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REAL ESTATE & CONSTRUCTION JOBS | Business Development Officers at Adron Homes Properties Limited

Adron Homes and properties is a leading Pan African Real Estate development company that provides the highest number of decent, accesisible, comfortable housing while achieving  global housing standards. Our basic role at Adron Homes & Properties Limited is to secure suitable house for everyone, irrespective of social class, income level and all else. The world is a developing arena with continuous growth in population and it has become increasingly essential to devise very effective means of accommodation.

We are recruiting to fill the position of:

Job Title: Business Development Officer

Location: Lagos

Job Description

  • Sales
  • Promotional activities for our products and services
  • Compiling statistical information
  • Writing reports
  • Organising events and product exhibitions

Requirements

  • The ideal candidates must reside within oshodi to festac environs and must have either of the following qualifications: ND, BSc/HND Holder.
  • Experience in marketing will be an added advantage.

Application Closing Date
Not Specified

Method of Application
Interested and qualified candidates should send their Application letter and CV’s to: island2@adronhomesproperties.com – See more at: http://www.hotnigerianjobs.com/hotjobs/83782/business-development-officers-at-adron-homes-prope.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+hotnaijajobs+%28Hot+Nigerian+Jobs%29#sthash.jr1x9AG7.dpuf

MANUFACTURER JOBS | SABMiller Plc Graduate Sales Trainee Program 2016

SABMiller is in the beer and soft drinks business, bringing refreshment and sociability to millions of people all over the world who enjoy our drinks. We do business in a way that improves livelihoods and helps build communities. We are passionate about brewing and have a long tradition of craftsmanship, making superb beer from high quality natural ingredients.

We are recruiting to fill the position below:

Job Title: Sales Trainee

Location: Rivers

Job Description
Our Sales Traineeship Program stretches over a period of 12 months in which selected graduates will be rotated in various job functions.
The assignments are about real responsibility and real results, while creating an environment where they develop through practical learning and coaching from senior managers
At the end of the program, the trainee will be able to, among others:
Assess territory and plan for execution
Acquire sales core knowledge
Execute in trade by ensuring brand visibility, availability and pricing
Leverage sales opportunity and monitor competitor activities
Manage budget process and control departmental costs.
Requirements
Qualifications & Competencies:
Candidates must possess a university degree obtained at a minimum of Second Class (Upper Division) in Management Sciences, Social Sciences or any other business-related discipline from a recognized tertiary institution
Have obtained either their NYSC Discharge Certificate or Exemption Certificate
Must have at least 2 years’ experience
Not older than 25 years as at December 31, 2016
Resident in Rivers State or environs
MBA, MA or M.Sc will be an added advantage.
Proficiency in English and local language (s)
Mobility to work in other areas in Nigeria when required
Both Male and Female can apply
Problem-solving (analytical)
Strong commercial awareness
Resilience and proactivity
Capacity to flourish in a competitive environment
Basic computer literacy with Microsoft Suite capacity
Planning and organizing
Achievement, entrepreneurship, team spirit and ownership
Salary
Market Related

Application closing date
Not Specified.

How to apply
Interested and qualified candidates should APPLY

AVIATION JOBS | Associate Vice President (AVP) Finance at Arik Air Nigeria

Arik Air is a customer-focused airline that offers consistently outstanding services to both business and leisure travellers. We have earned a reputation for providing “the best care in the air”. Industry experts have awarded us for delivering outstanding services. No airline does it in the unique Arik way.

Arik Air offers opportunities for employment in administrative, professional, technical and airline-specific disciplines, irrespective of the level or area of responsibility, each employee contributes to the growth and success of our airline. We believe that individuals score goals, but ultimately “the team wins the game”.

We are recruiting to fill the position below:

Job Title: Associate Vice President (AVP) Finance

Location: Lagos
Reporting to : VP Finance Direct reports : Senior Manager – Finance Date 2016

Primary Objective

  • The Associate Vice President (AVP), Finance is a key leadership and executive position within the organization. We are seeking a person, who is a great problem-solver and can add value to Arik’s Finance organization.
  • Additionally, this role will provide regular financial reporting to the executive team, responsible for keeping Vendor and Tax accounts up to date.
  • This will be a “hands-on”, high-profile role with an opportunity to make a significant impact on a rapidly growing company.
  • The ideal candidate will have exceptional analytical skills, a solid understanding of Accounting principles and the aviation industry.

