • Non-priority budget items; and
  • Wrongly classified budget items

Also a document obtained from the National Assembly lists the breakdown of the errors, including curious budget line items(N6, 411,661, 956); duplication of projects(N3,567,605, 395); non-priority project items(N5, 422, 647,407); office repairs/ rehabilitation(N21, 623, 323, 649).

A source in one of the committees said: “We have identified 25 new errors in the budget involving about N37, 025, 238, 407billion.

“From the budget, we have discovered that the vote for the generation of 700 MW from Zungeru hydropower project was duplicated seven times and titled MOPWH161021632-40. For the same project, the amounts voted are as follows N750m, N113, 465, 000, N139, 426, 180, N126, 624, 383, N93, 767, 500 and N160, 000, 000.

“The National Bureau of Statistics projected to spend N256, 920,000 and N230, 705, 000 in the same budget on procurement of equipment, vehicles and furniture. At our session, we were surprised that we could still be having two estimates for the same project. Also, the Federal Roads Maintenance Agency (FERMA) is planning to execute Integration of Road Reference System with N150, 940,000 (FERMA 18015998) and N15,000, 000(FERMA 18021621) respectively.

“On its part, the National Intelligence Agency(NIA) is expected to use N2, 479, 581, 721 as refund to states for Federal Government Road Projects and the Ministry of Youth and Sport will spend N1, 731, 050,000 on kitting of Armed Forces and the Federal Airport of Nigeria(FAAN) has been allocated N340, 707, 625 for Wildlife Conservation. These are evidence of padding still subsisting in the budget.

A document on the analysis of the budget in possession of the appropriation committees reads: “From less than a dozen MDAs, over N21 billion can be saved and re-allocated to create needed jobs for the millions of unemployed youths.

“The money budgeted for rehabilitation/repairs (N10,774,052,415.00) by the ministry of Interior alone is more than double the entire budget of the Ministry of Women Affairs (N3,974,395,038). “More money should rather be voted for the Ministry of Women Affairs to be able to invest in the economic empowerment of women.

“The MDAs will not collapse if these projects are postponed to a future date when the country can easily afford to execute them.

“In the budget of the Office of the Secretary to the Government of the Federation(OSGF), Procurement and Installation of security system has become a recurring decimal.”

The source added: “With due respect to SGF Babachir Lawal, we have realised that those in charge of the budget of OSGF might have committed blunders. For 2016, the OSGF has budgeted N1, 710, 322, 610 for procurement and installation of security system. The same office budgetted the following amounts in the last three years on the same item: N527, 000,000(2013); N1, 161, 356, 582(20140 and N316, 420, 274(2015).”

A source in the Ministry of Budget and National Planning,  said: “We are not aware of the so-called fresh errors in the budget.

“The budget is a proposal sent to them, it is their constitutional role to vet, amend, and come up with a clean copy.

“The minister of budget and national planning  met with the appropriation committees about three  weeks ago and he told them that the Executive was not expecting the National Assembly to pass the budget as presented.

“The budget is the property of the National Assembly now, we will not comment until they return it.”

CBN Boosts Youth Entrepreneurship with N3m Credit Incentives

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, on Tuesday launched the Youth Innovative Entrepreneurship Development Programme (YIED-P), an initiative designed to unlock the ingenuity and resourcefulness of youths to drive the economy. About 1,000 youths would be targeted and one million direct jobs in productive activities would be created within the next four years with special credit line of up to N3 million made available for each eligible youth.

He said the scheme, which is open to youths ,who are either serving in the National Youth Service Corps (NYSC) or those not more than five years post-NYSC service, will fix the problem of inadequate finance which is often encountered by business start-ups.

Recipients who utilise the funds properly could be encouraged to migrate to the other CBN interventions where they could be given more funds to grow their businesses, he added.

He said collateral requirements would be made “very simple” to include academic and NYSC certificates, third party guarantees and other movable assets in order to expedite this programme.

Together with our partners, we have developed a robust operational framework that will deliver a bias-free pre-qualification and selection process. We have also created a portal to streamline the application process and ease back-end processes.”

Spectranet to Partner Lagos to deepen Internet Penetration

Spectranet 4G LTE, an internet service provider, is seeking partnership with the Lagos State Infrastructure Maintenance and Regulatory Agency (LASIMRA) towards enhancing communication and internet penetration in the state. It is part of the company’s goal to boost internet penetration in the country.

The Chief Technical Officer, Spectranet 4GLTE, Arun Panda said the presence of LASIMRA would further boost the company’s commitment to promoting best management relationship between it and regulators at both state and federal levels, designed at achieving government’s desire to improve internet penetration in the state and beyond.

The General Manager, LASIMRA, Bebajide Odekunle, said: “Lagos State government is happy with the effort of Spectranet to improve internet penetration in the state, hence the need to visit as well as inspect the Spectranet 4G LTE plans, based on the state’s goal of ensuring that all organisation complies with its rules and regulations.

“Therefore by visiting Spectranet, we have been assured from our initial communications that they are law abiding. Odekunle said the visit was also to solidify the relationship between the organisations and to ensure that values are properly exchanged for the benefits of both parties including the consumers and Lagosians.

Spectranet 4G LTE plans to commence the laying of fibre optic cables across the state in specific areas identified and approved by LASIMRA, as part of its goal of improving internet penetration in the state.

FG Seek British Council Support on Recruitment of 500,000 Teachers

Minister for Information, Alhaji Lai Mohammed
Nigeria seeks support from United Kingdom in the training of 500,000 teachers to be employed by the Federal Government. Minister of Information and Culture, Lai Mohammed, who reported this in Abuja at a reception in honour of the Chief Executive, British Council, Sir. Ciaran Devane, said the training would be centred on technical support and building the capacity of teachers from the U.K.’s wealth of experience in the education sector.Lai Mohammed also explained that part of their discussion was for the council to assist Nigeria in capacity building for the creative industry and changing the negative narratives about Nigeria in U.K. and other European countries.

