MTN Nigeria and TownCriers Ltd, the agency that managed its 2012 ‘aeroplane consumer promotion’ have decided to settle its disagreement with the Consumer Protection Council (CPC) by paying a promo winner, Mr. Omeje Chukwuma Fidelis the sum of N1.85m.
The chief executive officer, TownCriers Ltd, Mr. Kayode Olagesin, said it has to responded to the crisis and wished to end the matter amicably. He said that having organised the prize presentation ceremony, his company was desirous of a final closure on the subject.
‘‘Following CPC’s submission, we expect that Mr. Omeje Chukwuma Fidelis’ receipt of the sum of N1.85m without prejudice to our reservations, will bring this matter to a close.”
He said as a long-standing marketing communications partner, his company remains committed to providing excellent services to its clients, MTN inclusive.
“Our services to MTN are in the area of experiential marketing and events management, working in different capacities since 2007. ”
Osun State medical doctors on Tuesday staged a public protest against the non-payment of their salaries by the state government. Dressed in lab coats, they all marched from OSAMDO House to the House of Assembly where they submitted their protest letter to the Deputy Speaker, Mr. Akintunde Adegboye, who received them. They expressed their discomfort stating that they had not been paid since October 2015, adding that the state government was only paying them stipends before it stopped paying them in September.
The Chairman of the Nigerian Medical Association in the state, Dr. Suraj Ogunyemi, and some elders of medical profession, including Dr. Daniel Olaosebikan, led the protesters, who defied the scorching sun.
Ogunyemi said the sympathy strike planned by the Obafemi Awolowo University Teaching Hospital, Ile-Ife, doctors would commence on Wednesday if nothing was done to avert this.
The spokesman for the governor, Mr. Semiu Okanlawon, said “In the face of the current economic realities, it remains unbelievable that doctors would insist that they would not be bound by the payment regime agreed to by over 39,000 other workers in the state, which was arrived at after a rigorous deliberation on the finances of the state within the context of the national economic realities.”
“By December, we told them they should resume work and they have remained adamant that they want to earn what we cannot afford. In the first instance, except in communist country, you cannot force anybody to work, you can’t drag workers to work under democracy.
“It is either you want to work or you don’t want to work. But if you cannot take what we are offering and what other workers including doctors in local government areas, including consultants at the state level are taking, we cannot afford it.”
The French Education Fair is organized yearly in Nigeria by the French Embassy in collaboration with Tripplelink and Campus France.The French Embassy has a goal to increase the number of Nigerian students that study in France and one of the measures they have put in place to achieve this goal is the annual French Education Fair in Nigeria. There are parallel education fairs in other parts of the world.
The Fair brings together representatives from French Universities, notable French companies and the French Embassy. These individuals are to provide on-the-spot consulting and advisory services to a wide range of individuals – from school leavers to degree holders – seeking to pursue further education in France now or in the near future.
These services include:
Education Consulting– First-hand information about study options in France.
Education Counseling– Learn more about your chosen degree and its alignment with your goals. Explore other options that may be better suited to what you want to achieve.
Career Counseling– Assess the fit of your degree with some companies and job positions. Get advice on what degree combinations to pursue.
Internship/Placement Opportunities– Explore internship and employment options available during and after your degree
Immigration/Visa Consulting– Speak to representatives from the French Embassy and find out how to make this process as quick and easy as possible. Learn about life in France, and what you would need to avoid some challenges.
Scholarship Advisory– Get advice on how to secure scholarships from French universities and companies.
Travel/Accommodation Arrangements– Find out more on the ideal travel arrangements to make, possible discounts that are available and accommodation options in France.
Venue : Abuja– 23rd February 2016 || Banquet Hall, Sheraton Hotel and Towers.
Lagos– 25th February 2016 || Grand Ball Room, Eko Hotel and Convention Centre.
Ericsson is a world-leading provider of telecommunications equipment & services to mobile & fixed network operators. Over 1,000 networks in more than 180 countries use Ericsson equipment, & more than 40 percent of the world’s mobile traffic passes through Ericsson networks. Using innovation to empower people, business & society, we are working towards the Networked Society, in which everything that can benefit from a connection will have one. At Ericsson, we apply our innovation to market-based solutions that empower people & society to help shape a more sustainable world.