Principal Accountabilities and Responsibilities

  • Manage the General Ledger and preparing monthly financial statements and forecasts
  • Oversee the preparation of monthly management reports
  • Monitor actual financial results vs. budget, highlighting key variances for management
  • Implement all necessary policies and procedures and improve our internal controls
  • Manage annual audit including writing financial statements and accompanying notes
  • Manages inter-company reporting and consolidation of accounts between them
  • Develops, recommends, implements, monitors, applies, coordinates, and manages the policies and procedures to govern the accounting and reporting for subsidiaries of the company (domestic and international).
  • Prepares monthly, quarterly and annual reports for the Board.
  • Enhances internal controls by ensuring that processes are in place to safeguard cash.
  • Supports the VP Finance in overseeing the accounting department and audit functions.
  • Reviews reports to analyze projections of sales and profit against actual figures, budgeted expenses against final totals, and suggests methods of improving the planning process as appropriate.
  • Analyzes company operations to pinpoint opportunities and areas that need to be reorganized, down-sized, or eliminated.
  • In conjunction with others, studies long-range economic trends and projects company prospects for future growth in overall sales and market share, opportunities for acquisitions or expansion into new disciplines.
  • Estimates requirements for capital.
  • Supports the VP Finance in supervising accounts payable and receivable.
  • Ensures that all personnel that need to use the Company’s MIS software are properly trained to use it and have access to their reports.
  • Keeps the company’s business licenses compliant in all jurisdictions in which it does business.
  • Assures that the company files timely and accurate tax returns (federal, state, county, city, sales tax, etc.)
  • Prepares policies and procedures, as needed, with regard to audits by various taxing agencies, clients, internal, etc.
  • Assists company legal staff in the defense of litigation through periodic meetings.
  • Maintains all project, discipline, and company-wide financial planning systems, and reporting.
  • Responsible for the company payrolls.
  • Participates in the selection of company-provided employee benefits.
  • Assists senior management with selection of locations for office leases and participates in the financial negotiations for same. Also responsible for tracking lease notice and expiration dates.
  • Trains or assigns training for accounting staff, who are responsible for accounts payable, accounts receivable, and payroll.
  • Monitors performance of the accounting department. Provides prompt and objective coaching and counseling.
  • Responsible for Financial Planning and the development of budgets.
  • Maintains knowledge of activities and plans of operating and administration divisions.

Working Relationship:

  • The AVP Finance will report directly to the VP Finance and work closely with the Chief Financial Officer and other external organizations as required.

Required skills & Qualifications

  • Bachelor’s Degree in Finance or Accounting required. Certified Public Accountant (CPA) or Certified Financial Analyst (CFA) preferred. Master’s Degree in Finance or Accounting preferred.
  • A minimum of 15 years of combined accounting and finance including at least 10 years of experience with planning, compliance and reporting activities associated with a publicly-held company. Experience working with a multinational corporation is strongly preferred.
  • Knowledge of IFRS
  • Must be located in Lagos with a minimum 25% to travel among different office locations as required.
  • Demonstrated management and financial skills in dealing with all phases of business operations.
  • Leadership and communications skills to supervise and mentor accounting, and other company staff.
  • Proficiency in MS Office Applications and SAGE ERP other ERP software comparable to Oracle, etc.
  • Must be able to exercise a keen awareness of the legal implications of disclosing material company information; ongoing awareness of trends in senior management’s thinking; ongoing familiarity with both industry and company activities; and an ongoing knowledge of stock market and financial trends.
  • Requires excellent financial and business judgment skills – confident in business acumen and ability to provide financial and business advice to all levels of management and the Company’s Board.
  • Ideal candidate is motivated to work in a fast-paced environment, to move things forward, to meet stringent timelines, and to handle multiple demands simultaneously.
  • Must possess excellent communication and interpersonal skills and the ability to work with a wide range of people with varying degrees of financial exposure. Understanding and articulating the Company’s financial position and strategic activities is essential.
  • Independent and creative problem solving skills are required.
  • Ideal candidate will also have broad-based financial background, including experience with financial planning and analysis, forecasting and budgeting.
  • Fluency in English (written and oral).

Application Closing Date
Not Specified.

