Monday, December 29, 2025
Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 2938

FG to Explore Culture and Tourism as Major Revenue Earners

The federal government announced yesterday that it is finalising plans for a national summit on the sectors of the economy in April this year. This is part of government effort to generate revenue through Nigeria’s cultural, artistic and tourism resources.

Minister of Information and Culture, Alhaji Lai Mohammed, who revealed this during a courtesy visit to Lagos State Governor Akinwunmi Ambode, added that the summit, to be held in Abuja on April 11 and 12 summit, would signpost present government’s determination to put culture and tourism at the centre of efforts to diversify the economy from oil.

The minister’s visit also yielded agreement on the need for strong collaboration between the two governments on how to lift the fortunes of heritage edifices owned by the Federal Government but domiciled in Lagos such as National Theatre at Iganmu and National Museum at Onikan.

‘’With the drastic fall in the price of crude oil, the Federal Government is currently in the process of diversifying the country’s economy to shift emphasis to other key sectors like tourism, agriculture and solid minerals. With particular reference to tourism, we have a lot to learn from the giant strides that have been made by this state in the provision of infrastructure, which is critical to stimulating tourism.

‘’The intra-city rail transportation system that is expected to come on stream in December 2016, the 10-lane highway to Badagry, which is one of the state’s foremost tourist destinations, and the provision of effective security through the innovative Lagos State Security Trust Fund all stand the state in good stead to remain the top tourist destination for a long time to come,’’ he said.

Reps Urge FG to Halt Decision to Sack VCs

Yakubu Dogara, Speaker, Nigeria's House Representative Denies Media report

The House of Representatives has called on the government to put on hold its decision to remove the vice chancellors of five federal universities.

Moving the motion in the House of Representatives, Rep. Adamu Shekarau, believes the decision violates enabling laws covering appointments and removal of vice chancellors.

He stated that the body would soon go on strike over the suspension of vice chancellors from some institutions, and prayed that the House Committee on Tertiary Institutions would investigate and report to the House.

The lawmakers said unions in the universities have given notice of possible strike to protest the removals.

Speaker of the House, Honourable Yakubu Dogara, called for a vote, saying that All hands must be on deck to ensure that it [the strike] does not happen”

The Committee on tertiary education is to investigate the matter and report to the house in two weeks.

N2.3 Billion NIMASA Scandal: Three Witnesses Testify Against Akpobolokemi, Others

The Economic and Financial Crimes Commission (EFCC) has presented three new prosecution witnesses against a former Director- General of Nigerian Maritime Administration and Safety Agency (NIMASA), Patrick Akpobolokemi.
Akpobolokemi is standing trial alongside five others, before Justice Ibrahim Buba of the Federal High Court in Lagos in a 2.3billion Naira money laundering charge preferred against them by the EFCC.

At the resumed hearing of the matter on Thursday, two of the witnesses, Yahaya Yusuf and Wakili Dauda, who are both Bureau De Change operators, told the court how they received and changed into dollars, various sums of money on behalf of the second accused person, Captain Ezekiel Agaba.

The monies: 230.9 million Naira, 145.3 million Naira and another 85.5 million Naira were paid between November 7 and 14, 2014 from a company ‘Extreme Vertex Nigeria Limited’ into an account: Kofar Fada Nigeria Limited, belonging to the Bureau De Change operators.

Extreme Vertex Nigeria Limited was one of the companies alleged to have benefited from the disbursement of over two billion Naira from the Committee on International Shipping and Port Security (ISPS) in NIMASA.

The witnesses confirmed that after the money was credited into the account, the dollar equivalent of the entire sum was taken to the second accused person’s office in NIMASA and handed to him.

A 9th prosecution witness, Olamide Ogunsanya, an Assistant Director with NIMASA, also told the court that her department is in charge of revenue collection, processing and payment of contracts and that all payments in the agency were approved by Mr Akpobolokemi.

Affirming that no payment could be made in NIMASA without the approval of the former Director- General, she identified the second accused person, Captain Ezekiel Agaba, as the Chairman of the Committee on International Shipping and Port Security (ISPS), disclosing to the court that he was reporting directly to Akpobolokemi.

