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Airports Security Upgrade to Gulp N20 Billion

According to Colonel Hameed Ali (Rtd), the comptroller general of the customs,  N20 billion would be required to upgrade security equipment in all international airports around the country.

The Colonel reported this while on a tour of inspection of the state of security equipment at the Nnamdi Azikiwe International Airport, Abuja, alongside the minister of finance, Mrs Kemi Adeosun.

According to him, the move has become imperative owing to the mundane state of most of the airport security equipment, a situation he said is not in tune with world best practices.

He also said that,“Most of the equipment are out of date and do not meet the present security demands, hence the need for the review of the whole system and we are not looking at one airport, but our international airports.The moment we can make a seamless operation for traders and passengers they would want to use our own airports in the transaction of their businesses. This would enhance trade facilitation and in turn increase revenue generation,”.

According to the minister of finance, she is satisfied with the level of activities going on the airport as of present and hoped that purchasing the needed equipment would increase efficiency which would in turn spur revenue collection for the nation.

She also said the,“The equipment we have are quite inefficient and we have to improve upon them. For instance, containers in the port will be cleared quickly. The customs as we know is a revenue generating and security agency and we really need to look at their operation and assess their need for new equipment, particularly for new technology in the form of scanners that would enhance their ability to do their job efficiently”.

Inview Technology backs FG’s investigation in Digital Switchover  

The Nigerian based firm, Inview Technology Nigeria Limited, the software middleware partner for the National Broadcasting Commission (NBC’s) common standard set top boxes that will enable customers access the free-to-view platforms created by Digital Switchover (DSO), has thrown its weight behind the ongoing Federal Government’s anti graft war being prosecuted by the Economic and Financial Crimes Commission (EFCC’s).

In a statement signed by the company’s Chairman, Nick Markham, he said,” Inview Technology Nigeria Limited (‘Inview’) is proud to be supporting the Nigerian government in the Digital Switch Over (‘DSO’) Programme, and is committed to helping the NBC deliver a whole range of free digital channels to the Nigerian population.

“To ensure that the DSO programme is managed correctly, Inview respects and supports the EFCC’s work investigating payments relating to DSO. As part of the EFCC’s investigation, allegations have been made in the press concerning actions that the Inview CEO, Babatunji Amure may have taken. Inview has taken these allegations very seriously and has held extensive discussions with the EFCC Senior Investigating Officer, who has confirmed that Inview is not accused of any involvement in this matter. The EFCC have confirmed that in fact the allegations relate to Mr Amure’s role as CEO of D-Vine and therefore any actions Mr. Amure may have taken would have been wholly outside the scope of his employment with Inview. The EFCC has also confirmed that the investigation has no impact on Inview’s work with the Nigerian Government concerning DSO. Inview will continue to support and assist the EFCC during these investigations,” the statement read.

Pensioners Callout CBN, PTAD over Payment of Outstanding Benefits

Pensioners under the Voice of Nigeria Pensioners Association (VONPA), have have demanded that the Central Bank of Nigeria (CBN) and the Pension Transitional Arrangement Directorate (PTAD) effect payment of their outstanding benefits.

Chairman of the senior citizens, Comrade Sylvester Okafor, bemoaned that while payment has been made for January 2016, December 2015 has curiously been skipped, even as February 2016 remains outstanding.

“Many of our members are dying of illnesses and need urgent attention,” said Okafor, adding: “We are appealing to CBN to save us from untimely death. We are also urging the Federal Government to look into the matter and save us from this terrible experience.”

Senate Panel To Unravel MTN N50m Payment

The Senate Committee on Communication has commented that it would leave no stone unturned ‎in unravelling all factors that led to the payment of N50 billion by the Mobile Telecommunication Network (MTN). Also that it is concerned to know why MTN was directed to pay the money into a recovery account instead of through the regulatory agency, Nigerian Communication Commission (NCC) that imposed the fine in the first place.

Chairman of the Committee, Senator Gilbert Nnaji, revoked reports that the matter had been discarded due to the absence of the Attorney General and Minister of Justice, Abubakar Malami, at the investigative hearing of committee on last Thursday.