How to Apply
Interested and qualified candidates should send their Application and CV’s to: vacancies@arikair.com – See more at: http://www.hotnigerianjobs.com/hotjobs/83793/associate-vice-president-avp-finance-at-arik-air-n.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+hotnaijajobs+%28Hot+Nigerian+Jobs%29#sthash.EzXBqKMO.dpuf

AUTOMOBILE JOBS | Peugeot Automobile Nigeria Limited (PAN) Fresh Job Recruitment 2016

Peugeot Automobile Nigeria Limited (PAN), which has remained a milestone in Nigeria’s automobile industry, was conceived in 1969 by the then Federal Military Government under the leadership of General Yakubu Gowon. And in the build-up to actualize the dream, 16 reputable vehicle manufacturing companies were invited to tender their proposals for the establishment of a vehicle assembly plant in the country. Thus, with the high acceptability and demand of Peugeot vehicles in the country, the proposal of Automobile Peugeot France (AP France) scaled through on May 7, 1971.

We are recruiting to fill the following positions:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

Profit Taking Shaves 0.52% Off NSE Index

Trading activities on the floor of the Nigerian Stock Exchange, NSE, ended in the Red Zone, as the All Share Index depreciated by 0.52 per cent to close at 25,853.58 basis points, compared with 0.25 per cent appreciation recorded previously.

Market turnover however closed positive as volume moved up by 5.40 per cent against 46.71 per cent decline recorded in the previous session.

Market breadth also closed positive as Conoil Plc led 16 gainers against 23 losers topped by 7-Up Bottling Company of Nigeria Plc at the end of the trading which was an unimproved performance when compared with previous outlook.

At the end of the trading, Guaranty Trust Bank Plc led the most traded stocks with 21.586 million unit of shares worth N363.643 million followed by Zenith Bank Plc with 20.566 million shares at N264.291 million, Diamond Bank Plc with 14.203 million shares valued at N20.291 million, Oando Plc with 14.194 million shares at N77.885 million and Transnational Corporation of Nigeria Plc with 13.102 million shares worth N15.336 million.

 

“Nigeria To Become Exporter of Refined Fuel” – Kachikwu

 

The Minister of State for Petroleum Resources, Ibe Kachikwu has said that Nigeria will begin to export refined petrol and other petrochemical products within the next four years.

Kachikwu said this is possible if plans to ramp up the country’s domestic refining capacity work out well.

The Minister, who doubles as the GMD of NNPC stated this recently in Abuja when he briefed reporters on his plans for the country’s petroleum sector.

He noted that if the plans to co-locate new refinery investments within the country’s existing refinery complexes in Kaduna, Warri and Port Harcourt become successful, and the private refinery owned by the Dangote Group comes on stream, Nigeria will produce more petrol than she needs and then export the excess.

He explained that it would take at least three years to get the co-located refineries to begin production, adding that Dangote’s is expected to come on stream between 2019 and 2020.

“The policy on the whole is that we must target a time frame of 12 and 18 months to get out of importation.

Dana Air Announces Promo for Easter Air Travelers

Dana Air has unveiled special fares ahead of Easter celebrations and according to the Accountable Manager of the airline, Obi Mbanuzuo, the aim of the promo is to reward its loyal passengers.

He said: ”Our aim is to reward our loyal guests and for the most frequent flyers, to show their loyalty by keeping their boarding passes, showing it and winning free tickets to keep flying. The more you fly, the more you win.”

Mbanuzuo said the promo would last till May, this year, adding that Dana Air is committed to enhancing the flying experience of its passengers by providing a consistent, satisfactory, intentional and proactive experience.

He said: ‘’The introduction of the Show Your Loyalty promo is further proof of our commitment. Our valued guests can take advantage of our special fares, which will be both online and across our counters at the airport.

‘’Guests can also take advantage of our reduced fares across our domestic route network by booking and paying online to experience the Dana Air hospitality.”

Mbanuzuo said the airline’s vision and mission were to be recognised and respected as Nigeria’s most reliable and customer-friendly airline and earn the loyalty and respect of passengers by consistently demonstrating its commitment to service, and providing affordable regional air transport services that focus on innovation, quality and service excellence.

Stocks Open New Week With N46billion Loss

The equity segment on the Nigerian stock market resumed trading in the new week on Monday, March 14, with N46 billion loss to profit taking.