She confirmed that the approval for constituting the Committee was obtained from the Presidency through the office of the National Security Adviser, stressing that it was Akpobolokemi that obtained the approval.

The witness explained that the instruction for payments through the Committee, normally emanates from Akpobolokemi to Agaba, who will then issue a memo to the Director of Financial Services to make payments to any beneficiary stated in the memo.

She told the court that on four occasions between June 2013 and August 2014, the ISPS account received monies in the sum of 2 billion Naira; 1.1 billion Naira; 795 million Naira and 447 million Naira respectively.

Ogunsanya identified the account opening packages of the Committee domiciled at Access Bank and Zenith Bank. The documents were then admitted into evidence as exhibits.

According to the witness, all approvals for the release of the above sums were obtained from the Office of the Accountant General of the Federation by Akpobolokemi.

She was subsequently shown the approval for the release of the sum of 1.1 billion Naira which she identified and same was also admitted as exhibit.

Justice Buba has adjourned the matter to March 1, for continuation of trial.

N1trn Fraud: Senate Approves Lamorde Arrest

The Senate yesterday approved a warrant of arrest against the former chairman, Economic and Financial Crimes Commission (EFCC), Ibrahim Lamorde for failing to appear before its committee on ethics, privileges and public petitions investigating the alleged N1trn misappropriation of proceeds of corruption.

The committee said it forwarded three different written requests of appearance to Lamorde between August and November last year, without him honouring any one of them. Therefore in their recommendation, they requested for a warrant of arrest, saying that unless this line of action is taken, the National Assembly might be drawn into consequential disrepute .

The deputy Senate President, Ike EKweremadu ,  quoted sections 88(1) and 89(1) of the 1999 constitution as amended to guide the senate on the committee’s recommendation. He said that what is required as regards the committee’s recommendation on issuance of warrant of arrest against Lamorde is for the committee itself to issue it by passing it through the office of the Senate President and not urging the Senate as a body to issue it.

Lamorde’s stewardship at the EFCC has been under the scrutiny of the Senate since August last year when a petitioner, George Uboh forwarded a petition against Lamorde to it , alleging that during his stay in office, he diverted over N1trn looted funds recovered by the commission from corrupt officials.

Uboh had alleged that the fraud  perpetrated by Larmode dated to his days as the director of operations of the EFCC between 2003 and 2007 as well as an acting chairman between June 2007 and May 2008.

Senate Uncover N5 Billion Shortfall in Education Ministry Budget

The Senate Committee on Basic and Secondary Education had uncovered N5bn shortfall in the amount provided for meal subsidy for the unity schools across the country and the personnel cost of King’s College, Lagos in the 2016 budget proposal submitted by President Muhammadu Buhari.

The Vice-Chairman of the committee, Senator Rose Oko, said the anomaly was discovered   during the collation of the 2016 budget by the Senate Committee on Appropriation. She explained to the lawmakers that only N6.8bn was proposed for meal subsidy in unity schools instead of N11.2bn needed.

Oko said the amount was inadequate for the unity schools meal subsidy, adding that the implication was that the amount provided would only be enough for six months, adding that the ministry would need to look for N5bn to meet up with the shortfall.

However, she stated that there was an omission of N338m from the personnel cost of King’s College, noting that instead of N375m, the ministry budgeted N37m as a result of typographical errors which brought about the shortfall of N338m.

The Chairman of the Senate Committee on Appropriation, Senator Danjuma Goje, assured Nigerians that the committee would accommodate the omission in the final budget.

He said his panel would find a way of looking for N5bn in order to cater for meal subsidy in unity schools and personnel cost at the King’s College.

 

REAL ESTATE & CONSTRUCTION JOBS | Randstad Construction Property Engineering Fresh Job Recruitment (8 Positions)

Randstad Construction Property Engineering, is currently seeking to employ suitably qualified candidates to fill the following positions below:

CLICK HERE TO VIEW JOB DETAILS

SCIENCE AND TECHNOLOGY JOBS | Intel Corporation Fresh Graduate Recruitment 2016

Intel Corporation – At Intel, we see the everyday as a bar that continually needs to be raised. Step inside our world and you’ll find one brilliant mind after another working together in a spirit of collaboration that is simply contagious. We are game changers, plain and simple.

