Alhaji Abdullahi Zuru, the General Manager of privately owned Labana Rice Mills Ltd. in Kebbi State, has disclosed that the company employs 3,000 workers. He said the company established five years ago had two mills to process rice obtained from local farmers who had been assisted to produce the required quantity by the company.
Zuru said the two rice mills had the capacity to process 16 tonnes of rice per hour.
“Labana Rice mills encourages self – sufficiency in high quality rice produced by local farmers. Our Labana premium and Labana parboiled products are of high quality and affordable.
“The company will sustain farmers with inputs in the outgrowers scheme within and outside the state, ” he said.
He added that the company would expand the scope of production and employment, improve capacity building of staff, as well as support farmers increased productivity. The company would also employ additional workers as it and therefore tasked youths to embrace rice cultivation as the commodity would be purchased by the company to encourage self- reliance.
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has announced that NNPC/CBN assistance in sourcing foreign exchange for oil marketers would solve the lingering fuel scarcity.
The South-West Chairman of the union, Alhaji Tokunbo Korodo, said that NNPC as sole importer of petrol could not distribute the product nationwide. He added that most oil marketers cannot import petrol into the country because they could not access foreign exchange.
“The only solution to the present scarcity of fuel is for the CBN to assist the oil marketers in accessing forex to commence importation of petrol.
“NNPC, which at present, is the sole importer cannot distribute nationwide but private depots through their depots can do it better.
“Getting the Forex for oil marketers will go a long way to maintain steady supply,’’ he said.
Korodo said that the nation would need regular supply of petrol to filling stations to eliminate the present fuel scarcity.
He urged the NNPC to urgently source for foreign exchange for the oil marketers so that they could commerce steady importation of petrol.
The Nigerian Communications Commission (NCC) has disclosed that the ban on regulatory services which it placed on MTN Nigeria is not related to the N1.04 trillion fine the commission imposed on the company.
The commission’s director of Public Affairs, Mr Tony Ojobo, stated that the ban which the commission lifted earlier this week was as a result of several regulatory infractions which pre-dated the fine. The head, Legal & Regulatory Services, Mrs Yetunde Akinloye, specifically stated that the lifting of the suspension is as a result of several letters from MTN to the NCC requesting for the lifting.
“Having reviewed MTN’s plea therefore and in consideration that the operator has abated all the infractions listed above, the NCC hereby lifts the suspension, urging MTN to ensure that it maintains good regulatory standing with the commission at all times to avoid future occurrence.In lifting the suspension of regulatory services to MTN, the commission expects total compliance with the NCA 2003, Regulations and the Terms and Conditions of Licences issued to MTN, and will not hesitate to impose necessary sanctions where MTN flouts any provision of the foregoing regulatory instruments.”
The acting Managing Director of NDDC, Mrs. Ibim Semenitari, has revealed that the Niger Delta Development Commission (NDDC) will provide mobility and personal aids to persons living with disability in the Niger Delta region.
She explained that the approval was to add value to their lives and reduce the social stigma they confront on daily basis, expressed worry that society and even families often times consider those with disability as inferior.
Semenitari said, “This is to ease your challenges and I did it under no pressure. That shows you that we have your interest and wellbeing at heart. You have to exercised patience with the process because things have to be properly done, including the procurement. I have special interest in persons living with disability. So, be assured that your needs are receiving attention.”
The World Economic Forum today announced 121 scientists, government leaders, future business leaders, social activists and artists, aged under 40, who are shaking up policy, society and the world around them.
Over half of the Young Global Leaders Class of 2016 are women and the majority are from emerging economies. Taken together, they represent the very best of this generation and, as public services worldwide face funding shortfalls, they emphasize the need for future leaders to be tech-savvy, civic-minded innovators.
Current and former YGLs head governments and Fortune 500 companies, win Nobel Prizes and Academy Awards, become UN Goodwill Ambassadors and Social Entrepreneurs. The new YGLs will be asked to work with one another over the next five years resolving some of the world’s toughest challenges.
