According to the Minister of Budget and National Planning, Udoma Udo Udoma Infrastructural development remains a critical element in the growth of any economy. The minister made this statement during his meeting with a delegation of the management of The Infrastructure Bank (TIB), led by its Chief Executive Officer, Mr. Adekunle Oyinloye, in Abuja.
The minister said the decision by the present administration to allocate more resources for infrastructure in the 2016 budget is reasonable, since the infrastructure is the bedrock upon the economy can grow and also create an enabling environment for private sector to grow. “Infrastructure is very necessary to grow the economy of a nation.
There is need to fix infrastructure in order to create an environment for private sector to grow,” he added. He also explained further that more than 60% of the investment needed for the infrastructure development in the country is to be realized from the private sector, adding that government will prepare projects that are bankable so that the private sector can invest in them.
Accordingly, the minister repeated the desire of the Federal Government to build a stronger relationship with The Infrastructure Bank and create an environment for the private sector to prosper by intensifying its collaboration with the bank, pointing out that the collaboration with TIB was very important with government’s effort at diversifying the nation’s economy from crude oil.
He concluded also by saying that there is need to put Nigeria back to work which can only be achieved by increasing production in Agriculture and encouraging Small and Medium Scale Enterprises (SMEs).
Senate President Abubakar Bukola Saraki has reaffirmed the commitment of the National Assembly under his watch to President Muhammadu Buhari administration’s war against corruption.
He said the Senate has demonstrated such commitment through interventions on many alleged corrupt transactions such as its swift investigation and adoption of a report on the management of the Treasury Single Account (TSA) that saved the nation about N7billion and the exposure of the inconsistencies in the 2016 budget.
Saraki cited the report he presented to the last Senate on the over N1trillion fuel subsidy scam that never saw the light of the day. He added that Nigerians would in the next few weeks be availed of the details of the National Assembly budget, which will be a departure from the tradition of having one line item budget.
He further stated that the Senate has embarked on series of legislative interventions to create a conducive environment for the private sector.
”Few days ago, we received a report on the laws that need to be amended in order of priority importance to ease doing business and overall private sector participation in the stimulation of Nigeria’s economy. We will soon commence the implementation of the recommendations in the report in addition to pushing for the amendment of the Procurement Act to stimulate and protect our local industries,” he assured.
The Nigerian Insurers Association has advised the construction industry to abide with relevant laws of building and take appropriate insurance cover.It was stated while commiserating with victims of the recent five-storey building that collapsed in the Lekki area of Lagos State. it also stated that, “All the stakeholders in the construction industry should take appropriate steps to ensure compliance with the extant laws to stop the needless loss of lives and property and the resultant problems for the families”.
According to the NIA, all over the world, insurance is a risk mitigating mechanism designed to bring succor to those who lose their relations and/or property.
It added that as a nation, people should learn to place premium on human lives by doing the needful, adding that this was where the insurance companies could be called to action.
According to insurance constitution, it has been noted that no person shall build moore than two floors without insuring with a registered insurer his liability in respect of construction risks caused by his negligence or the negligence of his servants, agents or consultants which may result in bodily injury or loss of life to or damage to property of any workman on the site or of any member of the public.’
The association said the Lagos State Government had domesticated the law on insurance of buildings under construction, adding that what remained was for the law enforcement agents to enforce the law. The nation could not afford to waste lives of the citizens.
The association regrets the loss of lives and the valuable property as a result of building collapse cases recorded in different parts of the country.
The second high level regional round-table on non-interest capital market (Islamic capital market) will be organised in Sokoto State on March 14 by the Securities and Exchange Commission (SEC).
This was contained in a statement signed by Mr Naif Abdulsalam, Head, Corporate Communication and issued to newsmen in Sokoto on Sunday.
The statement said that the meeting with the theme: “Financing Development through Islamic Capital Market – a viable alternative,’’ was the commission’s effort to expand the depth of the Nigerian Capital Market.
“This is also aimed at promoting financial inclusiveness through the Capital Market.