The NCC in October 2015 imposed a fine of N1.04 trillion on MTN for contravening the directive on the deactivation of 5.2 million unregistered subscribers on its network. MTN was however, reported to have paid N50 billion into government coffers as part of a deal to resolve the matter.

He described Malami’s action in relation to the controversial N50 billion payment by, MTN as “not only at variance with the anti-corruption stance of the Federal Government but a deliberate attempt to undermine Nigeria’s integrity and subject her to public ridicule in a bid to impress South Africa.”

Nnaji reaffirmed that no amount of sentiment would deter the committee from unmasking all those behind the “national embarrassment.”

Over 1.5m Nigerians Are Blind – Eye Bank

Nigerians Should Go For Regular Eye Check-Up - Ophthalmologist

The Chairman, Board of Trustees, Eye Bank for Restoring Sight Nigeria (EBRSN), Dr. Olaseinde Akinsete, has revealed that about 1.5m Nigerians are suffering from various forms of blindness, 30 percent of which is caused by cornea blindness.

He lamented that despite the Cornea Grafting Decree of 1973 and several advocacy and enlightenment campaigns over the years, the menace of blindness is still troubling.

He said, “We have employed means of overcoming some of these obstacles, for instance, cornea have been imported from countries like the United Kingdom, India, Sri Lanka and the United States, to address the shortages here. We have over 160 people suffering from cornea blindness, who are on the waiting list. And it is embarrassing when we go to other countries to request for the body part and they ask whether people don’t die in our country.”

The Medical Director of EBRSN, Dr. Mosunmade Faderin, said that unlike other forms of organ transplant where tissue types are sought for, it was not necessary with the cornea, because it is avascular and with no blood vessels.

POLITICS & GOVERNMENT JOBS | Graduate Entry Clearance Officers Recruitment at the British High Commission (BHC)

The British Government is an inclusive and diversity-friendly employer.  We value difference, promote equality and challenge discrimination, enhancing our organisational capability. We welcome and encourage applications from people of all backgrounds. We do not discriminate on the basis of disability, race, colour, ethnicity, gender, religion, sexual orientation, age, veteran status or other category protected by law. We promote family-friendly flexible working opportunities, where operational and security needs allow.

We are are recruiting to fill the position below:

Job Title: Entry Clearance Officer

Ref.: 05/16 ABJ
Location: Abuja, Nigeria
Grade: B3 (L)
Job type: Permanent

Job Description (Roles and Responsibilities)
The main duties will include:

  • Assessing visa applications in a fair, objective and courteous  manner.
  • Making quick and pragmatic decisions to issue and refuse visas in accordance with the Immigration Rules, and within agreed time-scales.
  • Dealing with correspondence and other enquiries from applicants, sponsors and members of the public. Preparing well-presented and accurate replies, written in plain English, within target times.
  • Preparing written statements and paperwork related to the appeals process, and making sure that they are also well presented and accurate.

Desirable Qualifications and Experience.
Previous experience as an Entry Clearance Officer
Essential qualifications and experience:

  • We are looking for a candidate who meets the criteria listed below with good oral and written communication skills. In particular, the successful candidate should be able to work quickly and accurately, often under pressure, have a positive approach to tackling problems and a willingness to take on new tasks.
  • Previous experience of working within a visa section or other office environment is strongly preferred, and good keyboard skills and familiarity with computers and software packages (notably MS Word, Excel and straightforward databases) are essential for the role.
  • Good communication with excellent spoken and written English.
  • Computer literacy with accurate typing skills of at least 25 words per minute.
  • The ability to remain customer focused, polite and courteous under pressure.
  • The ability to work quickly and reliably with little supervision to meet challenging targets.
  • The capability of making quick decisions, in accordance with set rules and the ability to show that these decisions are fair and just.
  • Ability to work well under pressure.
  • Excellent team players – this is an all for one, and one for all environment.
  • Flexibility and a positive attitude to working in a forward thinking, modern and motivated department, which is working at the forefront of visa work. We are committed to improving standards and procedures – and we are looking for like-minded employees.
  • To effectively represent the Visa Section, the British High Commission, and the UK Government as a whole.

Required Competencies

  • Seeing the Big Picture, Making Effective Decisions, Leading and Communicating, Collaborating and Partnering, Managing a Quality Service, Delivering at Pace.