“Technology is reshaping the way global economies work and how jobs are created. For young leaders, this encompasses the most promising innovations of our day but also the challenges of huge disruptions to labour markets, socioeconomic and demographic changes, resource scarcity, global conflicts and slowing productivity. We want these young leaders to be part of the solution and to provide a community that helps them to break down silos, work across sectors, bridge cultures and have the skills get things done in private, public and civil society organizations,” said John Dutton, Head of the Young Global Leaders at the World Economic Forum.
The Class of 2016 includes:
Penny Abeywardena (f), Commissioner for International Affairs for New York City Mayor Bill de Blasio. She previously advised Hillary Clinton on women’s rights and is now responsible for one of the largest diplomatic corps in the world, which included the Pope’s visit to New York.
Sam Altman (m), the head of Y Combinator, one of the world’s most profitable start-up accelerators which has invested in well-known names like Airbnb, Dropbox and Zenefits.
Eleni Antoniadou (f), a Greek scientist and co-founder of Transplants Without Borders, which is pioneering the development of lab-generated organs in clinical transplants to stop illegal organ trafficking.
Christopher Ategeka (m), the founder of Rides for Lives, a Ugandan non-profit that builds mobile health units equipped with a doctor, lab and pharmacy. To date, it has served over 500,000 people. An entrepreneur since childhood, he lost both parents to HIV/AIDS when he was seven and supported his family by starting a neighbourhood waste-collection service.
Abayomi Awobokun (m), who rose from cleaner to oil company CEO as head of Oando Downstream, Nigeria’s biggest indigenous oil-retailing major.
Farida Bedwei (f), a Ghanaian software engineer and co-founder of Logiciel, who is considered to be one of the most powerful women in financial technology in Africa.
Hina Butt (f), a member of the Punjab Assembly with the Pakistan Muslim League (Nawaz) who is also a successful businesswoman who founded her own fashion company in Pakistan. She is passionate about countering child marriage and promoting women’s rights in Pakistan.
Julie Chappell (f), the UK’s youngest ever ambassador who is now building a forum to help talented young girls become global leaders.
Umer Cheema (m), co-founder of the Centre for Investigative Reporting in Pakistan, an International Press Freedom Awardee and Pearl fellow with The New York Times.
Chih-Han Yu (m), a world-class researcher in artificial intelligence who co-founded Taiwanese start-up Appier. He was on the Stanford University team that developed the winner of the 2005 DARPA Grand Challenge which laid the foundations for Google’s self-driving car.
Amal Clooney (f), a barrister who specialises in international criminal law and human rights. She has represented governments, advised the UN’s Kofi Annan on Syria, been appointed to international human rights investigations and conflict-resolution panels, and defended high-profile clients before international courts.
Leslie Dewan (f), who co-founded Transatomic Power, a start-up whose technology reuses nuclear waste for fuel.
Nima Elmi (f), a Somali-born lawyer and current adviser to Somaliland’s Ministry of Foreign Affairs as the country works to gain international recognition as an independent country.
Aria Finger (f), the CEO of DoSomething.org, a New York non-profit that helps young people take action for social change.
Roland G. Fryer (m), a Harvard economics professor who rose from working at a McDonald’s drive-through to become a nationally respected authority on education, race and inequality in America. The youngest African-American, aged 30, to receive tenure at Harvard, Roland’s research focuses on designing more effective policies in education reform and combating police violence.
Sheng Fu (m), an icon among Chinese internet entrepreneurs who heads Cheetah Mobile, the largest app developer that grew from a six-person start-up to a $2.7 billion market cap company on the New York Stock Exchange.
Joe Gebbia (m), co-founder of Airbnb and the company’s chief product officer.
Hannah Hopko (f), a member of parliament in Ukraine known for her pro-democracy and anti-corruption activism.
Forsan Hussein (m), the co-founder, with Ami Dror, of Zaitoun Ventures, an Israel-based tech investor focused on joint Jewish-Arab start-ups. It is poised to invest $100 million in 2016.
Melanie Joly (f), Minister for Canadian Heritage in Canada’s new government, headed by Justin Trudeau.
Ashton Kutcher (m), the actor and emerging tech investor who launched an innovation lab to fight child sexual exploitation.