“It is in line with the commission’s strategic 10-year master plan on non-interest capital market.
”The aim of the workshop is to encourage states to explore the alternative model for financing infrastructure projects through Islamic Capital Market Products such as Sukuk,” it added.
The Kaduna State government has said that it would increase the current scholarship allowance being paid to higher school students across the country.
Dr Shehu Usman Adamu, Commissioner for Education Science and Technology made this disclosure when officials of the National Association of Kaduna State Students (NAKASS), paid him a visit in Kaduna.
The commissioner explained that the current N15, 000 and N9, 000 being paid to science and arts students respectively as scholarship, could not meet the current economic realities in the country.
He stated that, the amount is too small to make any impact on the students, but the upward review will take into cognizance the current economic realities for the students to feel the impact.
He also added that the current administration would not relent in its efforts to transform the education sector for better performance.
“The government is making efforts to change the landscape of educational development in the state to properly equip the people with the needed knowledge to contribute to development.
“The free feeding interventions in primary schools, the free uniforms project for secondary schools, the ongoing renovation in all public schools are all to ensure quality education delivery.
He also added,“Now, government is considering increasing scholarship stipends to its students in tertiary institutions across the country so as to carry all students along“.
In spite of the recent changes in prices China has said it would need more crude oil exports from Nigeria . According to Zao LingXiang, Economic and Commercial Counsellor of the Chinese Embassy in Nigeria, said this in an interview with the News Agency of Nigeria in Abuja. The total amount of export to China was only about one million barrels in 2015, which was just 1.3 per cent of Nigerian annual oil export.
He also added,“In my opinion, it really doesn’t matter whether Iran comes back or not; Chinese companies want to import more crude oil from Nigeria”.He said current trade volume between both countries stood at $14.94 billion in 2014, making Nigeria third largest trade partner of China in Africa. The economic counselor added that Nigeria’s trade figure was 8.3 per cent of China’s total trade volume with Africa and 42 per cent of the total trade volume between China and Africa.
He also said, that China also sought to explore other areas of cooperation with Nigeria which he noted would be of benefit to both parties. “China is the largest developing country in the world and Nigeria is the largest developing country in Africa and both countries have complementary advantages in natural and human resources, funds and markets.
He also added,“Right now, the Nigerian government is trying to vary its economy which is fully in line with the 10 China-Africa cooperation plans announced at the summit on China-Africa trade in Johannesburg in 2015. “There are great potential for cooperation between China and Nigeria in the fields of industrialisation, agricultural modernisation, infrastructure construction, financial services, trade and investment facilitation, among others.” He, however, added that both countries had made “remarkable achievements” in the areas of infrastructure cooperation.
He said that the coming visit of President Muhammad Buhari to China in April would facilitate the implementation of agreements reached at the 2015 China-African summit in Johannesburg. The economic counsellor further added that the president’s visit would also deepen cooperation between both countries.
According to Mr. LinXiang ,he explained that the total investment volume between China and Africa exceeded $100 billion in 2015 in spite of the decline in imports from Africa. He also assured that Africa remained China’s largest trade partner despite recent changes in that country’s economy. “The amount in import from Africa to China declined but did not decline remarkably.
He also conclude that, ” the economic and trade cooperation between China and Africa is not only about trade but technical cooperation as well. “China’s total investment volume in Africa last year increased by 100 times more in a short span of 10 years, which shows that cooperation between both parties is moving to a new level” .
The manufacturing sector of the economy recorded a growth of 6.93 per cent in the fourth quarter of last year amid lack of significant credit advance from the banking sector. The growth was 2.13 per cent higher than the 4.80 per cent which was recorded in the third quarter of the year, according to the National Bureau of Statistics (NBS).
At the last monetary policy committee (MPC) meeting of January 2016, the CBN governor, Mr. Godwin Emefiele noted that though Net domestic credit (NDC) grew by 12.13 per cent, it remained below the provisional benchmark of 29.30 per cent for 2015 while growth in aggregate credit reflected mainly growth in credit to the Federal Government by 151.56 per cent in December 2015 compared with 145.74 per cent in the corresponding period of 2014.
