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Electricity Hike: NERC Loses Bid to Suspend Court Proceedings

Justice Mohammed Idris of a Federal High Court in Lagos has struck out an application by the Nigerian Electricity Regulatory Commission (NERC) seeking to stay further proceedings in the electricity tariff case. A lawyer and rights activist, Toluwani Yemi Adebiyi, had filed the action against increment in the electricity tariff approved by NERC.

The judge also barred NERC from implementing any upward review in electricity tariff pending the hearing and determination of the suit. The other ruling has to do with the dismissal of NERC’s preliminary objections to the suit.

“It is clear that the applicant has an application before the court seeking for an extension of time to compile and transmit its record at the Appeal Court.

“There is also another motion for leave to rely on the same record of appeal in this present appeal. However, there is no indication that the application has been listed on the cause list or that it had been heard or adjourned for hearing.

“In the circumstance, this court cannot grant a stay of proceedings on an incompetent appeal which is awaiting regularisation at the Appeal Court. The application lacks merit and is dismissed accordingly.”

 The court in favour of the plaintiff, awarded a cost of N10,000.

Justice Idris noted that it will be in the interest of justice if all applications challenging the contempt proceedings are heard first.

 

FG Appoints New PPPRA Boss from NNPC

The Federal Government has appointed a new executive secretary for the Petroleum Products Pricing Regulatory Agency (PPPRA) from the Nigerian National Petroleum Corporation (NNPC).

Reprts have it that Mrs. Sotonye Iyoyo, who hails from Rivers State, has been appointed as the Executive Secretary of the PPPRA in an acting capacity via a letter signed by the Secretary to the Government of the Federation (SGF), Babachir Lawal.

Iyoyo has over 20 years experience in refining, shipping and logistics. She has also worked in all the nation’s refineries within the last 20 years. Before her appointment as acting executive secretary of the PPPRA, she was in the Refining and Technology Directorate of the NNPC.

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, complained on the way some of his staff in the agencies were removed without any inputs from him or the ministry.

It was gathered that he had put up some resistance against the removal of some of the heads but that the government insisted that their reinstatement would portray the current administration in bad light hence the tact move to summon technocrats from the ministry to man the agencies.

New PDP Chairman, Sheriff Still Under Investigation for N300 Billion Embezzlement Allegations

EFCC

The Economic and Financial Crimes Commission, EFCC, has said the new Peoples Democratic Party, PDP, Chairman, Ali Modu Sheriff, is still being investigated for alleged embezzlement of public funds during his eight years as governor of Borno State.

The spokesperson of the Commission, Wilson Uwujaren while speaking with The Punch said, “Sheriff is still under investigation.”

Uwujaren while refusing to disclose further details on the commission’s investigation said, “I cannot disclose the details of the investigations for now but the matter is already in the public domain.”

Sheriff while in office as the governor of Borno State was alleged to have received over N300bn from the Federation Account between 2003 and 2011 which he mismanaged.

Following the discovery, EFCC had in June 2015 arrested him for alleged embezzlement of public funds but was granted bail.

Logistics, Transport And Port Management Conference

The Logistics, Transport And Port Management Conference, organized by the Duxes Business Consulting Inc. will take place from 25th February to the 26th February 2016 at the Lagos Chamber of Commerce and Industry in Lagos, Nigeria. The conference will cover areas like Understand the major aspects of transportation and logistics in the context of the current business environment., Develop a familiarity with the issues involved in the transport of cargo internationally.

 Venue:Commerce House 1 Idowu Taylor Street,

Victoria Island, Lagos.

Date: 25-26 Mar 2016

Contact: www.itpconference.com

IT/TELECOMS JOBS | Etisalat Nigeria Fresh Job Recruitment (5 Positions)

Etisalat’s vision is a world where people’s reach is not limited by matter or distance; a world where people will effortlessly stay in touch with family and friends; a world where businesses of all sizes can reach new markets without the limitations of distance and travel. We are recruiting to fill the following vacant positions below:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

POWER & ENERGY JOBS | Sapele Power Plc (SPP) Fresh Job Recruitment 2016

Sapele Power Plc (SPP) is a leading Nigerian integrated energy company specializing in power generation. SPP operates Nigeria’s second largest power plant by installed capacity of 1020MW; capable of meeting the energy needs of around 750,000 homes at full capacity.