Avid Larizadeh-Duggan (f), an entrepreneur and partner at Google Ventures in the UK. She oversees the UK activities of Code.org and Hour of Code, which launched in 2013 with one of its aims to encourage more women to learn to code.
Emmanuel Macron (m), France’s Minister of the Economy, Industry and Digital Affairs.
Seth Moulton (m), who became a member of the US House of Representatives in 2014.
James Mworia (m), who rose from filing clerk to become CEO of the Kenya-based Centum Investment Company, one of East Africa’s largest publicly traded private equity firms.
Ada Osakwe (f), founder of Agrolay Ventures, an investment firm targeting early-stage food and agribusiness companies that aim to boost Africa’s food production. She used to advise Nigeria’s Minister of Agriculture.
Zunaid Ahmed Palak (m), the youngest MP in Bangladesh who is is leading the government’s tech drive and aims to create more than 1,000 start-up companies by 2021.
Danae Ringelmann (f), as head of Indiegogo, the tech start-up she co-founded, she is known as the “Mother of Crowdfunding”. She had previously quit her job on Wall Street to change finance.
Juliana Rotich (f), a leading tech voice in Africa who works with $50 million venture capital fund Africa Technology Ventures and founded Ushahidi, a non-profit which has helped seed the fast-growing East African tech industry and offers crowdsourcing platforms that help communities track everything from violence to floods.
Wafa Sayadi (f), a Tunisian entrepreneur who started waste-management company Proclean. She also heads CEED, a company which fosters entrepreneurship within Tunisia.
Julia Shakhnovskaya (f), a former lawyer and director of Moscow’s Polytechnic Museum who is credited with transforming it from a post-Soviet institution to the leading Russian science museum.
Sheetal Amte-Karajgi (f), who works with one of India’s leading non-profits, Maharogi Sewa Samiti, which builds the livelihoods of the most marginalized people, especially those with disabilities.
Shivani Siroya (f), the founder and CEO of InVenture, a data-led microfinance enterprise that helps people access credit through phone apps. It aims to unlock credit for 2.5 billion people in the informal economy. In Kenya, it has loaned $1.5 million to businesses and individuals with 85% repayment rates.
Dhivya Suryadevara (f), Harvard-educated, Indian-born CEO of GM Asset Management – one of the largest pensions in the US, where she manages $80 billion in assets.
Hadia Tajik (f), a Norwegian MP who was Minister of Culture until 2013, the youngest ever, and the first Muslim to serve in the Norwegian Cabinet.
Nina Tandon (f), who founded Epibone, the world’s first company growing living human bones for skeletal reconstruction.
Lila Tretikov (f), the Moscow-born head of the Wikimedia Foundation, the world’s largest source of free knowledge.
Shu Wang (m), Deputy Director of the National Development and Reform Commission in China who was involved in Beijing’s climate policies in the run-up to COP21 in Paris.
Amira Yahyaoui (f), a founder and President of Al Baswala, a respected NGO and government watchdog pushing for recognition of human rights, transparency and good governance from Tunisia’s democratically elected civilian leaders.
Rebecca Yang Yuancao (f), the self-made CEO of media company IPCN and known as the Queen of TV Entertainment in China. Five of the top 10 most-watched shows in China are produced by her company.
Julie Yoo (f), co-founder of Kyruus, a US-based software developer that uses data science to make health providers and hospitals smarter about matching patients with physicians. She is a big advocate of women in technology through her support of organizations like Girls Who Code.
Patrick Youssef (m), Deputy Director of Operations for the International Committee of the Red Cross and former head of delegation to Iraq.
Farkhunda Zahra Naderi (f), an Afghan MP (one of the youngest elected members of the parliament) and Peace Ambassador of the Universal Peace Foundation.
President Muhammadu Buhari has commended the support of the International Atomic Energy Agency, IAEA, for Nigeria’s aspiration to generate electricity using nuclear energy. He expressed his gratitude that the organisation was developing a programme from which Nigeria will benefit. President Buhari charged the IAEA to do more to support Nigeria.