We are recruiting to fill the position of:

Job Title: Retail Marketing Manager

Ref No: 791434
Location: Lagos
Job Category: Sales
Full/Part Time: Full Time
Regular/Temporary: Temporary

Job Description

  • This is a fixed term contract opportunity for one year. In the role of Retail Marketing Manager you will accelerate the introduction and sale of Intel technology into the retail market place by establishing relationships with the executives of influential corporate retailers.
  • You will be responsible for accelerating the introduction and sale of Intel technology into the retail market place (mainly large format retail and Small format retail) by establishing relationships with the executives of influential corporate retailers in Nigeria.
  • The job scope is to influence consumption of PC Sales with Sell More and Sell Up focus by using Retail Co Marketing Programs (i.e. RSP Training, Promoter, PoS, Cat Man, Retail Media).

Qualifications

  • We are looking for a university graduate who has completed their latest degree preferably in Business Management no more than 18-36 months ago.

Additional qualifications include:

  • Apprentice/Experience in a large organization developing strategies for consumer brands and driving promotional programs.
  • Exposure to modern retail trends and experience of leveraging modern retail for driving business growth of premium branded products.
  • Experience of IT industry would be an added advantage.

Application Closing Date
1st April, 2016

How to Apply
Interested and qualified candidates should APPLY

BUSINESS & ECONOMY JOBS ! KPMG Nigeria Fresh Graduate and Exp. Job Recruitment 2016

KPMG is a global network of professional firms providing Audit, Tax and Advisory Services. Our vision is to build and sustain our reputation as the best firm to work with by ensuring our people, clients and communities achieve their full potential.

We are looking to hire young, vibrant and driven candidates to fill the following positions below:

CLICK HERE TO VIEW JOB DETAILS

BANKING & FINANCE JOBS | African Development Bank (AfDB) Fresh Job Recruitment (5 Positions)

African Development Bank (AfDB) – Established in 1964, the African Development Bank is the premier pan-African development institution, promoting economic growth and social progress across the continent. There are 80 member states, including 54 in Africa (Regional Member Countries).

The Bank’s development agenda is delivering the financial and technical support for transformative projects that will significantly reduce poverty through inclusive and sustainable economic growth. In order to sharply focus the objectives of the Ten Year Strategy (2013 – 2022) and ensure greater developmental impact, five major areas, all of which will accelerate our delivery for Africa, have been identified for scaling up, namely; energy, agro-business, industrialization, integration and improving the quality of life for the people of Africa.

We are recruiting to fill the following positions below:

CLICK HERE TO VIEW JOB DETAILS

FG Confirms Receipt of N50billion from MTN As Part Payment of N780billion Fine

The minister of communications Adebayo Shittu, on Thursday, February 25, confirmed receipt of MTN part payment of N50billion out of the N780bn fine slammed on it by the Nigerian Communications Commission (NCC) for regulatory infractions.

The South Africa owned telecommunications giant, on Wednesday, February 24, said it had paid N50billion out of the amount and had also withdrawn the suit it brought against NCC.

In a statement signed yesterday by his Senior Special Assistant on media, Victor Oluwadamilare, the minister said officials had communicated to him the receipt of N50bn payment by MTN.

MTN was fined N1.04 trillion last October by NCC for failure to disconnect 5.1 million improperly registered lines within the prescribed deadline.

The fine was reduced by 25% to N780bn by the federal government, but MTN still considered that inimical to the survival of its business.

 

Visafone Acquisition: Court Strikes Out Etisalat’s Suit Against MTN

The Federal High Court in Lagos on Thursday, February 25, struck out a suit Etisalat filed against MTN.

The United Arab Emirate owned telecommunications firm, challenged MTN’s use of the 800megahertz (MHZ) spectrum following its acquisition of Visafone.

The plaintiff said it considered the action necessary to prevent MTN’s use of the spectrum as it would entrench the defendant’s dominance in the data services market.