We are truly a global company, working across borders in 175 countries, offering a diverse, performance-driven culture & an innovative & engaging environment where employees enhance their potential every day. Our employees live our vision, core values & guiding principles. They share a passion to win & a high responsiveness to customer needs that in turn makes us a desirable partner to our clients. To ensure professional growth, Ericsson offers a stimulating work experience, continuous learning & growth opportunities that allow you to acquire the knowledge & skills necessary to reach your career goals.
We are recruiting to fill the following positions below:
Grange School, founded in 1958 by enterprising private British Citizens, offers the English National Curriculum at an equivalent standard to that which obtains in the United Kingdom. Checkpoint and IGCSE result are outstanding with this year almost 95% of students achieving A- C average. Grange is one of only to schools in West Africa to be an accredited member of Council of British International Schools (COBIS).
Due to the positive growth in students’ numbers and a desire to keep Grange School at the cutting edge of the curriculum development, we hereby invite applications for the listed positions below:
APM Terminals is one of the worlds largest, high technology and most – respected container terminal operators offering the global shipping community an Integrated and growing Global Terminal Network of over 70 operating container facilities in 64 countries on 5 continents including Africa. APM Terminals is a recipient of diverse international awards one of which is ‘Port Operators of the Year’ at the Lloyd’s list 2012 Global awards.
Applications are invited from qualified candidates for:
APM Terminals 6th Scholarship and Industrial Attachment Programme
Location: Nationwide
Length of scholarship: 1 Academic year
Start date for industrial attachment: June 2016
6 months for university undergraduates/1 year for polytechnic undergraduates.
Application Closing Date
15th March, 2016.
Method of Application
Interested candidates should send their Full Names, Department, Faculty, Institution, Current level, Current CGPA, Matriculation no, Phone no, and Email address to:appapmtsia@apmterminals.com
Note: Only shortlisted candidates will be contacted.
Microsoft Nigeria – If you have unique experiences, skills and passions-and we believe you can bring them all to Microsoft for a rich, rewarding career and lifestyle that will surprise you with its breadth and potential. Just imagine the excitement and satisfaction of what you can do, where you can go, and the difference you can make with the resources of Microsoft behind you.
We are recruiting to fill the following vacant positions below:
Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group, today announced a leadership change in its most profitable subsidiary, Ecobank Ghana Limited.
Mr. Samuel Ashitey Adjei, the current Managing Director of the Ghana Subsidiary, has been appointed Managing Director for the Group’s recently combined region, Central, Eastern, and Southern African (CESA) Countries, consisting of 18 subsidiaries. Mr. Adjei will step down as MD of Ecobank Ghana on the 30th of March, 2016.
Mr. Sam Adjei, credited with the bank’s outstanding performance in the last several years, assumed the position of Managing Director for Ecobank Ghana in 2006, and has since built the bank from eight to 78 branches, and to an enviable position of the leading bank in Ghana. Today, including the Ghana subsidiary, Sam Adjei runs the Group’s West African Monetary Zone member countries. A renowned banker in the Ghana banking industry, Sam has influenced policies and industry transformation, and is a well-respected banking professional across the market.
Mr. Adjei, who started his banking career over 25 years ago, has spent the significant part of his career with Ecobank. He joined Ecobank in 1990 and held several business leadership positions until his appointment as Managing Director. Prior to the MD role, He was Deputy Managing Director for a year, and following that, was an executive director, and head of Corporate Banking & Treasury.
Ecobank Group CEO Ade Ayeyemi said, “over the last several years, and more so in the last 10 years, as Managing Director, Sam has taken our Ghana Subsidiary to unprecedented leadership heights, and has given us a franchise that is well positioned for continued and sustainable success. The last 10 years have seen this subsidiary grow exponentially. It has become the most successful and profitable subsidiary, both internally within the Ecobank Group, and externally in the Ghana banking industry. We are confident that Sam will exemplify this success in his new role as Regional Executive for our newly created CESA Region”.
Mr. Adjei said: “I have spent the last 25 years of my life, contributing to and helping to build this great institution of ours – Ecobank. But the real credit goes to the many great men and women alongside whom I have worked in Ecobank Ghana, the West African Monetary Zone region, and Ecobank overall. I have had the privilege of working with the best and brightest in the industry. Together, my leadership team, and the respective boards of directors, have been the pillar of success at Ecobank Ghana, and the West African Monetary Zone region. I leave my customers and my partners in the industry with a heavy heart, but I continue to believe that it is the overall franchise that has contributed to their respective journeys with Ecobank, and I wish them all well with continued success.”