The Director-General of the IAEA, Mr. Yukiya Amano, said he was pleased to see that Nigeria was taking the correct steps, so far, toward a safe usage of nuclear energy for peaceful purposes.
The ministers of Power, Solid Minerals, Health, Science and Technology hinted on the preparatory steps taken so far, which includes the training of doctors and other medical specialists to prepare for unforeseen circumstances, the establishment of specialist medical centres and the procurement of necessary equipment aimed at protecting the health of the citizens.
The ministers revealed Nigeria is aspiring to start a programme in the coming years that will give the country 1000 megawatts of electricity in the first instance, to be increased to 4,000 megawatts thereafter.
Vice President Yemi Osinbajo has revealed that the federal government will collaborate with the private sector to create three million jobs in four economic sectors in three years. He said despite the economic challenges the nation is currently facing, Nigeria’s trajectory is upward with the level of patriotic planning that is taking place and all the available ideas that are being implemented.
As laid out in the plan, Strategic Framework and Implementation Plan for Job Creation and Youth Employment in Nigeria, more than three million jobs would be created in the country within three years starting from 2016 especially in technology, wholesale and retail, construction and agro-allied sectors of the Nigerian economy. This year alone the plan foresees the creation of over 700,000 private sector jobs, majority of which are expected in the agro-allied sector.
This private sector-led job creation plan is different from the direct creation of government jobs planned by the Buhari presidency including 500,000 teaching jobs for unemployed graduates.
Prof Osinbajo assured Nigerians that the Buhari’s presidency is addressing the constraints that businesses face including regulatory and institutional delays. He noted that government and the private sector only need to work together and get it right this time.
Olashore international school recently rewarded its staff who has served for a long time in the school. This reward was carried out in the school to appreciate long serving staff and encourage upcoming ones.
According to the principal, Mr Derek Smith, reinforcing and celebrating teachers who have put in their best on the job is worth it. His words: “Long service awards are impressive. The school is 22 years old, and there are some staff who have put in their best on their jobs, and they really need to be appreciated” particularly the non – teaching staff who had served for long. This action demonstrates the relationship that the school has with its community being that some of these non – teaching staff hail from the community. It’s good to reinforce and celebrate them.
“As for the academic staff, that is the teachers, this award is a way to encourage them. It is believed that in as much as they have impacted in the school, that they too have developed themselves, you can’t be a teacher for let’s say 10 years, and still be doing same thing. At Olashore, we embark on international trainings, where we partner with Bradford to train 5 or 6 of our teachers every year at the UK. With this, positive impacts are made on students from the trained teachers; I think teachers who have been helpful in & impacting for years should be appreciated.”
The long service award was rewarded in two categories – the ten years category and the twenty years category.
According to one of the recipients of the ten(10) years award category, Mr Felix Adeboboye, he has served for ten(10) years and encourages his fellow teachers to be diligent and patient. His words: “I joined Olashore in September 2005 as a Biology teacher in the department of Biological Sciences. Two years down the lane, I became the head of that department (HOD). As the HOD, my department was the best performing department, first to have a reference library and also produced a student who emerged 3rd position all over the country in cocoa research. I trained students to become good masters of ceremonies (mc) during events held in the school because it is believed that it is part of the leadership skills they requires. Recently too, I have been promoted to become the Assistant Director of Extra – Curricula activities which widens the scope of my work in the school. I’m a management staff. So far I’ve achieved a lot. However, I appreciate Olashore and encourage them to do more. It is heartwarming that I have served for 10 years and the school has deemed it fit to reward me for my diligence. I advise my fellow teachers to be diligent in discharging their responsibilities and also patient”.
Speaking on the platform of the twenty (20) years category, Mr Alao Folorunsho, the Head of Maintenance Supervision appreciates Olashore and encourages people to have passion like does. He said “I’m happy because I’m very committed to my job because I love it. I joined Olashore on 23rd October 1995. 20 years is not a joke. Passion and diligence kept me. I advise my fellow colleagues & Nigerian workers as a whole to be passionate about their jobs so they can give in their best”.