Etisalat said the use of the 800MHz spectrum to deploy broadband services ahead of its competitors, particularly those who prior to MTNs purchase of Visafone, held similar spectrum bands as MTN, would be to other telecos disadvantage.

Justice Ibrahim Buba struck out the suit on the ground that the court lacked jurisdiction to entertain it. He held that the court cannot interfere with NCC’s regulatory duties.

Trading Resumes Northward Movement As NSE Index Gains 0.67%

Transactions on the floor of the Nigerian Stock Exchange, NSE closed in the Green Zone on Thursday, February 25, as the All Share Index (NSE ASI) appreciated by 0.67% to close at 24,042.73 points.

Likewise, the Market Capitalization appreciated by 0.67% to close at N8.27trn, compared with the depreciation of 0.83% recorded yesterday to close at N8.22trn.

The appreciation recorded in the share prices of Dangote Cement, ETI, Stanbic IBTC, Seplat, and Zenith Bank were mainly responsible for the gain recorded in the Index.

The total value of stocks traded on the floors of The NSE today was N1.54bn, up by 26.40% from N1.22bn traded yesterday. The total volume of stocks traded was 271.61mn in 3,360 deals.

The three most actively traded stocks were: FCMB (79.95mn), FBN Holdings (42.84mn) and Zenith Bank (29.86mn). The most actively traded sectors were: Financial Services (226.71mn), Conglomerates (15.52mn) and Consumer Goods (14.45mn).

FG Loses N200billion To Diversion Of Car Imports to Cotonou Port

 

The federal government loses about N200 billion annually to diversion of automobile imports to the Port of Cotonou in Republic of Benin, Managing Director of Grimaldi Agency Nigeria Limited,Ascanio Russo has said.

Russo, who gave further insight into why vehicles are diverted to the port in Republic of Benin by Nigerian importers, Russo sighted manipulations of tariff rates by relevant agency of government, as there are no publication of cost of vehicles imported anywhere in the world.

Grimaldi manages the PTML Terminal in Tin Can Island Port, Lagos and is one of Nigeria’s struggling automobile ports, suffering from the effect of the country’s automotive policy.

Speaking at a stakeholder’s forum in Lagos, where the minister of Transport was present, the PTML boss said Nigerians pay lower rates at Cotonou, maintaining that “there is clearly a problem of trade policy.”

He told the minister that while importers pay a fixed amount for vehicles, the percentage benchmark tariff collected at Nigerian ports was a huge source of problem for the importers, becoming a major reason for jettisoning Nigerian ports.

“In June 2015 when the duty increased as a result of auto policy, we saw immediately the effect. I think that the 35 per cent tariff for used vehicles is too high and is a source of problem because the prices of vehicles are not published anywhere and it is left to the Customs to determine the rates,” he added.

Indigenous Oil Companies Worst Hit By Oil Price Plunge

Nigerian independent oil companies  have been affected the most by the lingering plunge in oil prices, the Managing Director of Seplat Petroleum Development Company Plc, Austin Avuru has said.

Avuru spoke on Thursday, February 25, at the 13th Aret Adams Annual Lecture Series held in Lagos.

Speaking on this year’s lecture themed: ‘Low Oil Prices: Challenges and Opportunities,’ he said independent oil companies in the country were heavily impacted as they all borrowed to fund acquisitions and capital expenditure (capex) growth.

He said many independents are now cash negative and yet need more investments for production increase in order to survive, adding that the average price of $60 per barrel was required for most companies to survive this year.

“We need to embrace effective domestic utilisation of fossil fuels to survive, and because Nigeria is heavily dependent on oil to balance the economy, the drop in oil price was a huge blow to the country’s revenue,” Avuru said.

The Managing Director, Chevron Nigeria Limited, Clay Neff said Nigeria had the opportunity to improve its competitive position in the global oil and gas industry.

He noted that in this current situation, the country should restore investors confidence by providing competition in the oil market, adding that the security of lives and properties, and control stability and speedy approval processes should also be institutionalised.

The Chevron chief said the country should address its Joint Venture (JV) funding challenges and pay the arrears, adding that Nigeria had an attractive resource base.