Starting monthly salary
N 493, 126

Start Date
1st May, 2016.

Application Closing Date
25th March, 2016.

How to Apply
Interested and qualified candidates should APPLY

Note:

  • The candidate must be a British passport holder who already has or is able to obtain UK Security Clearance, or another national who has recently lived at least five consecutive years in the UK and may be eligible to obtain UK Security Clearance.
  • The candidate must also provide evidence that they have permission to work for the British High Commission in Nigeria (i.e. that they are a Nigerian passport holder; or hold a Nigerian work permit that allows them to work for a diplomatic mission). Any applicant who does not provide evidence of this will be sifted out at the first stage.
  • Employees recruited locally by the British High Commission in Nigeria are subject to Terms and Conditions of Service according to local employment law in Country.
  • Employees who are not eligible to pay local income tax: e.g. certain third-country nationals and spouses/partners of UK diplomats will have their salaries abated by an equivalent amount.
  • Reference checking and security clearances will be conducted.
  • Any questions you may have about this position will only be answered during interview, should you be invited.

POLITICS & GOVERNMENT JOBS | Graduate Entry Clearance Assistant – Team Leader at the British High Commission (BHC)

The British Government is an inclusive and diversity-friendly employer.  We value difference, promote equality and challenge discrimination, enhancing our organisational capability. We welcome and encourage applications from people of all backgrounds. We do not discriminate on the basis of disability, race, colour, ethnicity, gender, religion, sexual orientation, age, veteran status or other category protected by law. We promote family-friendly flexible working opportunities, where operational and security needs allow.

We are recruiting to fill the position below:

Job Title: Entry Clearance Assistant – Team Leader

Location: Abuja
Job Category: Other British Government Departments (Partners across Government, including UK Visas)
Job Subcategory: UKVI (UK Visas and Immigration)
Grade: A2 (L)
Type of Position: Fixed Term
Duration of Post: 12 months

Job Description (Roles and Responsibilities)

  • Line management of 5 grade A1(L) staff
  • Team Leader of the Customer Care and Registry Unit
  • Management of the different aspects of this team including:
    • Escalations
    • Correspondence
    • Management of JRs and PAPs
    • File Management
    • Appeals
    • ARs
    • IHS (payments and refunds)
    • Provide daily statistical data to the Operations Manager
    • Ensure the smooth running of the CCU / Registry teams

Essential Qualifications and Experience

  • Previous experience of working within a visa section
  • Microsoft Office package
  • Customer service experience preferable

Required competencies:

  • Seeing the Big Picture, Making Effective Decisions, Leading and Communicating, Managing a Quality Service, Delivering at Pace.

Additional Information:

  • Employees recruited locally by the British High Commission in Abuja are subject to Terms and Conditions of Service according to local employment law in Nigeria.
  • Employees who are not eligible to pay local income tax: e.g. certain third-country nationals and spouses/partners of UK diplomats will have their salaries abated by an equivalent amount.
  • Reference checking and security clearances will be conducted.
  • Any questions you may have about this position will only be answered during interview, should you be invited.

Remuneration
Starting monthly salary (N360,778)

Application Closing Date
18th March, 2016.

Start Date
1st April, 2016.

Method of Application
Interested and qualified candidates should APPLY

MEDIA JOBS | Tele-Marketers at Literamed Publications Nigeria Limited

Literamed Publications Nigeria Limited, est. 1969, is Nigeria’s leading Children’s book publisher. Its imprint, “Lantern books” is now a household name in Nigeria and West Africa.

Literamed has in its stable over 400 titles of books for Pre-primary, Primary, Secondary and Literature texts for different age ranges, all widely accepted in Nigerian Schools.

We are recruiting to fill the vacant position below:

Job Title: Tele-Marketer

Location: Lagos Office

Job Description
Applicants must be able to:

  • Contact businesses and private individuals by telephone to promote products.
  • Obtain customer information including names and addresses.
  • Record customers details including reaction to the product.
  • Receive orders over the telephone.
  • Input details into the computer system.
  • Confirm orders placed with field sales representatives
  • Obtain contact details of potential customers from sources including telephone directories and purchased lists.
  • Schedule appointment for sales staff to meet prospective customers.
  • Answer telephone calls from potential customers who are responding to advertisements.
  • Contact customers to follow up on initial.