Established in 1994, on 60 acres of land, Olashore International School is a co-educational school which offers high caliber education in a wide range of subjects at Junior Secondary, Senior Secondary and a University Foundation Programme in partnership with Lancaster University. Over the past 20 years, the school has succeeded in creating a community of world class services around the school including a first class hotel and a proposed golf course that all combine to give the school a unique identity. The school is particularly appealing to discerning Nigerians at home and abroad, as well as expatriates residing in Nigeria, who desire a school with a strong value system, demonstrable academic track record and a clear sense of purpose.
SPIE Oil & Gas Services (part of the SPIE Group) provides a complete range of services to some of the world’s largest oil and gas companies through its network of offices in 25 countries across Africa, the Middle-East and Asia-Pacific.
Our turnover has more than doubled in the last few years thanks to the dedication of our 4,000 employees to whom we give training, recognition, and genuine opportunities for career development. In order to support this growth, SPIE Oil & Gas Services is always seeking talented individuals to join its teams.
We are recruiting to fill the position below:
Job Title: PLC Specialist (Siemens S7)
Reference: 16-02/37359 Location: Nigeria / OFFSHORE
Duration: 3 years
Job Description
We are looking for a PLC Specialist (Siemens S7):
Maintain, operate, modify and perform routine tasks on the PLCs, HMIs, automation computers and Unit Control Panels (UCP) of all AKPO Packages located in the Hull and Topside of the FPSO as well as the Buoy, all located within the AKPO Field.
Carry out modifications on both hardware (input, output, communication cards etc) and software (control and safety logic, sequence logic etc) of all systems (compressors, pumps, oil & gas metering system, High Integrity Pressure Protection System (HIPPS), Tank Gauging System (TGS), Power Distribution Control System (PDCS), Telemetry System, machine monitoring system etc), under his responsibility as may be required, requested or directed by COMPANY.
Prepare with the ICSS Administrator, preventive and corrective actions and modifications of the systems under his responsibility.
Manage and document in technical reports, interventions using the CMIMS and work packs provided by the planning team.
Follow up the parameter values and alarms in the concerned systems under his responsibility and perform trouble shooting if required.
Control and apply inhibits in the systems as directed and controlled by COMPANY rules and procedures.
Maintain an accurate and auditable log of all system faults and inhibits (Short term and long term).
Take part in daily, weekly and coordination meetings on SITE,
Identify, in the preparatory stage of maintenance works, any sensitive operation and ensure that a proper assessment of the risks involved is carried out beforehand,
Identify recurrent corrective maintenance interventions, analyse them and suggest improvements, as well as problems related to availability, quality and obsolescence of spare parts.
Track any backlog of work in area of responsibility and suggest corrective measures to COMPANY and CONTRACTOR to improve the management of the backlog.
Review and assure that all Software Modifications and corrective actions are validated by COMPANY and all impacted documentations are updated after implementation.
Perform further tasks in the future within the limit of the AKPO SII as may be defined by COMPANY.
Requirements
The holder of this post must have the following qualifications;
National Diploma or Certificate (ND/NC) or A-levels + 3 years’ further study or BTS/DUT or equivalent,
6 years’ experience in the field of Control and Safety Systems and a minimum of 3 years as a Specialist in Control and Safety systems in the Oil and Gas / Petrochemical industry,
Knowledge of the oil and gas treatment process, installations and equipment.
Advanced knowledge and skill in PLC’s especially Siemens’ SIMATIC Industrial Automation Systems, Panels and HMI’s.
Knowledge of machine control (e.g compressor control, injection pump control, offloading pump control, turbine control) will be an added advantage.
Knowledge of general instrumentation concepts, field devices (sensors and final elements), instrument loops, etc.
Awareness of Emerson’s DeltaV Process Control System, Allen Bradley’s ControlLogix System and Schneider’s Triconex Safety Instrumented Systems are an added advantage.
Awareness of SAP CMIMS or similar
Awareness of Operator Training Simulators.
Possession of good interpersonal skills
Fluency in English language is required and knowledge of French language is an advantage.
Application Closing Date
Not Specified.