However, according to the fourth quarter GDP estimates released recently by the statistical agency, the sector contributed 9.09 per cent to Nominal GDP in Q4 2015 quarter, though lower than the 9.11 per cent recorded in the corresponding period of 2014, and 9.67 per cent in the third quarter of 2015.
It further noted that real GDP growth of the manufacturing sector slowed by 13.09 per cent to 0.38 per cent (year-on-year) from 13.47 per cent growth recorded in fourth Quarter of 2014.
Growth was however 2.13 per cent higher than rates recorded in Q3 2015 while on a quarter-on-quarter basis, the sector slowed on the margin by -0.03 per cent with oil refining and Motor vehicle and Assembly weighing on the sector manufacturing.
Apparently, the manufacturing sector recorded a nominal year on year growth of 2.43 per cent in the period under review. This was 28.63 per cent lower than the 31.06 per cent growth rate recorded in the corresponding quarter of 2014, and 1.02 per cent lower than the growth rate of 3.46 per cent recorded in Q3.
Sokoto State governor, Aminu Waziri Tambuwal, has advised that Nigeria’s quest for development demands paying attention to education. He noted that a productive, functional and pragmatic education sector will pave the way for scientific development, technological advancement and, by extension, economic growth and social rejuvenation.
He said: “Sokoto State government recently declared a state of emergency in the education sector. The issues involved are not only government-related but also related to students, parents, subjects and the society. It is only natural, therefore, to expect such a professional entity as the Faculty of Education to fulfill its professional obligations in the face of the challenges, through its professional interventions.”
Former Executive Secretary of the National Universities Commission, Prof. Peter Okebukola, in his keynote noted that at no time is the relevance of innovative higher education to Nigeria’s economic survival and national development more critical than now, especially with the dwindling economic fortunes occasioned by fall in oil price in the international markets.
The Port Harcourt Electricity Distribution Company (PHED) has undermine the Senate and the law court to enforce the new electricity tariff, saying they have no jurisdiction over electricity tariff matters.
Coporate Communication manager, Port Harcourt Electricity Distribution Company, (PHED), Mr. Jona Iboma, insisted that the new tariff would soon be implemented by the DISCO. He said that only NERC has the power to issue an order on tariff implementation, adding that a court or Senate order cannot halt the process.
“One, the case instituted against the Nigeria Electricity Regulatory Commission (NERC) was not instituted against DISCOs and that case instituted by AN individual has been appealed by the regulatory commission and so because an appeal has been filed, the statusquo remains.
“Two, NECR is the regulator of the industry. How many regulatory agencies can we have? The court cannot regulate the industry, Senate cannot regulate the industry and so the regulatory commission has issued a new tariff order to electricity distribution companies and that is what guide the industry today and until a counter order, is issued, we cannot be obeying any other person but the regulatory commission because that is the government organ that is established by law to regulate the industry,”Iboma said
Director- General of the Securities and Exchange Commission (SEC), Mr. Mounir Gwarzo has said total assets under management in the global Islamic finance industry had surpassed $2 trillion (N394 trillion) at the end of 2014, remarking that this is even as the global sukuk market continues to witness remarkable growth after the 2008 global financial crisis as annual issuances has grown from $15 billion in 2008 to almost $120 billion in 2014.
The director-general stated this at the second Regional Roundtable on Non-Interest Capital Market held in Sokoto on Monday.
Gwarzo said that the focus of the roundtable was on “Sukuk’’- one of the most important components of the Islamic financial system, noting that while most people identify capital markets as an important source of medium-to-long term capital, few realise the amazing potential of capital markets to serve as a catalyst for financial inclusion.
“SEC is determined to unlock this potential of the Nigerian capital market. In particular, we are aware of the need to deepen the non-interest capital market space. This is to enable millions of Nigerians and people of faith to invest savings ethically. Investors worldwide are increasingly allocating their resources into Islamic finance products,’’ Gwarzo said.