Requirements

  • B.Sc HND in Mass Communication or any related field.
  • 2 years of sales/Telemarketing experience.

Application Closing Date
25th March, 2016.

How to Apply
Interested and qualified candidates should forward their CV’s to:johnson.akinkuowo@lantern-books.com State subject as: Telemarketer (Lagos office).

MEDIA JOBS| Freelance/Full-time Writers at Zegist Nigeria

Zegist is a lifestyle forum where people go to understand other people’s perception on everyday issues. It is a forum for open conversations on anything and everything.

We are recruiting to fill the position of:

Job Title: Freelance/Full-time Writer

Location: Nationwide

Role Description

  • We are looking for vibrant and smart writers willing to build an online community where people share their opinions and make conversations happen.
  • We need writers who can share their opinion and grow an online community.
  • If you write well, have a knack for starting up interesting conversations and you’re dedicated to building an online community then you’re a step closer to working with us.
  • The best part is, you get to work from wherever you are.

Application Closing Date
31st March, 2016.

How to Apply
Interested and qualified candidates should APPLY

NSE Implements Rules to End Illegal Shares Sale

The Nigerian Stock Exchange, NSE, has kicked off the implementation of newly amended rules aimed at curbing the unauthorized sale and transfer of shares by unscrupulous stockbroking firms and traders.

The Exchange had last week started the implementation of a detailed and tougher rule on fraudulent sale of shares.

The rule had been approved by the Securities and Exchange Commission (SEC) but the NSE delayed the implementation.

Under the amended rules, the Exchange could withdraw the dealing licence of any erring stockbroking firm and trader as well as impose fines not less than N1 million on any offender.

A source at the weekend said the implementation of the new rule was part of efforts by the Exchange to reinforce its market-protection mechanism and ensure that operating rules are effective to serve as deterrents to market abuse.

According to the rule, no dealing member shall sell or transfer any securities without the authorization of the owner.

“A dealing member that has sold or transferred any securities without the authorization of the owner shall not be permitted to keep any benefits accruing from such transaction, including but not limited to bonuses, rights, commissions, cash dividends, capital appreciation, and any profit accruing therefrom whatsoever,” the rule stated.

Any dealing member that sells or transfers securities without the authorization of the owner shall be required to buy back the securities along with any accrued benefits within 14 business days.

 

FG Targets Lower Call Tariff for Telecoms Subscribers

Indications have emerged that subscribers may soon begin to pay lower tariff for voice calls if the proposal by the Federal Government is accepted by the telecommunications operators in the country.

The Minister for Communication, Adebayo Shittu, who disclosed this when senior officials of the Lagos State Infrastructure Maintenance and Regulatory Agency, LASMIRA paid him a visited said that it is possible for Nigerians to pay lower than what they are currently paying.

Shittu while calling for holistic approach towards tackling the issue of the Right of Way, ROW, for telecoms infrastructure in the state said that the issue of RoW is one critical issue that must be tackled by the three tiers of government in the country.

He however noted that it will require the concerted effort of all stakeholders in the industry saying that there is the need for active involvement and participation of all the stakeholders to dialogue on the modalities for harmonising the tariff charges in the telecoms industry.

Shittu noted that it was imperative at this time to address the low tariff and the ROW issues saying that there was need to push for actions on the adoption of a common tariff such that would allow common man to have access to telephony, get the best services and be able to afford the call rate.

He disclosed that the Federal Government was ready to collaborate with all the stakeholders in the industry and do whatever that can be done to ensure a new lease of life for the consumers adding that it is common for telcos to always shift the levies back to the consumers.

 

CCNN, Other Cement Manufacturers Under Pressure Over Dangote Cement’s N136 billion Dividend

Cement manufacturers quoted on the Nigerian Stock Exchange, NSE, Cement Company of Northern Nigeria, CCNN, Lafarge Africa Plc and Ashaka Cement Plc, are under pressure to pay improved dividend for the 2015 financial year following the N181 billion dividend paid by Dangote Cement Plc for the year ended December 31, 2015.