How to Apply
Interested and qualified candidates should APPLY
Marriott International is a leading global lodging company based in Bethesda, Maryland, USA, with more than 4,100 properties in 79 countries and reported revenues of nearly $14 billion in fiscal year 2014. Its heritage can be traced to a root beer stand opened in Washington, D.C., in 1927 by J. Willard and Alice S. Marriott.
Marriott has more than 361,000 people working worldwide at managed or franchised properties and corporate offices. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 49M members.
We are recruiting to fill the following positions below:
St. Mary’s Hospital is a result of our efforts and ambition to achieve medical excellence in order to deliver reliable and quality medical support and solutions at an affordable cost. St. Mary’s Hospital is a multi-specialist hospital, offering specialised medical solutions for various medical conditions and diseases.
We are currently seeking to employ suitably qualified candidates to fill the following vacant positions:
Before we take a look at the differences between the two insurance policies, let’s consider a few relevant scenarios:
A beginner-level driver tries to make a U-turn and baammm… hits your fence. A large portion of it crashes down.
You return home from work and find that your tenant’s laptop is stolen because the security guard left the gate unlocked.
You come home after a week-long family vacation and find that water leakage has damaged your kitchen appliances.
Who is responsible for the loss? How will you protect yourself from severe financial loss during such situations?
The best answer: Get homeowners insurance.
HOMEOWNERS INSURANCE POLICY
This is the single most important insurance policy that every homeowner and tenant must have.
Let’s face it! Anything related to accommodation is a huge investment – be it building, buying, leasing, or renting a home. In addition to that, there is much more money involved in the house in the form of expensive items such as jewels, Laptops, and home entertainment systems. So what do you do to protect your home and belongings during such unexpected accidents?
The best option is to purchase homeowners insurance policy.
The reason why it’s beneficial for homeowners is, it protects your house from unexpected damages (caused due to fire, flood, rain, or snow). You get the best of both worlds when you choose a policy that provides adequate coverage to the most expensive items in your house.
For mortgage loans
Also, homeowners insurance is an absolute necessity if you wish to avail mortgage loan against your home. The financial institution (that lends you money) wants to ensure that your house is insured and protected against any accidental damage or theft for the present and the future. Even if your abode is severely damaged, your lender might want you to settle your monthly payments as specified in the agreement. When your home is insured, your debts are taken care of by your insurance company in the form of compensation. That in turn saves you from a great deal of stress and huge expenses.
HOUSEHOLDER INSURANCE POLICY
Householder insurance policy is actually different from homeowners insurance. It covers only the content of your home against theft, fire, flood and storm but not your building. I.e. it only protects your belongings. Yet it’s the best insurance policy for people who live in areas where there are frequent issues of theft or natural calamities. Anyone who fears damage to his/her properties will find the best help with householder insurance policy.
People who usually avail this insurance are tenants because most homeowners prefer homeowners insurance policy and not this one. Most insurance companies will cover damages caused due to burglary, fire accident, water leakage, flood, and snow. The content usually covered in their policies include jewelry, washing machine, TV, AC, furniture, and laptops.
By the way, please keep in mind that, in case of jewelry and other expensive items, you might not get full compensation but most of it, depending on the insurance plan you’ve chosen. Still, that helps to a great extent during major theft or damage to your properties.
Please keep in mind that these are not covered by your Homeowner insurance policy.
QUICK RECAP
Homeowners insurance policy protects the home whereas Householder insurance policy provides coverage for the belongings. The former is the best choice for homeowners whereas the latter is ideal for tenants.
Transactions on the floor of the Nigerian Stock Exchange, NSE, on Wednesday, March 16, traveled farther south as the All-Share Index shed 87.65 points or 0.34 per cent to close at 25,657.48 against 25,745.13 posted on Tuesday, March 15.
Nestle topped the losers’ chart, dropping by N10 to close at N680 per share. Guinness came second with a loss of N3.29 to close at N109.50, while 7UP dropped N2.41 to close at N151.59 per share.
UACN lost 93k to close at N20.02 and ETI depreciated by 81k to close at N15.45 per share.