Market turnover however closed positive as volume moved up by 5.40 per cent against 46.71 per cent decline recorded in the previous session.

At the end of the trading, Guaranty Trust Bank Plc led the most traded stocks with 21.586 million unit of shares worth N363.643 million followed by Zenith Bank Plc with 20.566 million shares at N264.291 million, Diamond Bank Plc with 14.203 million shares valued at N20.291 million, Oando Plc with 14.194 million shares at N77.885 million and Transnational Corporation of Nigeria Plc with 13.102 million shares worth N15.336 million.

Market breadth also closed positive as Conoil Plc led 16 gainers against 23 losers topped by 7-Up Bottling Company of Nigeria Plc at the end of the trading which was an unimproved performance when compared with previous outlook.

 

Crude Oil Slides Below $40 Per Barrel as Iran Backs Out of Output Freeze

The price of crude oil slid by almost three per cent on Monday, March 14,  after Iran dashed hopes of a coordinated production freeze in the nearest future.

This fall is coming despite the pledge by Saudi Arabia to cooperate with other members of the Organization of Petroleum Exporting Countries, OPEC, to stabilize the oil market.

Saudi Arabia and several fellow OPEC members had agreed with non-OPEC Russia to freeze output at January levels in an attempt to prop up prices.

A recent Saudi cabinet statement also disclosed that the kingdom was working towards stability in the oil market and would remain in contact with all main producers in an attempt to limit volatility.

The renewed cooperation between OPEC and non-OPEC members had led to a rise in the price of oil above $40 per barrel but that was still a fraction of the $115 per barrel of 20 months ago.

But following Iran’s revelation on Sunday that it would only join the discussions for cooperation after its output has hit 4 million barrels per day (mbpd), the price of oil fell by about three per cent yesterday.
Iran’s oil exports are due to reach 2mbpd in the Iranian month that ends on March 19, up from 1.75 million in December 2015, according to Reuters.

Iran’s position has returned bearish sentiment over a supply glut that has sent prices crashing in the past 20 months.
Global benchmark Brent crude, which hit a 12-year low of $27.10 per barrel in January and had risen above $40 this month, fell back monday to below $40 a barrel, trading at $39.27, while US crude was down $1.09 trading at $37.41 a barrel.

Iran’s Oil Minister, Bijan Zanganeh was quoted as saying on Sunday that it would join discussions after its output reached 4mbpd.

According to the Shana news agency, Zanganeh said Iran and Russia could cooperate on the swap, which would see Russia send oil and gas to northern Iran in return for Iranian supply to Russian customers in the Gulf.

Saudi Arabia appeared to have stuck to a preliminary deal reached with some other producers to freeze output, as its crude production held steady in February at 10.22 million barrels per day (bpd), an industry source told Reuters.

OPEC members and non-OPEC producers are likely to meet again in mid-April in Doha to discuss freezing output, OPEC sources told Reuters.

With Iran’s position, the scheduled March 20 meeting in Russia, which was part of an earlier plan, now looks unlikely.

 

 

GTBank Grosses N121billiion Pre-tax Profit, Pays N52billion Dividend

Guaranty Trust Bank, GTB Plc,  on Monday, March 14,  announced its audited earnings report for the year ended December 31, 2015, showing growth across key top-line and profitability items.

Key extracts of the audited report and accounts for the year ended December 31, 2015 showed that gross earnings rose by 8.4 per cent to N301.9 billion in 2015 as against N278.5 billion in 2014.

Group profit before tax also leaped by 3.7 per cent from N116.4 billion in 2014 to N120.7billion in 2015. Profit after tax increased from N94.43 billion in 2014 to N99.44 billion.

The board of directors of the bank has reco mmended final dividend of N44.74 billion to shareholders, bringing total dividend for the 2015 business year to N52.1 billion. The bank had paid interim dividend of N7.36 billion.

A breakdown of the dividend recommendation indicated that shareholders would receive a final dividend per share of N1.52, in addition to interim dividend of 25 kobo, bringing total dividend per share to N1.77 for the 2015 business year.

Further analysis showed that the bank’s balance sheet remained strong with 7.2 per cent growth in total assets from N2.36 trillion in 2014 to N2.52 trillion in 2015. Loans to customers grew by 7.5 per cent to N1.37 trillion from N1.28 trillion in 2014. Despite the implementation of the Treasury Single Account (TSA) by the Federal Government, customer deposits remained relatively stable with a marginal year-on-year decline of 0.49 per cent from N1.62 trillion in 2014 to N1.61 trillion in 2015.