SPP generates a considerable amount of Nigeria’s electricity – powering numerous homes and businesses nationwide. We have a strong focus on sustainable generation and are continually seeking to expand our generation network, as well as make efficiencies, and minimise environmental impacts

We are currently recruiting to fill the following positions below:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

REAL ESTATE & CONSTRUCTION JOBS | Project Manager – Concrete Bridge Construction at Randstad Construction Property Engineering

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

Job Title: Project Manager – Concrete Bridge Construction

Reference number: hb804
Location: Lagos
Job Type: Permanent

Job Description
Project Manager required for an immediate start on a concrete bridge project in Nigeria.

Skills/Competencies

  • Candidate will have a relevant skills in Bridge construction , Project Management and Strong Bridge Background

Qualifications/Requirements

  • Candidate must have an experience in working on several bridge projects in a Project Manager role
  • Candidates must be eligible to live and work in the country where the position is based.

Remuneration

  • $9000 USD/month net plus accommodation, 3 flights per year, vehicle, driver.

Application Closing Date
Not Specified.

How to Apply
Interested and qualified candidate should:
Click here to apply online

Note

  • Our advertisements use post-qualification experience/salary levels as a guide.
  • We welcome applications from candidates of all ages.
  • However, we will consider applications from any candidates who are able to demonstrate the skills necessary to carry out the role.

– See more at: http://www.hotnigerianjobs.com/hotjobs/81276/project-manager-nigeria-concrete-bridge-constructi.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+hotnaijajobs+%28Hot+Nigerian+Jobs%29#sthash.qpR0ZN2m.dpuf

IT/TELECOMS JOBS | MTN Nigeria Fresh Graduate & Exp. Job Recruitment (5 Positions)

MTN Nigeria – The leader in telecommunications in Nigeria, and a part of a diverse community in Africa and the Middle East, our brand is instantly recognizable. It is through our compelling brand that we are able to attract the right talents who we carefully nurture by continuously improving our employment offerings even beyond reward and recognition.

We are recruiting to fill the following vacant positions below:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

NSE Extends Onyema’s Tenure as CEO For Additional Five Years

Aside Dangote Refinery, Nigeria Can Earn More FX From -Onyema

 

The National Council of the Nigerian Stock Exchange, NSE, has renewed the contract of Oscar Onyema as the chief executive officer for the exchange for another term of five years effective immediately.

Onyema has been serving as the CEO of the NSE since April 2011 and his initial five years’ employment contract expires on March 31, 2016.

However, the NSE said in statement on Tuesday, February 23, that the CEO has been given second tenure of five years.

Commenting on the renewal, President, National Council of NSE, Aigboje Aig-Imokhuede, said: “Mr. Onyema’s tenure as CEO of the NSE is marked by outstanding achievements.”

“The Council is confident that he can continue the exchange’s trajectory of transformation, innovation and marketplace recognition by implementing its business strategies which he has been instrumental in developing.”

“The leadership qualities that he has demonstrated in his first term as CEO, in the face of such intense and challenging operating environment, have been exemplary. The Council believes that his vision and passion will ensure the exchange remains a force to be reckoned within Africa and beyond.”

Speaking on his contract renewal, Onyema said: “I am honoured to remain with the NSE and to continue to lead our dedicated staff as we strive to achieve the exchange’s vision. I am grateful to the Council for the opportunity to continue such an important work. While there is still much to be accomplished, the support shown by the capital market community has been inspirational, and I look forward to working with the entire eco-system to meet our objectives. ”

 

“Stockbrokers and Dealers Operating Below Standards” – NSE

A report has revealed that only a quarter of stockbrokers and dealers on the Nigerian Stock Exchange, NSE, meet the Minimum Operating Standards, MoS, for the stock market.

The report indicated that 44 per cent of the stockbrokers fell below the minimum average; 31 per cent were average. Only 25 per cent of stockbroking firms are operating with the acceptable minimum standards.