Supply Glut: Nigeria’s Crude Languishes, Awaits Buyers

While Nigeria’s crude remains in ample supply, languishing as it waits buyers,  as Asian traders mop up Angola’s crude oil,

Nigeria’s Erha programme surfaced after weeks of delays that traders said related to a disagreement between state oil firm Nigerian National Petroleum Corporation (NNPC) and the field operator, Exxon-Mobil, Reuters reports.

Programmes for Erha were issued after several weeks of delay. Four cargoes will be loading in March and three in April, the programmes showed. NNPC also issued its official selling price for Erha in March at nine cents above dated Brent, up from a 17 cent discount in February. About 15 March-loading Nigerian crude cargoes are still available, traders said, and a force majeure on Forcados exports was doing little to boost differentials for most grades.

Bonny Light for April loading was offered at dated Brent plus $1.50 per barrel and Bonga at a $1 premium.

“NNPC is in discussions over long-term agreements to exchange crude oil for imported oil products, but fresh deals are unlikely to be finalised this week. The delays have put the country at risk of gasoline shortages,” it added.

According to the report, Sonangol only had an end-month Dalia for sale having already sold five spot cargoes including Sangos, Gimboa, Palanca and Dalia, while China’s Sinochem took six term cargoes under term agreements while Unipec took four.

It also revealed that Asian buyers snapped up spot cargoes but traders said US firm Phillips66 had also taken at least two April cargoes, including a Plutonio and a Hungo.

Total sold a spot cargo of Pazflor to Asia though the buyer was not immediately clear. Offers for other April loading cargoes were firming with Sonangol offering Dalia at dated Brent minus $3.20.

NAHCO Pledges Consistent Dividend Payment to Shareholders

The Chairman of Nigerian Aviation Handling Company,NAHCO, Suleiman Yahyah, has stated affirmatively that the company will continue to pay dividends to shareholders.

Yahyah, who spoke at the Closing Gong Sounding ceremony on the floor of the Nigerian Stock Exchange, NSE, in Lagos, said since the company was privatized and listed on the exchange in 2006, it has remained consistent with dividend payment.

He said: “I want to assure shareholders that this year will not be different. We will continue to declare healthy dividend in line with our consistent dividend strategy.”

According to him, since its privatization, the company has embarked on business diversification programme that cuts across industries and geography.

He said the company has developed strategic global alliances through its membership of aviance, the global alliance of 10 reputable airport service providers operating from 112 stations in 17 countries, and The International Air Cargo Association (TIACA), which exists to promote the air cargo industry and world trade.

Yahyah noted that from a single business company, NAHCO has grown into a diversified group that is not only in cargo and passengers handling, but is also into agriculture, free trade zone and energy.

He said:“We are ready to go on the investment in the free trade zone. The licence has been secured, the partnership with International Development Ireland,had been signed, management is in place and market is looking good.”

“We are also investing in our agric zone development ,which is part of free trade zone, a sub element of using our platforms in Lagos, Abuja, and Port Harcourt. Already 10 per cent of our earnings is coming from export.”

So we want to deepen it in view of the difficulty now in the forex market. So we will fast track that investment and hopefully, that should begin show in our performance by the end of 2016. Besides, we are also are moving to other African countries. We are licensed in Senegal and Cote d I’voire. Now is the time to make those investment decisions active.”

He disclosed that NAHCO invested over N10 billion in equipment, saying these equipment made the company to be about 150 per cent self-sufficiency.

He said the company has enough equipment and is ready for the new terminals that are coming Lagos, Port Harcourt, Kano and Abuja terminals.

“Our future remains to deepen our market presence, deepen our corporate governance culture and strengthen the board, which is stable and experienced and management to face the challenges in the economy. We also believe that our agric zone and free trade zone will provide continuous sustainability to the investors,” he said.

FG Tasks Stallion Group on 17% Local Content in Car Assembling

The federal government  on Thursday, February 25, tasked the management of Stallion Group, manufacturers and assemblers of different brands of vehicles on the 17 per cent local content capacity in its assembly plants.

The Minister of Science and Technology, Ogbonnaya Onu, while receiving the group led by its Business Development Manager,John Abah, in Abuja, said government’s patronage of locally assembled vehicles would depend largely on its local content component.