Mohammed said, ‘‘We have earlier sought the cooperation of the British Council on recruitment of 500,000 teachers which has had experience on this in training teachers because one of the things the council offers is capacity building in these areas. He stated that the partnership is an ongoing one, he also had opportunities in meeting with the country director of British Council about two months ago and they both agreed on the necessity to grow the local creative industry and the council offer to help out in the capacity building for sector.

Devane said the British Council was particularly interested in exploring every possible area of collaboration to assist Nigerians going out of school population in the country.

He also added, I am leading a delegation to Nigeria from the British Council and UK parliament involving journalist as well and Vice Chancellors of a leading UK universities. We are here in Nigeria to look at collaborations British Council has with Nigeria in culture sector, education sector, security and education .

We want to see what is going on and what we can learn from you which we can carry to other parts of the world. But going forward, we need to think of what is good for modern Nigeria in some ways. We need to think through how we can work through the education system, which is growing rapidly, and training the 500, 000 teachers the government plans to hire. We will be doing more, making new things like Lagos Festival.

Devane described Nigeria as one of the most important countries to the British Government, which cannot be ignored due to its potentials, saying that the bond between the two countries have grown stronger over the years.

”For me, Nigeria is one of the most important countries in the world to the British Government, the bigger and fastest growing economy in Africa. Nigeria is going to be one of the powerful drivers of economy in the future. For me the connection is getting stronger, the significance of Nigeria will only grow stronger as well,’’Devane said.

FG Commends Kebbi Over Hike In Rice, Wheat Production

The federal government has commended the Kebbi State government over its efforts to boost rice and wheat production and described Governor Abubakar Atiku Bagudu as a shinning example in the north, Nigeria and Africa at large on how to encourage agricultural production.

The minister of Agriculture, Mr Audu Ogbe has expressed happiness about what he saw in Kano and Kebbi states. He pledged to support the research institute in promoting research on improved seeds and mechanical farming to enhance farmers’ yield per hectare so as to make the nation sufficient in cash crop production.

Ogbe assured farmers of federal government’s commitment to attain food security and save enormous resources expended on food importation. He also lauded millers across the country through their chairman, Mr John G. Countaros who also promised farmers that the millers would purchase all wheat produced in the country, considering its importance.

Nestle Disclose N24bn Profit In 2015

Nestlé Nigeria

Nestle Nigeria Plc has announced the financial statement for the year ended December 31, 2015, it posted a revenue of N151.272 billion, compared to N143.329 billion in 2014. Gross profit stood at N67.346 billion, up from N61.22 billion. Marketing and distribution expenses followed the same upward trend, rising from N24.7 billion to N25.9 billion, while administrative expenses rose from N7.34 billion to N7.693 billion.

Finance cost fell from N5.305 billion to N4.868 billion. The drop in finance cost bolstered the bottom-line of Nestle Nigeria, which ended the year with a profit before tax of N29.322 billion, up from N24.445 billion. Profit after tax grew from N22.236 billion to N23.736 billion. They  disclosed a final dividend of N19.00 per share, bringing the total dividend to N29.00. Shareholders had earlier received an interim dividend of N10.00 per share.

 Analysts at FBN Capital Limited said; “According to management statements, sales were driven by an eight per cent year-on-year (y/y ) growth in the foods business. We believe this is helped by continued product reformulation, an improved sales distribution network and relatively higher switching costs for the food category. Our channel checks continue to reveal flattish y/y pricing for key Nestle products. As such, we believe unit volumes of around 10 per cent were the primary driver for the top-line trend. In addition to topline growth, a gross margin expansion of 305 basis point (bps) y/y to 44.7 per cent and an 80 per cent y/y decline in net finance charges boosted PBT growth which was up 99 per cent y/y. We note that the strong PBT growth is helped by easy comparables given an unusually weak Q4 2014. We note that Nestle’s low reliance on imported raw materials continues to keep gross margin at healthy levels. We await management’s comments on all of these lines.”

“We believe consumer goods firms will struggle given the continued macroeconomic headwinds. Although the security in the north east is a lot better today, a combination of a higher inflationary environment, slower economic growth and lower disposable income would be major themes in 2016.”

Fashola Reaffirms Plans On 4,800MW Nuclear Energy

Minister of Power, Works and Housing, Babatunde Fashola has reaffirmed that there is no going back on Nigeria’s quest for 4,800MW from nuclear technology by the year 2035. He said government was working hard to diversify its energy mix beyond the traditional sources of gas, oil and hydro to include nuclear and other renewable sources like solar, biomass and wind.

Fashola lauded the Nigeria Atomic Energy Commission (NAEC) and its team of experts for the research works and human capacity building efforts in this specialised field, urging it not to relent in the crusade of making Nigerians deploy safe use of the technology.

“You must begin to break down the seeming complex issues around nuclear power into simple terms and language that our people can understand, we must try to demystify issues around nuclear power in Nigeria,” he said, adding that the nation cannot afford to be left behind in the acquisition of appropriate nuclear technologies.

The minister added that Nigeria had developed a comprehensive nuclear law currently awaiting legislative inputs at the National Assembly. He noted that the procurement activities for the first nuclear power plant with generation capacity of 1,200MW of power to the national grid by 2025 would be done as scheduled.

The two sites selected by the commission are located in Geregu in Ajaokuta Local Council of Kogi State and Itu council area Akwa-Ibom State.

 

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