The NSE inspected capital market firms between August and December, last year. The report indicated that 223 firms were inspected in 18 weeks, including 192 broker dealers, 30 brokers and one dealer.

The NSE rates firms along a scale of five for the MoS. Based on the MoS rating methodology, 54 firms were fully compliant and scored five points, representing 25 per cent of the population of dealing members inspected.

Sixty one firms scored between three and four points, representing 31 per cent, while 108 firms scored two points or less representing 44 per cent of dealing member firms.

With this discovery, the Exchange plans to do final assessment and follow-up inspection of the 169 firms that scored between zero and four points to review the deficient areas from the 2015 inspection in order to revalidate their level of compliance.

According to the report, the inspections are expected to commence next week’s Monday, February 29 and it will end on May 31, this year.

According to the report, the 169 firms scheduled for the MoS follow-up inspections will be expected to comply with the five requirements of the MoS for their registered function.

 

TUC Serves FG Notice on Proposed Increase in Minimum Wage

 

The Trade Union Congress, TUC, on Tuesday, February 23, served the federal government with a notice for the upward review of minimum wage.

TUC President, Bobboi Kaigama, said the National Minimum Wage (Amendment) Act 2011 would be five years old in March and in recognition of the International Labour Organisation’s Minimum Wage Fixing Convention 131 of 1970, an ad hoc committee should be raised every five years for the review.

Kaigama said: “We use this opportunity to serve notice that it is time for the federal government to set up that committee and mandate it to kick start work on the fixing of a new minimum wage.”

“We trust that this will be done immediately to save Nigerian workers from the harsh effects of present day economic realities which is taking tolls on their meager incomes.”

“Any Act that preys on the masses that it is supposed to protect negates the very essence of public policy.In the same vein, any act that compels the citizens to pay for services not delivered is not only flawed and undemocratic but ultra vires to the power of the National Assembly to make laws for the good of the country,’’ he added.

 

Bear Consolidates Hold on Trading as NSE Index Sheds 1.36%

Trading activities on the Nigerian Stock Exchange, NSE, closed in the red zone as the All Share Index dropped by 1.36% on Tuesday, February 23, to close at 24,090.98 points.

 Year-to-date (YTD), it depreciated by 15.89%.

Likewise, the Market Capitalization dropped by 1.36% to close at N8.29trn, compared with the marginal depreciation of 0.04% recorded yesterday to close at N8.40trn.

 The depreciation recorded in the share prices of Dangote Cement, FBN Holdings, ETI, Oando, and Transcorp were mainly responsible for the loss recorded in the Index.

The total value of stocks traded on the floors of The NSE today was N1.26bn, down by 78.92% from N5.99bn traded yesterday. The total volume of stocks traded was 201.72mn in 2,559 deals.

The three most actively traded stocks were: FBN Holdings (66.62mn), Beco Petroleum (25.00mn) and GT Bank (15.92mn). The most actively traded sectors were: Financial Services (144.92mn), Oil and Gas (28.72mn) and Consumer Goods (13.49mn).

“Oil Exporters Lose over $340billion from Oil Price Plunge” – IMF

The International Monetary Fund, IMF, has said that Oil-exporting countries in the Middle East and Africa lost more than $340 billion in oil revenue from their budget in 2015, amounting to 20 per cent of their combined gross domestic product.

IMF Managing Director,Christine Lagarde, on Monday, February 22, said that supply and demand factors in the oil market suggest that oil prices are “likely to stay low for an extended period.”

This will mean that all oil exporters will have to reduce spending and work on raising revenues. At the same time, these economies need to strengthen their fiscal frameworks and reengineer their tax systems – by reducing their heavy reliance on oil revenues and boosting non-hydrocarbon sources of revenues,” Lagarde said.

The slump in prices led Nigeria to loss of over $62.8 million revenue between November and December last year. President Muhammadu Buhari left Nigeria Sunday for the Gulf in what Presidency officials said is an ongoing efforts by Nigeria and other members of the Organisation of Petroleum Exporting Countries to achieve greater stability in the price of crude oil exports.