 

UBA Rakes In N315billion, Pays N22billion Dividend

United Bank for Africa, UBA, Plc posted considerable growths in the top-line and bottom-line in 2015.

Key extracts of the audited report and accounts of UBA for the year ended December 31, 2015 released on Monday, March 14, at the Nigerian Stock Exchange (NSE) showed that gross earnings jumped by 10 per cent while profit after tax grew by 25 per cent.

On the back of the improved earnings, the board of the bank has recommended a final dividend of 40 kobo per share, bringing the total dividend payout per share to 60 kobo or N21.77 billion. The bank had earlier paid interim dividend of 20 kobo per share.

UBA Group’s gross earnings closed 2015 at N314.83 billion as against N286.62 billion recorded in 2014. Profit before tax rose from N56.20 billion to N68.45 billion. Profit after tax also increased from N47.91 billion to N59.65 billion. Earnings per share thus improved from N1.53 in 2014 to N1.79 in 2015.

Group Managing Director, United Bank for Africa (UBA) Plc, Phillips Oduoza, described the 2015 performance as a new high that reflects the commitment of the bank to creating values for stakeholders.

He said the bank’s resilient business model, geographic diversification, proactive strategies, and strong governance created an edge for it through the year.

“Our 2015 profit is a new high, reflecting the hard work and discipline of our board, management and staff in creating value for all stakeholders. We remain committed to growing in a responsible manner that aligns with our vision of building an enduring institution,” Oduoza said.

“NNPC Failed To Remit N3.2trillion in 2014” – Auditor General

The Auditor-General’s latest annual report has traced some fraudulent expenditures running into trillions of naira in the Nigerian National Petroleum Corporation, NNPC.

Submitting the report Samuel Ukura revealed that the NNPC, for example, did not remit the sum of N3.2tr into the Federation Account in 2014.

The AGF said: “The examination of NNPC mandates to CBN on domestic crude oil sales and reconciliation statement of technical sub-committee showed that N3, 234,577,666,791.35 was not remitted to the Federation Account.”

“The review of the Nigeria Liquefied Natural Gas (NLNG) limited sales profile on Gas has shown that $235million was not paid to the Federation Account but transferred to some undisclosed Escrow accounts,” he stated.

He said the relevant documents were not made available for the verification of the said $235million.

Ukura said sales profile in respect of gas export due to the federation was stated to have been paid and received through the NLNG account.

However, he said: “No statements or documents were made available to confirm the receipts as well as the utilisation of these payments made through the named account.”

The Auditor General also said N36.4bn was released to the office of the former National Security Adviser, retired Colonel Sambo Dasuki, for the rehabilitation and construction of dams instead of to the Federal Ministry of Water Resources.

The sum of N2.9bn was spent on the procurement of hand sanitizers for schools and other public places in 2014, he said.
On the National Assembly, the report showed that N10.6bn payments were made without raising payment vouchers at the management department which violated financial regulation 601.

Other payments highlighted by the Auditor-General are N31.3bn spent on subsidy on fertilizer and youth employment in agricultural programmes and N2.4bn on Group Life Assurance Premium for the Armed Forces.

Also, he said, there was no evidence of accounting for the utilization of N5.2bn direct deductions from federal government shares in respect of one percent Police Reward Fund.

NNPC, Oil Companies Net N65billion From Gas Export

The Nigerian National Petroleum Corporation, NNPC, alongside other Oil and gas firms operating in Nigeria earned about $323.55 million, or N64.71 billion from the export of gas in January, according to data obtained from the Corporation.

The state-run oil firm, in its Monthly Financial and Operations Report for January 2016, put total gas export by the oil and gas companies at 107.85 billion standard cubic feet, BCF, in the month under review.

Using the average gas price of $3 per 1,000 Standard Cubic Feet, SCF, as stated by the Nigerian Gas Company, NGC, the export of 107.85 BCF of gas translates to$323.55 million, an equivalent of N64.71 billion using an average interest rate of N200 to a dollar.

Giving a breakdown of the January figures, the NNPC stated that 1.04 billion SCF gas was exported through the West African Gas Pipeline, WAG); and 7.55 billion SCF exported through the Escravos Gas to Liquid, EGTL project.