The Chairman of the Ecobank Ghana Board, Mr. Terence Darko, said: “Sam is a modest and assiduous gentleman. It has been a pleasure to work and learn from him the business of banking. This is a well-earned promotion. On behalf of the Ecobank Ghana Board, its Management team and staff, I would like to thank Sam for his commitment and outstanding leadership over the last ten years. We wish Sam continued success in his new and challenging assignment. There is no doubt that he will replicate this success in his new role.”
Mr. Darko indicated that in partnership with the Group’s head office, the Board will immediately launch the process of selecting a successor to Mr. Adjei, a process that will conclude by the 30th of April.
The Nigeria Customs Service, NCS, has approved a new procedure for the disposal of seized and overtime goods in an effort to address some of the perceived irregularities relating to the past procedure including fake online auctions.
As such, the NCS confirmed that it is setting up four different committees to handle the disposal of these categories of goods. The committees include an Assessment Committee, Disposal Committee, Seizure Committee and Overtime Committee.
According to the new guidelines signed by the Comptroller-General of Customs, Col. Hammed Ali (rtd), perishable items with or without defendants are to be properly disposed of by the relevant committee.
For items classified as general goods, the new guidelines stated that they are to be disposed of after condemnation by a competent Court of Law: “Condemnation shall be done after 30 days of seizure, so far as there is no notice of claim or litigation.”
The guidelines also stipulated that all overtime cargoes are to be published in the Federal Government’s gazette when they fall due over 30 days.
Under the new dispensation also, the NCS will advertise information on seized and overtime goods for disposal with their reserve prices in the media and on its official website.
The authorities enjoined interested buyers to apply online, specifying items of interest to the committee on disposal, adding that applications must be accompanied with an approved means of identification such as a National Identity card, International Passport or Driver’s Licence, in addition to a recent passport photograph scanned onto the dedicated portal on the website.
The guidelines further explained that successful applicants will be required to make payment within 14 days of notification through designated banks at the area commands where the goods are domiciled. Any returns on disposals would need to be rendered to the Comptroller-General not later than 21 days after completion of each exercise.
The NCS however pointed out that the Disposal Committee, subject to the approval of the Comptroller-General, might use its discretion in handling peculiar cases.
The Assessment Committee shall consist of not less than five officers of high integrity including valuation officers at all area commands supervised by the Zonal Co-ordinator. The committee shall undertake inspection, collation and fixing of prices of all goods on monthly basis and is to forward its report to the Auction Committee. The guidelines also tasked the Seizure Committee and Overtime Committee with the responsibility of handling the disposal of overtime and seized goods. “The Seizure Committee shall comprise of representatives of all departments of the NCS, including representatives of headquarters not below the rank of assistant controllers or its equivalent,” the guidelines stated.
The Overtime Committee on the other hand will be made up of 16 members and consist of the Assistant Comptroller General Enforcement, representatives from Director, Legal (NCS), Federal Ministry of Finance, Independent Corrupt Practices Commission, Civil Society Organisation, National Agency for Food, Drug Administration and Control (NAFDAC) and a representative from the Accountant General of the Federation’s office. Others include a representative each from the National Security Adviser, Directorate of Security Services, Valuation (NCS), Secretary to the Government of the Federation, Nigeria Ports Authority, Police, Economic and Financial Crimes Commission, Standards Organisation of Nigeria and Chief of Defence Staff.
The Deputy Managing Director -designate, FirstBank Nigeria Limited, Gbenga Shobo will be delivering a lecture themed: “Financial Inclusion: Unleashing the Potential in the Informal Sector, at a session on the “Banks of the Future in Africa” conference to take place in Johannesburg, South Africa, as part of efforts to drive financial inclusion,
The event holds between February 17-18, 2016.
A statement quoted Shobo to have pledged that the bank would continue to support initiatives that will drive financial inclusion more specifically in the informal sector.