Speaking at the Arab Fiscal Forum in Abu Dhabi, Lagarde added that such adjustments will help bolster growth and job creation and help maintain debt sustainability.

The US oil and gas industry has lost about 100,000 jobs over the past 16 months, according to the US Bureau of Labour Statistics. Employment losses worldwide are probably at least double that figure. And these are only people employed directly by oil and gas producers, drilling contractors and other oilfield services firms.

 

Nigeria Expends $2billion Importing Agricultural Products Yearly

 

Nigeria spends a total of $2 billion annually to import agricultural products into the country, the Minister of Transportation,  Rotimi Amaechi, revealed.

The Minister made this known during an inspection tour from Rigasa rail station in Kaduna to Idu Station in Abuja last Friday.

He said agriculture is an exceptionally important element of Nigeria’s economy. Amaechi went to say that the large import of food products include wheat, rice, flour, fish, tomato paste, eggs, textile and sugar.

The Minister however, stressed the need to diversify the mono-cultural tendencies of the Nigerian economy by developing other sectors of the economy especially agriculture.

“Major agricultural imports are wheat, rice and sugar. Most agricultural imports come from the US and the EU. The country’s main agricultural exports are cocoa beans, rubber, sesame seeds and cocoa butter. Key agricultural export destinations are the UK, the US, Canada, France and Germany.”

“We were known to be exporters of cocoa beans, gum Arabic, groundnuts, cotton, palm oil and many other agricultural commodities, but now, we import most of the agricultural commodities that we can produce because of the neglect of the sector.

“About 30 percent of live animals slaughtered in Nigeria are imported from neighbouring countries. Like other subsectors, livestock industry development is constrained by low productive breeds, inadequate access to feeds and grazing lands, frequent farmer – pastoralist conflicts, lack of processing facilities and low value addition and low technical inputs in the management of the animals, including diseases.”

However, industry watchers said the country could increase its agricultural sector output to $227 billion by 2030, thus, raising the annual growth rate to 4.2 per cent. But achieving the feat would require a four-pronged approach which boosting yields, shifting more production into high value crops, reducing post-harvest and distribution losses, and increasing scale production. The biggest opportunity in agriculture is improving crop yields, which accounts for 39 per cent of the upside potential.

Buhari, Saudi Arabia King Plan to Restore Stability To Global Oil Market

President Muhammadu Buhari and King Salman Bin Abdul-Aziz of Saudi Arabia have expressed their commitment to finding a lasting solution to the lingering crash in the prices of oil.

President Buhari and Abdul-Aziz expressed this commitment in Riyadh on Tuesday, February 23, at a bilateral meeting hosted by the latter.

A statement by President Buhari’s Senior Special Assistant on Media and Publicity, Mallam Garba Shehu, said both leaders accepted the fact that their countries’ economies are tied to oil and that all cannot be well with both countries when the world oil market is unstable.

Shehu said both leaders therefore committed themselves to doing all that was possible to stabilise the market and rebound the oil price.

He said both leaders who also engaged in extensive discussions on regional and global issues, agreed that terrorism posed a common threat to their countries and would require close cooperation to prevail over the threats.

Shehu said Buhari, while making his first pronouncement on the invitation to join the coalition of Islamic states against terror spearheaded by the Saudis, congratulated the Kingdom on its formation.

“Even if we are not a part of it, we support you. I must thank the Kingdom of Saudi Arabia for the recent creation of a coalition to address the menace of international terrorism. Nigeria will support your efforts in keeping peace and stopping the spread of terror in your region.”

“This is in consonance with our own commitment and on-going efforts in seeking to stamp out Boko Haram terrorists from the West African sub-region and Lake Chad Basin Commission (LCBC)”, Buhari said.