Similarly, 19.6 billion SCF and 79.66 billion SCF were exported through Natural Gas Liquid/Liquefied Petroleum Gas, NGL/LPG, and the Nigeria Liquefied Natural Gas, NLNG, respectively.

Out of the total amount, the NNPC received $135.89 million, about N27.178 billion, being proceeds from the export of gas through NLNG, EGTL, NGLs and N-Gas.

In addition to gas export, 35.17 billion SCF gas was utilised locally, broken down into 22.74 billion SCF for domestic gas to power and 12.43 billion SCF sent to industries. Also, 72.36 billion SCF was re-injected, while 12.11 billion SCF was used for fuel gas. About 22.32 billion SCF was flared.

To this end, the amount of gas flared by the oil companies in January translated to loss of $66.96 million, about N13.39 billion.

In general, Joint Venture, JV, companies produced 173.76 billion SCF gas in January, while Production Sharing Contracts, PSCs, and the Nigerian Petroleum Development Company, NPDC, recorded 49.79 billion SCF and 24.37 billion SCF respectively, bringing total gas production in the month to 247.93 billion SCF.

France’s Proposed Tax on Palm Oil Threatens African Farmers

Initiative for Public Policy Analysis, IPPA,the Nigeria-based public policy think tank, has flayed the French Government’s proposed tax on palm oil, which will be detrimental to the businesses African farmers.
The proposed taxes, which is a huge additional tax of 90EUR per tonne and a differential tax for palm oil produced according to rich Western standards, is purposefully discriminatory and would lead to devastating consequences for African farmers of palm oil, and throughout the rest of the developing world.
Director of IPPA, Thompson Ayodele, in a statement said: “The French Government’s proposed tax on palm oil at the behest of rich agricultural interests in Paris is shameful and will undermine small farmers and efforts to alleviate poverty across the African continent.”
“The differential tax proposed by certain EU companies and Western elite Green groups is equally discriminatory. This is a neocolonial attempt by the French to dictate to Africa, and enrich large European companies at the expense of poor African small farmers.”
“Small farmers produce 80 per cent of Nigeria’s palm oil, and they rely on it to feed their families and improve their living conditions. The French tax on palm oil is not only unfair and unjustified, but also illegal under the WTO trade laws and undermines France’s commitment to the UN Millennium Development Goals.”

NERC Receives Over 47,127 Complaints Lodged Against Discos

 

The Nigerian Electricity Regulatory Commission, NERC, has announced that it received over 47, 127 service complaints lodged by electricity customers against the 11 electricity distribution companies, discos, in the last quarter of 2015.

The regulator said that the rather high figure was an indication of high customer dissatisfaction in the country’s electricity supply industry.

To this end, it directed the Discos to improve on their service obligations to consumers in their network.

Declaring open a training session on customer complaints handling organized for staff of the Abuja Electricity Distribution Company (AEDC), in Keffi, Nassarawa State, the acting head of NERC, Anthony Akah, said that the Discos would need to cut down on such high incidence of customer complaints ahead of the next audit period.

“It is critical that electricity distribution companies should be alive to their duties of prompt resolution of complaints to ensure improved customer service satisfaction,” he said.

Akah, who was represented by his Technical Assistant, Jonathan Okoronkwo, said that NERC in line with its enabling Act has put in place necessary guidelines and regulations that would assist the service providers to render efficient and effective electricity service to their customers.

 

“Nigeria Has over 5000 Exportable Products” – Expert

FG to begin export of farm produce

 

A Certified International Trade Professional and Managing Director/CEO Koinonia Ventures Limited,  Olufemi Boyede, has stressed that economy diversification in Nigeria is possible as long as the government creates the enabling environment.

Boyede made this observation during a press conference in Lagos announcing a one-day workshop on non-oil export billed for Sheraton Hotel, Lagos on March 16.

The Trade expert, who has been a great player in the non-oil export industry for close to three decades said what the country needs to do is to begin to explore the over 5000 exportable products in its kitty.

He said: “the 5000 products I am talking about is not my invention. It is the result of a research carried out by Nigeria Export Promotion Council about 10 years ago.”

According to him, the council recently under its new zero oil plan, had also enumerated 21 products, which it believes if adequately developed and promoted can immediately replace oil as Nigeria’s leading revenue.