“As Nigeria’s foremost retail bank and in line with our strategy to drive financial inclusion in the informal sector, FirstBank has created an ecosystem to bank the financially excluded by partnering with government, NGO, and other private sector users to increase usage of our agency banking network and mobile banking offerings to low income earners,” he said.
He further stated that there are sizeable opportunities in the Informal Sector SME’s which have been shut out of the Banking system because Banks can only transact with registered companies. “If these informal sectors SME’s can be brought into the formal sector, there are significant upsides for Banks in Nigeria to grow their loan portfolios”.
The projected net borrowings in the federal government’s 2016 budget proposals will hike government’s debt stock by a further 1.8 per cent, taking Nigeria’s total debt to 12.8 of gross domestic products (GDP).
The latest report from the Debt Management Office (DMO) showed that the federal government’s domestic debt at N8.84 trillion ($44.9 billion) at end-December 2015, equivalent to 8.9 per cent of estimated 2015 GDP.
When we add the federal government’s external debt (at $10.72 billion equivalent to 2.1 per cent of estimated 2015 GDP), we arrive at a burden representing 11.0 per cent of GDP, the DMO noted in the report.
This is, however, excluding bank borrowings of the states, the obligations of the Nigerian National Petroleum Corporation (NNPC), the Asset Management Corporation of Nigeria (AMCON), other public agencies, the arrears due to contractors and contingent liabilities such as guarantees.
Under an implausible worst case scenario, assuming for example that AMCON makes no further recoveries, experts said the burden could rise to 25 per cent of GDP.
“An estimate of total public debt would have to include the naira bonds and residual bank borrowings of the states, the obligations of the NNPC, AMCON and other public agencies, the arrears due to contractors and contingent liabilities such as guarantees,” said analysts at FBN Capital.
These metrics, they added, underpin Nigeria’s sovereign credit ratings (BB- from Fitch and the equivalent from Moody’s), and B+ from S&P.
Transactions on the Nigerian Stock Exchange, NSE, closed Tuesday, February 16 in the red zone as the All Share Index lost 1.26 per cent to close at 24,514.91points from 24,827.50 on Monday, February 15.
The market recorded 16 gainers today led by May & Baker with a gain of N0.04 or 5.00 per cent to N0.84 followed by Glaxosmith with a gain of N1.04 or 4.98 per cent to close at N21.93 while Eterna gained N0.09 or 4.92 per cent to close at N1.92 per share.
On the other hand, Champion topped 16 stocks on the losers’ chart with N0.15 loss or 5.00 per cent to close at N2.85 followed by Caverton that lost N0.09 or 4.86 per cent to close at N1.76 per share, and Learn Africa that lost N0.04 or 4.65 per cent to close at N0.82 per share.
All together, a total of 290,944,208 shares worth N2.881 billion exchanged hands in 2,934 deals.
Saudi Arabia, Russia, Qatar and Venezuela, on Tuesday, February 16, said they would not increase crude production output above January’s levels as long as other major oil producers followed suit, in the first coordinated move to boost oil prices in years.
The agreement was struck after a short meeting in Qatar, but it came with a significant caveat: Iran and Iraq must also halt production increases. Iraq’s production has soared to record levels as it furiously pumps to generate revenue to fight a war against Islamic State, while Iran is trying to ramp up output now that western sanctions over its nuclear program have ended.
The pact still marked a significant departure for Saudi Arabia and the Organization of the Petroleum Exporting Countries after more than a year of letting oil prices CLJ6, +0.52% fall to their lowest levels in more than a decade. A production “freeze” represented a compromise with countries like Venezuela that have wanted an outright cut to bring supply back into line with demand.
“Freezing now at the January level is adequate for the market,” Saudi oil minister Ali al-Naimi said. “We don’t want significant gyrations in prices, we want to meet demand. We want a stable oil price.”
Nigeria’s external reserves has depreciated by $251 million, compared with the $28.091 billion it was at the beginning of this month.
However, in terms of its year-to-date performance, the foreign exchange reserves, which are derived mainly from the proceeds of crude oil sales has decreased by $1.138 billion, compared with its value of $28.978 billion as at January 4, 2016.
There are projections that the reserves may depreciate further considering international obligations and bilateral agreements that had been entered by the country whose payments are from the reserves as well as the settlement of large swap positions between the banks and the Central Bank of Nigeria (CBN).