After recording a profit after tax of N181 billion for 2015, directors of DCP Plc recommended a N136 billion dividend. The dividend, which translates into N8.00 per share, showed an increase of 33 per cent compared to the N6 paid the previous year.
According to analysts, considering the performance of DCP Plc, shareholders are expecting other cement firms to also end the year well and declare significant dividends.

However, considering the nine months performance of the companies, the analysts contended that investors in these companies may expect lower dividend.

For instance, CCNN had recorded a PAT of N1.647 billion for the nine months ended September 2015, which was lower than the N1.729 billion recorded in the corresponding period of 2014.

Similarly, Lafarge Africa Plc ended its nine months with a PAT of N29.5 billion, down from N31.2 billion in the corresponding period of 2014.
Ashaka Cement recorded a PAT of N3.698 billion for the nine months in 2015, which is lower than N4.365 billion.

CCNN paid a dividend of 35 kobo per share, Lafarge Africa paid N3.60 and Ashaka Cement 45 kobo. Confirming the pressure some of these companies are facing, Mr. Eric Akinduro of Ibadan Zonal Shareholders Association, said the companies will definitely do something but would not be able to match DCP’s dividend payment.

“The other companies will do something but they cannot march DCP. What I have come to understand about dividend payment is the policy of the board to always give something out to investors and make them happy which Dangote Group always kin about despite the none conducive macro environment,” Akinduro said.

 

Emefiele Suspends CBN Deputy Governor, Four Others Over Regulation Violation

 

Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, has suspended a deputy governor of Central Bank of Nigeria and four deputy director for failing to follow financial regulations and due process, leading to the scamming of the bank by fraudsters.

It was gathered on Sunday night, March 13, that the suspended Deputy Governor, Financial System Surveillance, Joseph Nnanna, responded to some spam emails without first cross-checking the authenticity of the mails and following CBN stringent payment process before authorising the release of funds when the governor and several senior officials of the bank were on a flight to China last month.

The names of the affected deputy directors could not be ascertained but they include the deputy director in charge of payment, the deputy director trade and exchange department, and the deputy director in the office of the governor, who heeded Nnanna’s directive to pay when they themselves ought to know CBN’s payment due process.

It learnt that $441,000 was initially lost to the scammers. $251,000 was however blocked and recovered, leaving a balance of $190,000, which had already been cashed by the fraudsters.

Two of the scammers were however caught in Dubai, United Arab Emirate and are currently being questioned by investigators.

From their modus operandi, the scammers apparently timed the execution of the fraud to take place when the CBN governor and other deputy governors were out of the country.

A statement posted on CBN website only stated that the bank had uncovered and aborted fraud without giving details.

The four-paragraph CBN statement signed by the Ag. Director, Corporate Communications, Isaac Okoroafor, and titled, ‘CBN Uncovers and Aborts Fraud,’ reads: “A highly sophisticated plot to defraud the Central Bank of Nigeria (CBN) by some criminal minded elements has been uncovered and aborted by the bank.

“Although preliminary investigations so far have not revealed any accomplices within the CBN, management has decided to place all key personnel involved in the transaction on suspension. “This is to ensure a full and unfettered investigation.

“This incidence has been reported to relevant authorities. The CBN wishes to assure the general public that the security of the bank remains intact.”

 

General Electric To Support Bresson’s 500megawatts Power Plant

Global energy giant, General Electric, has lent support to Bresson AS’ plans to provide 500megawatts of electricity to the national grid by next year.

The managing director of Gaspower Systems, Mohammed Mijindadi who disclosed this over the weekend at Bresson AS’ working visit to the Vice-President, Yemi Osinbajo, added that the project has become a priority.

“The project has tremendous economic value, and that is why GE Capital is involved in structuring finances for Bresson 500mw project”, Mijindadi stated.

Bresson Nigeria Limited chairman,  Gbenga Olawepo-Hashim had earlier assured the vice president that the megawatts to be generated would come from Bresson Flexible Power Initiative and its Magboro power plant in Ogun State.

He said the capacity, which will be available in phase one, from second quarter of 2017, would represent 10 per cent of the current available national capacity.

Olawepo-Hashim praised the administration for removing bottlenecks associated with signing of power purchase agreements, informing the vice president that the Minister of Power approved the agreements without delay and without waiting to be lobbied.

Describing the new style as commendable, 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.