 

Fuel Scarcity Lingers as Marketers Violate Ex-Depot Price Regulation

Fuel scarcity across the nation has persisted as independent marketers continue to violate the priced regulation by selling at exorbitant ex-depot prices, as against the N76.50 approved by the Petroleum Products Pricing Regulatory Agency, PPPRA.

The current scarcity had started after the private oil marketing companies exhausted the little allocations approved for them by the PPPRA to import Premium Motor Spirit (PMS) for the first quarter of 2016.

PPPRA had approved the importation of 1.5 million tonnes of petrol for the private marketers and the Nigerian National Petroleum Corporation (NNPC) in the first quarter fuel import allocations.

While the agency trimmed the allocations for private depot owners and marketers by over 70 per cent down to 22 per cent, it increased NNPC’s allocation to 78 per cent.

The development led to a tight supply situation as the NNPC, which claims to have the capacity to meet the country’s demands is faced with logistics challenges as most of its stock of petrol is in vessels stuck at the high seas.

It was learnt that the private marketers, who now rely on NNPC, have resorted to selling at high ex-depot to third parties, after getting allocation at the normal ex-depot price of N76.50 at the NNPC-designated private depots.

 

India-Africa Bilateral Trade Leaps To $72billion

The bilateral trade between India and Africa jumped from $30 billion in 2008 to $72 billion in 2015.

India Minister of State for External Affairs, Gen. V K Singh, made this known on the first day of the 11th CII-EXIM Bank Conclave on India-Africa Project Partnership held in New Delhi, India.
Singh noted that the relations between India and Africa had thrived for a long time “because of our commitment.”
The minister added that the strength of the friendship had been on partnership in capacity building in the countries.

“We trust each other to be able to build capacity that will stand the test of time. I hope we will take decision in this conclave that will help us all. We are looking towards sustainable development, joint efforts and collaboration is needed and we must commit ourselves to work together, we must strengthen our bond of trade and friendship” Singh said.

On his part, the Nigeria’s Minister of Industry, Trade and Investment, Okechukwu Enelamah said it had become imperative for increased relations between Nigeria and India.

 

Fitch Affirms Helios Towers ‘B’ Rating on Planned Sale to IHS

Fitch Ratings has affirmed the long-term issuer default rating of Helios Towers Nigeria Limited, HTN, at ‘B’ with a stable outlook, following its planned acquisition by IHS Holding Limited (IHS).

The global rating agency explained in a statement, on Monday, March 14, that it anticipates that the acquisition would lead to a stronger market position in Nigeria for the enlarged entity, saying that it does not expect the HTN ratings to be downgraded as a result of the transaction.

According to Fitch, HTN’s operating and financial performance results for nine months ending September 2015 showed good progress in-line with its forecasts.

“We also do not expect HTN’s rating to be affected if Fitch’s Nigerian sovereign rating (BB-/Negative) is downgraded by one notch to ‘B+’, as long as HTN’s cash flow generation remains robust and liquidity remains intact,” it added.

IHS plans to acquire the entire issued share capital of HTN from HTN Towers Plc, which is ultimately owned by HTN’s current shareholders including Helios Investment Partners.

“This transaction strengthens IHS’s position as the leading tower company in Nigeria. IHS believes combining its operations with HTN’s in Nigeria would result in meaningful synergies. Impact on HTN Bondholders IHS says it is committed to maintaining the existing relationship and position with HTN’s bondholders,” Fitch added.

 

Apapa, Tin-Can Island Ports Awaits 17 Shiploads of Petroleum Products, Food Items and Others

About Seventeen ships loaded with petroleum products, food items and other goods are expected to arrive Apapa and Tin-Can Island Ports in Lagos from March 14 to March 23. The Nigerian Port Authority (NPA) reported this about the shipping position.

NPA explained that the expected ships contained buck wheat, empty containers, bulk sugar, diesel, steel products, containers, bulk charcoal, petrol and Aviation Turbine Kerosene (ATK).

According to the document,it noted that eight ships had arrived the ports, waiting to berth with petrol, base oil and aviation fuel.

According to a news reports, it was disclosed that 18 other ships are at the ports discharging general cargoes, bulk sugar, rice, aviation fuel, bulk fertiliser, frozen fish, diesel and petrol.

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