 

Air Côte d’Ivoire Set To Increase Aircraft Fleet to Nine by April

Air Côte d’Ivoire, has announce plans to increase its fleet of seven aircraft to nine by April 2016.
The African carrier stated this recently in Abidjan, Cote D’Ivoire when its received its third new Bombardier Dash Q400 NextGen aircraft, which increases its fleet to seven.
The airline also said that it hoped to increase the cities it flies into to 22 from its present 18 by 2016 and estimated a capital increment of 65 billion to over 100 billion FCFA before the end of next year.
The statement issued in Lagos by the media consultant to the airline quoted its Managing Director, Mr. Rene Decurey as saying that the airline was achieving its target with the delivery of Bombardier Dash Q400 Aircraft, which had enabled it increase regional and domestic routes and frequencies.

Decurey explained that its new aircraft was as fast as a jet, flexible, silent, comfortable and energy efficient, adding that it’s an idle aircraft that could operates both domestically and regionally.

Decurey emphasised that by 2018, the airline would have been profitable, but noted that to achieve this, new route must be opened and new planes must be acquired. With such growth and prospect, he said the airline has invested in training its own pilots and airplane mechanic with the partnership of INPHB and the Aeronautic institute Amaury of Grange (IAAG) and is currently training 15 pilots, and by 2018 would have 20 airplanes mechanics.

 

Law Union & Rock Insurance Disburses N1.64billion Claims

 

Law Union & Rock Insurance plc, has announced the payment of a total of N1.64 billion claims in 2015.

Managing Director of the company, Jide Orimolade, in a statement, said a breakdown of the above figure, showed that claims paid by the company in 2015, ranged from Fire, General Accident Motor, Marine & Aviation, Engineering, Bond and Oil & Energy.

He also said that fire & motor insurance claims, accounted for almost 73% of the overall claims paid during the year.

He said that the statistics show that the number of accidents that emanate as a result of fire and motor accidents in the country was on the increase during the period and that the company is determined to stand like a “rock” behind its customers and also keep its promise of delivering prompt claims payment to its customers.

The Law Union& Rock Insurance boss, also said the astronomical rise by 28 to 38 percent in claims payment between 2014 and 2015 experienced by the company, indicates the level of awareness and exposure of the customers.

He said despite the dwindling & harsh economic condition in the country, the company, was able to meet up N1.64 billion in claims obligation.

“This singular act demonstrates that the company is committed to putting its customers first, and always make them satisfied”, Orimade stated.

 

Stock Market Extends Losses As Equities’ Value Slides By N114billion

Equities value dropped by N114 billion on Tuesday, February 23, as the Nigerian Stock Market remained in the bear domain.

Market turnover closes negative as volume declined by 94.16 per cent against 1902.92 per cent uptick recorded in the previous session. FBN Holdings, Beco Petroleum and Guaranty Trust Bank were the most active to boost market turnover. FBN Holdings topped market value list.

Tiger Brands leads the list of active stocks that recorded impressive volume spike at the end of the trading session.
Market watcher believed that investors would continue to favor as short term approach to equities which will likely see a blend of profit taking and cherry picking this week.

Market breadth closed negative as Lafarge Africa Plc led 13 gainers against 26 losers topped by Dangote Cement at the end of the trading session which was an unimproved performance when compared with previous outlook.

 

Naira Gathers More Strength To Sell at N310/Dollar in Parallel Market

Naira unaffected by Trump’s victory

The Naira regained more strength at the Bureau De Change market as it exchanged at N310 to the dollar on Tuesday, February 23.

Findings showed that Abuja bureau de change market operators were buying at N310 to one dollar from walk-in customers as against the about N400 last week.

However the BDCs were still selling at N360 to customers willing to buy, while the Central Bank of Nigeria (CBN) official rate remains  N199.50 to the dollar.

The president of the association, Aminu Gwadabe in a news briefing yesterday in Lagos said: “with the intense scarcity of the dollar in the market, the rate is largely determined by sellers and not by Bureau de change (BDCs), we are largely resellers and what we get as margin is a function of the rate we buy”

The free fall of the naira against the dollar hit an all-time high by exchanging for N400/ $ last week but appreciated to N375/ $ by Monday following the president’s defiance on the devaluation of the currency.

Gwadabe said: “the stance of the President Buhari is helping to clear the doubt in the forex market. What we are experiencing is not a realistic rate but a passive rate brought about as a result of rush by people to stock the dollar for long term activities to avoid the effect of further depreciation.

 

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