The SEC DG said last year was widely considered a landmark year for Islamic finance, especially with debut of sukuk issuances by countries such as the United Kingdom (UK), Hong Kong, Senegal, South Africa and Luxemburg, adding that the year also witnessed continued strong interest from key markets in Malaysia, Saudi Arabia and the United Arab Emirates (UAE) and emerging markets like Turkey and Indonesia and that there was no doubt that the sukuk market was emerging on a global scale as a viable alternative source of funding.
In Nigeria, Gwarzo said the SEC has implemented a number of reforms aimed at deepening the non-interest capital market while the commission focused on the regulatory framework, reviewing the rules and introducing new ones.
The director-general said, ” In particular, we issued rules on Islamic Fund Management as well as rules on Sukuk issuance. These two legal frameworks have encouraged Islamic product innovation with the registration of five ethical/shariah compliant funds and the issuance of Nigeria’s first ever sub-national Ijara Sukuk by the Osun State Government in 2013 which was oversubscribed. We are also considering modalities for setting up a Sharia Advisory Council as a body of experts to advise SEC and the market on non-interest product and their applications.”
The director-general said that state governments could leverage on the Sukuk market to raise funds for developmental projects.
Going forward, he said the focus of the SEC would be on massive public enlightenment and also stronger capacity building initiatives, adding that is what informed the idea of hosting regional events such as the Roundtable.
“We are working closely with the Debt Management Office (DMO) to ensure Nigeria issues her first sovereign Sukuk that will provide the needed benchmark for other categories of issuers. We are hopeful there will be a significant progress on this front before the end of 2016. Once again, I thank you for your distinguished presence here while enjoining you to make the most of the opportunities this platform presents,” Gwarzo said.
In his remarks, Gov. Aminu Tambuwal of Sokoto State said that the state government had since resolved to embrace Sukuk.
Represented by the Commissioner of Finance, Alhaji Sa’idu Umar, Tambuwal said that the Islamic capital system conformed with the religious and cultural beliefs of the people of the state.
The governor said that the system provided alternative sources of funds, especially in view of the dwindling revenue occasioned by the falling global oil resources.
The Governor of Zamfara, Alhaji Abdulazeez Yari, represented by Alhaji Shehu Baraya, the Acting Accountant-General of the state, urged Nigerians to embrace Islamic capital for meaningful national development.
The Sultan of Sokoto, Alhaji Sa’ad Abubakar, represented by the Emir of Gwandu, Alhaji Ilyasu Bashar, commended the commission for organising the roundtable.
Abubakar said that Sukuk provided alternative sources of funds for the development of the nation.
Minister of labour and employment, Chris Ngige, has accused Nigerians for complaining of hardship under the President Muhammadu Buhari-led government. The minister in an interview, accused Nigerians of complaining of hardship in this present administration of being PDP loyalists. Ngige said this present administration which is yet to make one year in office is working assiduously towards the betterment of Nigerians.
According to him,he said,“I don’t know what you mean by hardship and those you call Nigerians. Are they the federal civil servants getting their monthly salaries as and when due? We don’t owe them, not even allowances and there is no reason they should be unhappy with the APC government. Are the okada riders among those complaining when they are making brisk businesses or the graduates we will soon address their problem of unemployment after the passage of the budget”.
The minister, who blamed unemployment for some of the social vices happening in the country said: “Unemployment is the herald of Boko Haramism, herald of IPOBism, OPCism and militancy in the Niger Delta. It is a scourge and serious disease condition that we must fight and that is why we are in this ministry and government.”
According to him, the government has a job creation programme under the supervision of the vice president as well as other jobs that would be made public very soon. “We have job creation programmes under the supervision of the Vice President and other inter-ministerial ones that will be rolled out very soon. By the time we roll out, more funds will be put into the economy. Let us warn that the funds are not for stealing. The only difference between APC and PDP is the stealing of the lots of floating funds. Many of the elite were grabbing these floating funds and they are the ones protesting that they are not happy with the present government.