CBN to Sell N1trillion Treasury Bills in Q2 2016

The Central Bank of Nigeria, CBN, on Sunday, March 13,  said it will sell treasury bills of N1.73 trillion in the second quarter of 2016.
The apex bank stated this in its Nigeria Treasury Bills Issue programme released on Thursday.
Treasury bills (TBs) are short term (less than one year) debt instruments used by the CBN to borrow from the public on behalf of the federal government. The CBN also uses TBs to control money supply in the economy.
The TB issue programme commences on March 17, and ends on June 2nd 2016. During the period, the apex bank will issue N303.78 billion worth of 91 days TBs, N169.99 billion worth of 182 days TBs, and N599.63 billion worth of 364 days TBs. These however represent the amount of TBs that would mature for payment during the period.
A breakdown of the programme revealed that in March, the apex bank plans to sell N261.62 billion worth of TBs, comprising N68.12 billion worth of 91 days bills, N37.23 billion worth of 182 days bills and N156.27 billion worth of 364 bills.
In April, the apex bank plans to sell N386.41 billion worth of TBs, comprising N92.19 billion worth of 91 days bills, N68.49 billion worth of 182 days bills, and N225.73 billion worth of 364 days bills. From May 5 to June 2nd, the CBN plans to sell 405.4 billion worth of TBs comprising N123.47 billion worth of 91 days bills, N64.25 billion worth of 182 bills and N217.68 billion worth of 384 days bills.
Meanwhile the amount of idle cash (excess liquidity) in the interbank money market, where bank lend money to each other, fell by 50 percent to N222.46 billion on Friday from N448.47 billion at the beginning of the week.
This prompted cost of funds to rise with interest rate on short term lending (Overnight and Secured) rising to 5.0 percent from 3.0 percent in the previous week. Commenting on this development, Cowry Asset Management Plc stated in its weekly financial market review and outlook, “In the just concluded week, Nigerian Offered Interbank Rates increased for all tenor buckets amid strain in financial system liquidity. Central Bank of Nigeria sold N160.66 billion in 213- day treasury bills via Open Market Operations (OMO).

Investors Stake N13.9trillion on FMDQ OTC Exchange in Two Months

Investors exchanged a total of N13.92 trillion on securities in the Nigerian fixed income and currency markets in January and February of 2016.

The transactions were facilitated by FMDQ OTC Securities Exchange in the two months.

The FMDQ OTC Securities Exchange was licensed by the Securities and Exchange Commission (SEC) in 2013 as an over-the-counter (OTC) securities exchange and self-regulatory organisation to run the fixed income trading platform and organize the market to international standards.

Data obtained showed that the exchange has facilitated N13.92 trillion investment in the market in the first two months of the year. While investors staked N7.35 trillion in January, February accounted for N6.57 trillion, which showed a decrease of 10.6 per cent.

An analysis of the performance in February showed that decline was driven majorly by a plunge in foreign exchange (FX)transactions).

Activities in the FX market contributed 23.89 per cent to the turnover, down by 4.32 per cent from the value recorded in January whilst Treasury Bills (T.bills) transactions contributed 35.67 per cent to the total, up 7.51 per cent from previous month.

Secured market transactions (Repos1 / Buy-Backs) accounted for 25.54 per cent of total turnover in the month, while FGN bonds’ contribution settled at 12.42 per cent. Activities in Unsecured Placements/Takings accounted for 2.15% of total turnover.

Specifically, transactions in the FX market stood at $6.56 billion,$2.35 billion (26.385 per cent) below the value recorded in the previous month with an average daily turnover of $0.32 billion. Member-Member trades declined $38.84 million (31.87 per cent) as activity declined across all sub-categories. Member-Client transactions, also, recorded a decline of $1.96 billion (25.51 per cent) to end the month at $5.73 billion.

Unsecured Placements/Takings declined by N98.27bn (41.03 per cent) to settle at N147.27bn for the month.

Airport Security Equipment Upgrade To Gulp N20billion

The upgrade of security equipment in all international airports around the country would quaff N20billion, comptroller general of the customs, Colonel Hameed Ali (rtd) has revealed.