Conversely, Nigerian Breweries led the gainers’ table, growing by N3.05 to close at N96.05 per share. Dangote Sugar followed with a gain of 30k to close at N6.31, while Stanbic IBTC appreciated by 20k to close at N15.50 per share.
GT Bank increased by 20k to close at N16.40, while Champion Breweries garnered 13k to close at N3.13 per share.
Sustained profit taking on the Nigerian Stock Market dragged Market Capitalization down by N29billion as more investors sold their holdings.
Dangote Sugar Plc led the gainers’ table with 30 kobo or 4.99 per cent to close at N6.31 per share, followed by Unity Bank Plc with three kobo or 4.69 per cent to close at 67 kobo per share. On the flip side, Oando Plc shed 46 kobo or 9.54 per cent to close at N4.36 per share, while Tiger Brands Plc dropped 19 kobo or 6.25 per cent to close at N2.85 per share.
Meanwhile, Nestle Nigeria Plc has reported a profit after tax of N23.7 billion for the financial year ended December 31, 2015, a marginal increase of 6.8 per cent from N22.2 billion recorded in the same period of 2014.
The company proposed a final dividend of N19.00 per share, representing an increase of 19 per cent over the payout to shareholders last year.
The company, which recorded a decline of 19.6 per cent in finance income, declared a revenue of N151.3 billion, from N143.3 billion recorded in the corresponding period of 2014.
The Nigeria National Petroleum Corporation, NNPC, on Wednesday, March 16, stated that the Federal Government was reconciling additional N7.96 billion subsidy claims.
In its rejoinder to the report of Auditor-General of the Federation (AGF) Samuel Ukura that indicted the NNPC for failing to remit N3.235 trillion, the Group Executive Director/Chief Financial Officer (Finance & Accounts), Isiaka Andulrazaq, said that the Petroleum Products Pricing Regulatory Agency (PPPRA) had approved and certified that N2.34 trillion was spent on fuel subsidy between January 2012 and December 2014.
It added that the figure owed to the Federation Account as at January 2015 Federation Account Allocation Committee (FAAC) meeting report was N326,142,137,205.79 (which is still being reconciled) and not the N3.23 trillion alleged by the AGF.
According to the rejonder, “the total amount of subsidy that have been approved and certified by PPPRA for the period of January 2012 to December 2014 was N2.34 trillion. An additional N7.96 billion subsidy claim is still under reconciliation.”
f natural gas allegedly transferred to some undisclosed ‘coded account’, it should be noted that NNPC does not have secret accounts.
It said: “The fact is that the alleged $235Million represent proceeds from the sale of gas feed stock to Nigerian Liquefied Natural Gas Limited (NLNG) that was used to repay part of the Modified Carry Agreement (MCA) loans, applicable royalty to DPR and tax to FIRS.
“The MCA loan was contracted specifically to fund the development of upstream oil and gas projects whose transactions are regularly reported to FAAC as part of the reconciliation of the revenues to NNPC, FIRS and DPR. The MCA and all other alternative funding arrangements are annually appropriated by the National Assembly and are therefore fully disclosed to FAAC on monthly basis.”
The Force Majeure declared on Shell Petroleum Development Company Limited (SPDC) joint venture in the Forcados facility has positively affected the price of crude oil in the international market.
Shell declared force majeure on oil liftings from the Forcados export terminal in Delta State owing to a leaking pipe, which resulted in supply outage about 400,000 barrels of oil per day.
The 48-inch diameter export pipeline, shut last month and planned to be reopened in April, is one of Nigeria’s biggest pipelines.
The Organisation of Petroleum Exporting Countries (OPEC) in its Oil Market Report for this month, said the force majeure and outages around the Mediterranean and Turkey have helped to boost the market.
It said: “Outages around the Mediterranean, with Turkey’s Ceyhan pipeline down, and in West Africa, with force majeure imposed on shipments of Nigeria’s Forcados until April, have helped boost North Sea prompt prices. Supply distribution in the North Sea itself has also helped.”