He further said that those complaining especially the elite are members or loyalists of the PDP. We are not bothered because we are going to continue with our common-people’s programme and I want to assure that the tide will soon change. So, we are waiting for the budget. Don’t forget that we are not the ones that appropriate funds but the National Assembly. We have given them budget, done some alterations and amendments as needs be in areas where some people try to mutilate and we are waiting for now. Once they approve the budget as proposed, we roll out our programmes”.
Two members of the People’s Democratic Party (PDP) have asked an Abuja High Court to compel the national chairman to vacate office by the end of March. The ripples caused by the emergency of Senator Ali Modu Sheriff as national chairman of PDP are far from over.
They also sought an order of the court to compel the party’s leadership not to hold the forthcoming national convention until the membership register of the party is computerized as stipulated in section 8(11) of its constitution.
The suit was filed by Engr. Nwosu Emmanuel and Mr. Eze Chuks Silas on behalf of the Restart PDP Group on March 8, 2016.
Recall that the National Executive Committee (NEC) had barely a week ago, endorsed a proposal by Sheriff’s led National Working Committee (NWC) to conduct national convention in May 21, 2016 in Port Harcourt, Rivers State. By implication, Sheriff would serve till May 2016.
But former ministers who served during the party’s reign at the center and the PDP Restart Group have insisted on March 31, 2016 as exit date for all members of the NWC.
However, according to a copy of the originating summons with suit number Cv/1174/16 and filed at a Federal High Court in Abuja, Engr. Nwosu Emmanuel and Mr. Eze Chuks Silas, were the plaintiff while PDP, Sheriff and the NWC are the 1st, 2nd and 3rd defendants respectively.
According to the summons obtained by newsmen, the plaintiffs asked for an order “restraining the 1st defendant, 3rd defendant and the current national chairman of the Peoples Democratic Party (Senator Ali Modu Sheriff) and all other national officers of the Peoples Democratic Party whose tenure of office shall expire in March 2016 in line with the party’s constitution, from unlawfully extending their tenure of office beyond the mandatory four years term expressly stipulated in section 47(1) of the constitution of Peoples Democratic Party.”
They also sought an order “restraining the defendants, all officers and organs of the 1st defendant from parading or further parading the tenure of office of the 2nd defendant or any officers or organs of the 1st defendant whose tenure of office shall expire in March 2016 in line with the party’s constitution, as having been expired beyond March 2016.”
While asking that court for a declaration on the tenure of Sheriff, they noted that Sheriff “having emerged to complete the unexpired constitutionally stipulated four years terms of the last former national chairman of be party and his immediate predecessor respectively (Alhaji Ahmadu Adamu Mu’azu and Alhaji Bamanga Tukur whose tenure jointly ought to expire in March 2016, should vacate office in March, 2016 as any extension of his tenure shall contravene the provisions of sections 2; and 47(1) and (6) of the constitution of the party”.
Seeking an order to stop the May 21 convocation, they pleaded with the court to compel the party to give effect to section 8 (11) of the constitution which provides that a membership register of the party should be computerized.
The specifically asked the court to restrain “the 1st defendant and all its organs from conducting party congress and 2016 national convention or other further national conventions pending the computerization of the party membership register as mandatory stipulated in section 8(11) of the party’s constitution.
Section 8(11) of PDP’s constitution read “the party membership register shall be computerized to ensure control and to avoid fraud, and all ward registers shall be closed one month to congresses”.
When contacted, spokesman of the Restart PDP Group, Chief Jackson Ude, said the suit became necessary to ensure that the PDP allowe the constitution of the party to prevail instead of “back-door agreement by few selfish individuals in the Party.”
“If the PDP constitution says Bamanga Tukur and Adamu Mu’azu’s tenures which Ali Modu Sheriff is concluding expires March 28, so be it. Let him and members of the NWC leave so the Party can cleanse itself and begin on a new slate.
Ude also said,“We must go back to the rule of law and the Constitution. The impunity within the Party is because few individual decided on their own to jettison the Constitution for their own selfish interest. All well-meaning members of the PDP must insist on the constitution”.