Onu added that the ministry has over 17 research institutes that can assist company’s increase their local content component.

He added that the ministry has over 17 research institutes that can assist company’s increase their local content component.

According to Onu, Nigeria has a lot to offer car manufacturers and assemblers because of the abundant local raw materials and parts that can help investors increase output.

He added that there was need for redirection in the sector in order to diversify the economy, adding that manufacturing one car requires over 1,000 different components.

“Government wants you to manufacture locally because if you do this, you will create more job and double the 20, 000 jobs that you have now as there are about 1,000 parts in a vehicle and each parts can be manufactured in a small or a medium size economy.

“In that way, you will be growing the economy and also generate more revenue. We also want a situation where you will do research because of you have presence in so many countries, you ought to do research in Nigeria, and it is these Nigerians that will do the research. That is how government will come in and protect our interest as it wants you to move in this direction.

 

Highly Capitalized Stocks Shoot Market Value Up by N55billion

Big capitalized stocks of Dangote Cement, Nestle Nigeria, Seplat Petroleum Development Company and several others, on Thursday, February 25, drove market capitalization of equities listed on the Nigerian Stock Exchange, NSE, up by N55 billion.

Market capitalization had lost N186 billion between Monday and Wednesday this week before the N55 billion gained recorded yesterday.

Market breadth closed positive as Nestle Nigeria led 21 gainers against 19 losers topped by MRS Oil at the end of the trading session which was an improved performance when compared with previous outlook.

Market turnover closed positive as volume moved up by 0.79 per cent against 33.60 per cent uptick recorded in the previous session. FCMB Plc, Zenith Bank Plc and FBN Holdings Plc were the most active to boost market turnover. Zenith Bank Plc topped market value list.

 

SIM REGISTRATION: MTN Mega Centers Remain Open to Consumers

In line with its commitment to contributing to a comprehensive national database, MTN will continue to operate special mega centres across the country for revalidating and updating customers’ SIM card registration details.

Guided by the national interest objectives of the exercise, MTN continues to make concerted efforts to ensure that customers’ details meet specific requirements set by the NCC while providing additional facilities for their comfort.

4

2

For ease of access, some of the mega centres are strategically located in Lagos – Oshodi, Festac, Ikoyi, Victoria Island, Lekki, Ikeja, Ipaja and Alimosho. Others are located in Abeokuta, Ibadan, Ilorin, Enugu, Aba, Owerri, Port Harcourt, Warri, Calabar, Kano, Kastina, Jos, Bauchi, Abuja and Kaduna.

The mega centres are designed to reduce the queues and the amount of time needed to facilitate a seamless registration process.

Speaking on the relentless effort of the company, the General Manager, Consumer Marketing, MTN Nigeria, Richard Iweanoge, said that setting up the mega registration centres nationwide was part of the measures and steps taken by MTN to streamline the registration exercise, in order to ensure smooth data capturing for all customers.

End

“1.5million Registered Candidates to Write UTME on Saturday” – JAMB

The Joint Admissions and Matriculation Board, JAMB, has announced that a total 1,589,175 candidates that applied for the 2016 the Unified Tertiary Matriculation Examination, UTME, will start exams tomorrow.

JAMB Registrar Dibu Ojerinde made the remarks in a statement, on Thursday, February 25.

He said the examination which will hold simultaneously in 521 centres in Nigeria and 8 foreign centres.

The foreign centres are: Accra in Ghana; Buea in Republic of Cameroun; Cotonou in Republic of Benin; London in United Kingdom; Jeddah in Kingdom of Saudi-Arabia; Johannesburg in Republic of South Africa; Addis Ababa in Ethiopia and Abidjan in Cote d’Ivoire is expected to last 14 days.

He said the minimum cut-off points approved by the policy committee chaired by education minister was 180 marks but “institutions are at liberty to go higher than 180 depending on their peculiarity and this does not in any way infringe on the powers of the Board.”

1...2,9372,9382,939...3,014Page 2,938 of 3,014
© 2025 - BizWatchNigeria.Ng
BizWatchNigeria.Ng
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.