Ali revealed this while on a tour of inspection of the state of security equipment at the Nnamdi Azikiwe International Airport, Abuja, alongside the minister of finance, Mrs Kemi Adeosun.

He said the move has become imperative owing to the mundane state of most of the airport security equipment, a situation he said is not in tune with world best practices.

“Most of the equipment are out of date and do not meet the present situation, hence the need for the review of the whole system and we are not looking at one airport, but our international airports.The moment we can make a seamless operation for traders and passengers they would want to use our own airports in the transaction of their businesses. This would enhance trade facilitation and in turn increase revenue generation,” he said.

 

Nigeria Targets 2.4million Barrel Per Day Oil Output in 2016

The Minister of State for Petroleum Resources,  Ibe Kachikwu, has disclosed that Nigeria is targeting 2.4 million barrels of crude oil per day (mbpd) in output in 2016,

Kachikwu spoke recently in Abuja while outlining his broad strategy for the country’s oil and gas sector for the year.

The Minister who also doubles as the NNPC GMD  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.

The minister however noted that about 200,000bpd of the planned total would be dedicated to domestic refining, while 2.2mbpd would be kept for export.

According to him, 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.

 

Foreign Investments Slid to N43.37billion in January

Foreign Portfolio Investments, FPI, plunged by N7.98 billion as the participation of foreign portfolio investors in the Nigerian Stock Exchange for the month of January dropped.
The investments dropped from N51.35 billion in December 2015 to N43.37 billion in January 2016.

The exchange polls trading figures from major custodians and market operators on their foreign portfolio investments showed that there was massive drop in January 2015 and January 2015 value.

According to the poll, foreign portfolio investments’ value for January 2015 stood at N99.11 billion, a decline of N55.74 billion, representing 56.24 per cent when compared with N43.37 billion of January 2016.

Although, there is huge drop in total transactions comprising foreign and domestic investors in January 2015 and January 2016, the figure indicates that N189.72 billion were transacted by the investors in January 2015 down to N84.10 billion in January 2016.

Total transactions at the nation’s bourse slid by N26.46 billion from N110.56 billion recorded in December 2015 to N84.10 billion in January 2016.

In comparison to the same period in 2015, total transactions decreased by 55.67 per cent from the N189.72 recorded in January 2015.

Domestic investors conceded about 3.14 per cent of trading to foreign investors as domestic transactions decreased from 53.55 per cent in December 2015 to 48.43 per cent in January 2016 while foreign portfolio investments transactions increased from 46.45 per cent to 51.57 per cent over the same period.

GTBank Maintains Lead in Forex Allocation from CBN

Guaranty Trust Bank Plc, GTB, for the second week in a row, maintained its lead securing the highest allocation of foreign exchange from the Central Bank of Nigeria, CBN, as last week’s figures have shown.

The lender with an allotment of $30,902,089.86 was followed by First Bank of Nigeria Limited (FirstBank), which got $19,610,855.76, to come in second, while Stanbic IBTC Limited with $19,206,106 held the third slot.

Zenith Bank Plc, which published returns of $16,823,160.04, came in fourth place, while Union Bank of Nigeria reported $15,602,956.71 to take the fifth place.

Also First City Monument Bank Limited (FCMB) reported returns of $14,273,731.24 to occupy the sixth place, Diamond Bank Plc with $13,929,883.10 came in seventh, Access Bank Plc reported returns of $13,698,086.72 to occupy the eighth slot, and Standard Chartered Bank Nigeria with $13,541,059.33 was ninth.

Standard Chartered was followed by Fidelity Bank – $11,152,667.93; United Bank for Africa Plc (UBA) – $11,152,667.93; Citibank Nigeria – $8,843,320.04; Sterling Bank Plc – $6,645,092.19; and Wema Bank Plc – $1,052,198.89.

For GTB, its returns revealed that, of the $31 million it got from the central bank, it sold $11.830 million (38 per cent) to Dangote Industries Limited for the payment of interest on the company’s syndicated facility.

In all, GTB had 328 customers on its list, both corporates and individuals. Of the total, the payment for school fees abroad got the highest allocation in terms of volume, but it also sold dollars to some of its corporate customers importing raw materials, petrol and diesel, among others. Also, Lufthansa and Air France bought dollars from GTB for their ticket sales’ remittances.

 

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