Kwara State Polytechnic has introduced card readers to authenticate students identity during its examinations.
It is contained in a statement issued on Monday in Ilorin by the institution’s spokesman, Mr Tosho Amuda, at the end of a sensitisation programme on curtailing malpractices by Examination Monitoring Committee.
The statement said that the card reader was a new technology which will help at identifying duly registered students.
Mrs Olubunmi Ajibade stated that, the Chairman of the Monitoring Committee said that, the sensitisation was to educate supervisors and students on the use of the card reader.
According to the statement, the sensitisation is aimed at curtailing any form of inadequacies before, during and after examinations beginning with the first semester.
Ajibade expressed optimism that the implementation of the card reader would be successful during the first semester examination.
She also advised students to coprate with examination rules so as to have hitch free examination.
By 31 of March,The Lagos State University (LASU) Alumni Association is to honour the medical team of the Lagos State University Teaching Hospital (LASUTH) which performed the first successful kidney transplant by all-Nigerian professionals last November with a dinner.
Reporting this in a statement jointly signed by the President, Maj-Gen Cecil Esekhaigbe (rtd) and the Secretary, Mr. Wale Anthony, the association said that some graduates of the Lagos State University who have divided themselves in various fields would also be honoured at the dinner which will hold at the Sheraton Hotel, Ikeja.
According to the association, the feat achieved by the LASUTH medical team led by a Consultant Nephrologist, Dr. Jacob Awobusuyi indeed deserves to be celebrated, given that it signals the beginning of the end of an era whereby medical professionals who are nationals of other countries had to be flown in to collaborate with Nigerians to carry out such delicate transplants.
“The whole essence of honouring the medical team who achieved this feat and graduates of LASU who have famed themselves in various fields is to inspire and encourage others to struggle for excellence. Everyone loves to be honoured, and if people know that their alma mater would recognize and honour them for outstanding achievements, perhaps they would be more driven,” the association stated.
The special guests at the dinner are,The Minister of Health, Prof. Isaac Adewole; the Lagos State Governor, Mr. Akinwunmi Ambode and his wife, Bolanle; as well as the Lagos State Deputy governor, Dr Idiat Adebule.
The Managing Director of Gaspower Systems, Mr. Mohammed Mijindadi has revealed that global energy giant, General Electric would provide support for Bresson AS’ plans to provide 500megawatts of electricity to the national grid by next year.
“The project has tremendous economic value, and that is why GE Capital is involved in structuring finances for Bresson 500mw project.”
Chairman, Bresson Nigeria Limited, Mr. Gbenga Olawepo-Hashim had assured that the megawatts to be generated would come from Bresson Initiative and its Magboro power plant in Ogun state. He said the capacity, which will be available in phase 1 from second quarter of 2017, would represent 10 percent of the current available national capacity.
He, however, lauded the present administration for removing bottlenecks associated with signing of power purchase agreements, noting that the Minister of Power had approved the agreements without delay and without waiting to be lobbied.
Olawepo-Hashim noted that the new development will attract more investors and fast track the administration’s efforts to provide adequate power supply to the citizenry.
Nigerian ship owners have joined forces to form a forum. The joining of forces by the original ship owners is coming on the heels of divergent views and rancour among Nigerian ship owners who belong to various ship owners associations in the maritime industry.
These associations that aligned include the Nigerian Ship Owners Association (NISA) and the Ship Owners Association of Nigeria (SOAN).
Meanwhile, uncomfortable with the rivalry among the indigenous ship owners, the Minister of Transportation, Mr. Rotimi Amaechi, had in a recent public forum in Lagos asked Nigerian ship owners to come together to form an umbrella body.
It was in furtherance of this directive that the key players in these associations held several meetings in Lagos that culminated in the formation of an umbrella body called Ship Owners Forum, with a Lagos-based lawyer and shipping practitioner, Mrs. Margaret Orakwusi, as the Chairman.
It was report during the weekend by one our news reporters that, The Ship Owners Forum confirmed the development in a statement issued in Lagos, titled: ‘Ship Owners in Nigeria, Unite Under One Umbrella Body’.