The report also noted that after three months of sharp declines, crude oil futures recovered amid numerous positive factors that ignited speculations that oil markets would soon be balanced. This suggested that the 20-month sell-off could be hitting bottom, it added.
Investors on the Nigerian Stock Exchange, NSE, on Wednesday, March 16, staked N4.69 billion on 4.34 billion shares exchanged in 4,125 deals as sell pressure intensifies.
This figure was against the 287.04 million shares worth N2.67 billion traded in 4,561 deals on Tuesday, March 15.
Unity Capital drove the volume of shares traded, trading 4.16 billion shares worth N3.20 billion achieved in one deal.
Zenith Bank accounted for 44.52 million shares valued at N560.55 million traded in 749 deals, while UBA sold 21.69 million shares worth N78.34 million achieved in 236 deals.
FCMB Group transacted 17.47 million shares valued at N14.09 million in 185 deals, while Transcorp exchanged 14.77 million shares valued at N16.28 million transacted in 135 deals.
The Central Bank of Nigeria, CBN, has disclosed that the revenue from non-oil exports dropped steeply by 58 percent to $4.39 billion in 2015.
CBN Governor, Godwin Emefiele, disclosed this in Lagos on Wednesday, March 16, stated this while speaking at the Zenth Bank International Trade seminar.
Zenith Bank has expressed its readiness to boost revenue from non oil exports by assisting its clients with financial support needed export.
While commending Zenith as the highest ranking bank in terms of facilitating non oil export trade, Emefiele called on stakeholders to evolve strategies to address the sharp fall in the nation’s non oil export revenue. Domestic economy
Represented by the Deputy Director, Trade and Exchange Department, Mr. Dauda Gotring, said:“ It has been observed that while credit to the non oil sector has been declining and currently at 0.6 percent of total domestic loan to the private sector in the past five years, the credit to the domestic economy has been on the rise.”
“The low level of export loan has no doubt contributed to the decline in non oil revenue from $10.53 billion in 2014, $4.39 billion in 2015, which is a very significant drop.
“The impact of this on the country’s export potentials is quite significant and has become topic for stakeholders’ dialogue towards evolving responsive strategies that will expand resources for exports expanding programmes on a complimentary basis.”
Commending Zenith Bank for organising the seminar, he said the seminar will help in identifying the various issues hampering the non oil export in the country.
Telecommunications operators in 2014 recorded the highest number of porting subscribers on their networks, totaling 431, 978 for both outgoing and incoming porting.
The figure became the highest since Mobile Number Portability was launched by the Nigerian Communications Commission, NCC, in April 2013.
A recent statistics released by NCC, which captured porting activities across networks from January to December 2015, showed that a total of 219, 577 subscribers ported out of the networks of Airtel, Etisalat, Globacom and MTN, while 212, 401 subscribers ported into the networks of the four GSM operators, totaling 431, 978 recorded number of porting as at December 2015.
In June 2015, operators recorded the highest number of incoming porting subscribers across networks, totaling 51, 251, while they recorded the lowest number of incoming porting subscribes across networks in the month of January 2015, totaling 26, 824.
The statistics also showed the operators recorded the highest number of outgoing porting subscribers in the month of June 2015, totaling 28, 712, while the lowest number of outgoing porting subscribers in the month of January 2015, was put at 14, 330.
From the statistics, Etisalat recorded the highest number of incoming porting subscribers to its network, totaling 14,125 in June 2015, while MTN had the lowest number of incoming porting subscribers totaling 436 in December 2015.
For the outgoing porting subscribers, MTN recorded the highest number of subscribers that ported out of its network in the month June 2015, which was put at 19,214, while Etisalat had the lowest number of subscribers that ported out of its network in October 2015, which was put at only 1, 241.
NCC had on April 22, 2013, launched Mobile Number Portability (MNP) across all networks, designed to offer subscribers the opportunity to port their GSM numbers from one network to another, without losing their original numbers.
Over 4,000 subscribers ported within the first four days of its launch, while 7,164 subscribers ported to different networks within one month of the MNP launch. However, the excitement from subscribers later reduced in the subsequent month, which many attributed to the strings attached to MNP by the NCC.