The statement which was endorsed by the representatives of NISA and SOAN said: ” Amaechi, at a parley in Lagos requested ship owners in Nigeria to present a common front in their engagement with government on all issues relating to ship owners in Nigeria. The ministerial challenge was immediately followed up with a convivial meeting of ship owners where the resolution to float the Ship Owners Forum under the chairmanship of Mrs. Margaret Orakwusi was reached.”
In another development, the immediate past Chairman of the Council for the Regulation of Freight Forwarding Practice in Nigeria (CRFFN), Alhaji Hakeem Olanrewaju, has identified the root cause of the problems plaguing the council just as he pointed the way forward.
Olanrewaju who is also the Managing Director and Chief Executive Officer (CEO), Talod Oceanair Freight Limited, in an interview with THISDAY in Lagos, revealed that a lot of vested interest had combined to prevent the progress of the council.
He warned that an entrenched cartel, individuals or groups activities can not be allowed to continuously subvert extant laws of the federation and by extension, deny the federal government of its due and much needed internally generated revenue.
Also, the whole essence and intendment of this Act 16 of 2007 is to establish a Council for the Regulation of Freight Forwarding in Nigeria, charged with the responsibility, among others, of determining the standards of knowledge and skills to be attained by persons practicing or seeking to be a registered member of freight forwarders of Nigeria in accordance with the provisions of this Act,” he said.
Giving an insight into the challenges bedeviling the council, he stated that proper administration of the CRFFN continues to be resisted by a cabal which are refusing to be regulated.
“A few of them contested and failed an election at the maiden election into the governing council, thereby resorting to frustrating efforts to put the council on a strong footing. They became apostles of the slogan of “status quo ante” which they manifest in different antics. Few of these elements with their glorified gangs of touts parade themselves as industry gladiators. Most times, they instigate court actions all in a bid to stampede the CRFFN administrations, within the professional administration.
“Other challenges faced by the council were certain entrenched interests, power tussles and egotism on the part of notable leaders, whose antics also pointed to disapproval by conscience against the regulatory regime. The greatest monster was the associations’ entrenched interests and open display of power drunk and arrogance against the general professional interest and that of the regulatory council,” Olanrewaju who is also a chieftain of the Association of Nigerian Licenced Customs Agents (ANLCA) said.
He expressed regret that in 2010 to 2011, the council opened its register and called for registration by practitioners, over 5000 freight forwarders picked up forms for registration and close to 2000 corporate firms completed registrations.
The erudite licenced customs agent stated that during and after accreditation processes, just a little above 2000 practitioners are said to have completed the registration exercise and accreditation processes and names posted into council register.
He also stated that a little above 400 corporate firms appeared on the council register.
Olanrewaju spoke against the backdrop of the protracted face-off between CRFFN and some key players in the maritime industry, especially licenced customs agents.
Amaechi had in a recent public forum in Lagos read the riot act to the various freight forwarding associations. He also ordered them to meet with the regulatory CRFFN and resolve the differences.
Amaechi gave this directive while addressing the leaders of the various freight forwarding associations. The associations that are registered by the CRFFN include the Association of Nigerian Licensed Customs Agents (ANLCA), National Association of Government Approved Freight Forwarders (NAGAFF), National Council of Managing Directors of Licensed Customs Agents, Association of Registered Freight Forwarders if Nigeria(AREFFN) and National Association of Freight and Aircargo Consolidators (NAFAC).
The Managing Director/Chief Executive Officer (MD/CEO) of Heritage Bank Limited, Mr. Ifie Sekibo, has reaffirmed the bank’s commitment to wealth creation and the development of Small and Medium Scale Enterprises (SMEs). He explained that Heritage Bank was poised to serve “as a catalyst to create wealth, preserve it and fashion out a succession plan for the next generation.”
“Heritage Bank was set up to do one or two things and there are three steps to it. One is the creation, preservation and transfer of wealth. We sat down as a bank and noted the difficulties faced by businesses and families in Nigeria in the area of generational wealth transfer.
“To us, the main target is that our activity, our investment, our catalytic behavior will help make businesses move from one level to the other. That is the goal.”
“SMEs have to survive if the economy must survive. It is not an option. It is the bedrock of our economy. The artisans, the fitters, the technicians… if they do not exist, our maintenance culture will be very poor. Funding is the last thing on the menu for SMEs. Let us begin to inject methods and give guidance to these companies,” he added.
He noted that the bank had developed and introduced a wide range of services, which addresses the capacity and financing needs of SME businesses, adding that the goal of Heritage Bank’s SME offerings is to build a network of entrepreneurial leaders that will drive the growth of the sector.
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has disclosed that Nigeria is targeting 2.4 million barrels of crude oil per day (mbpd) in output in 2016. He said that even though the target of 2.4mbpd was not used as a production benchmark for the 2016 budget, he explained that the production volume would be pursued by his ministry.
However, he noted that about 200,000bpd of the planned total would be dedicated to domestic refining, while 2.2mbpd would be kept for export, adding that the country would have been doing 2.3mbpd, but for the attack that was recorded on one of Shell’s Forcados pipeline recently.
“In terms of volumes, I think we are producing at 100 per cent. Before the Shell pipeline incident which happened about a week ago, we were already hitting about 2.3mbpd up from about 2.18mbpd.
“The target this year really, without putting that in the budget, is about 2.4mbpd and to dedicate some of that to total refining capacity and keep our 2.2mb as whole as we can.
“That is still the target we are shooting for and I think that if we have a 100 per cent performance in terms of funding and oil companies are going full blast, so we will see things happen,” Kachikwu said.
The Raw Materials Research and Development Council (RMRDC) has distributed improved tomato seeds to the Taraba State Government for onward distribution to vegetable farmers in the state.
Dr Huseni Ibrahim, the Director-General of the council, said that the venture was aimed at boosting tomato cultivation in the state. He urged the farmers to take due advantage of the current opportunity to turn around their fortunes.
He stated that the council would monitor the cultivation and distribution of the seeds so as to ensure that the beneficiaries of the intervention were genuine tomato farmers.
Dr Asanga Enefiol, the Director of RMRDC’s States Coordination Department, appealed to the state government to set up small tomato processing plants that would utilise the anticipated tomato yields.
Alhaji Abdullahi Ahmed, the RMRDC Coordinator in Taraba, also proposed a revival of the Lau Tomato Processing Company to check perennial wastage in tomato harvests.
The first ever ICERTIAS Best Buy Award survey in Nigeria concludes that Nigerian consumers consider the innovative and responsive motor oil brand, Mobil, best in category for price-quality ratio.
Offering a comprehensive range of motor oils to meet the varying needs of their customers while at the same time paying attention to values and standards of business conduct, the majority of Nigerians surveyed have confirmed that Mobil is their first choice regarding best value for money.
Surveyed for the ICERTIAS Best Buy Award, respondents were asked, on the basis of their personal experience of specified products or service categories on the Nigerian market, what they felt represented the best price-quality ratio.
Presented with open-ended questions, respondents had free choosing of products and service providers when answering their preferences.
In the motor oil brand category respondents were asked the following question:
“In your personal experience, which motor oil brand offers the best price–quality ratio in Nigeria:”
The majority of those surveyed answered Mobil.
This is further affirmation for Mobil that, by offering competitive products and services that are known for performance and innovation, they have established a distinctive customer experience resulting with the majority of consumers choosing them over their competition.
These findings come from the first Best Buy Award research survey conducted in Nigeria in September 2015 by the Swiss organisation ICERTIAS. ICERTIAS measures the experience and level of satisfaction expressed by surveyed participants with the price-quality ratio of marketed products and services.
It should be noted that the ICERTIAS Best Buy Award survey does not measure brand equity or market share. This research provides insight into the customer’s personal experiences, opinions, satisfaction and perceptions, which are used exclusively to gauge the price-quality ratio of goods and services in the market.