According to estimates, the overall swap books of some Nigerian banks stood at about $5 billion, with most of it to be paid back this year.
Guaranty Trust Bak Plc has unveiled plan to cut the overall funding costs of the bank as it announced expiration and final tender results of all cash tender offer with respect to the $500 million 7.50 per cent.
According to the bank, the tender offer is consistent with GTBank’s liability management strategy and reflects the bank’s ongoing efforts to enhance the efficiency of its funding and capital structure as it seeks to reduce its overall funding costs.
Chief Executive Officer of the bank,Segun Agbaje, said: “Subject to applicable law, the offer or any of its affiliates may at any time and from time to time following completion of the offer, purchase the remaining outstanding Securities by tender, in the open market, by private agreement or otherwise on such terms and at such prices as the offeror or, if applicable, its affiliates may determine. Such terms, consideration and prices may be more or less favourable than those offered under the tender offer.”
Agbaje said: “We are pleased with the outcome of this exercise. The offer, which is the first of its kind involving a Nigerian corporate in the international financial market, has enabled us achieve the objective of reducing some of the banks borrowing costs ahead of the maturity of the Eurobond in May this year.”
The Airline Operators in Nigeria, AON, has expressed worry over difficulty in accessing dollars for ease of their business.
Led by Noggie Megisson, the operators met recently with the Central Bank of Nigeria (CBN) governor, Godwin Emefiele, on the need for the CBN to make foreign exchange available to them at the official rate.
Accountable Manager of Dana Air, Obi Mbanuzuo, said dollar scarcity had taken a big toll on airlines in Nigeria.
An expert, who craved anonymity, gave further insight into the dollar scarcity as it affects the airline.
“First Nigeria doesn’t manufacture aeroplanes and we don’t have maintenance hangar, the aircraft are brought in from abroad. Again, an aircraft is expected to be sent out for maintenance every 12 months or at most 18 months, this costs the airline huge amount of foreign currency,” the expert said.
“So I really pity the airlines because while they sell their tickets in naira, they do most of their things in dollars.”
Checks by Daily Trust indicate that aircraft maintenance costs a minimum of $150,000 whereas an aircraft is expected to be sent for maintenance (C- check) every 12 or 18 months.
An industry regulator said: “Another aspect that consumes foreign exchange is training. Most of our trainings are carried out abroad and you need dollar to fund the trainings. This is also responsible for the dearth of experts in the industry because the cost of training is expensive.”
Gabonese Ambassador to Nigeria, Corentine Hervo-Akendengue, has lauded the decision of Arik Air to operate to the Central African nation.
He spoke at the inaugural flight of Libreville from Lagos en-route Port Harcourt at the weekend.
According to the envoy, direct flight from Nigeria to Libreville would boost trade between the two countries.
Hervo-Akendengue said both countries have something in common, adding that many Nigerians live in Gabon.
Gabon is an oil producing nation, and oil and gas companies in Nigeria have longed for direct connection between Nigeria and Gabon.
He said by introducing a direct flight between the two countries, Arik Air had solved the problem being faced by corporate organizations and Nigerians who live in Gabon.
Many Nigerians used to spend two days or more to connect either of the countries, but direct flight takes about one and a half hours.
Arik Air’s Chief Commercial Officer, Suraj Sundaram said the two countries would increase trade ties.
“A lot of Nigerians from the South East travel to Libreville on regular basis and we also have corporations that are dominant in Nigeria which transact business in Gabon because the two countries are oil producing, so there is a lot of traffic between the two points. It is in the interest of the two countries that there should be direct flight services,” Sundaram said.
The stock market on Tuesday, February 16, recorded a massive loss after profit takers took over trading activities on the Nigerian bourse to take advantage of increase in stocks in the last six trading days.
The equities market closed on a negative note, as market capitalization of entire 190 equities listed slumped by N108 billion from N8.539 trillion to end with N8.431 trillion.
However, the year to date returns currently stands at -14.41 per cent.
Market turnover closed positive as volume moved up by 2.62 per cent against 9.01 per cent decline recorded in the previous session.
Portland Paints Plc led the list of active stocks that recorded impressive volume spike at the end of the trading session.
Banking stocks were the toast of investors at the end of yesterday’s trading as Guaranty Trust Bank Plc traded 100.477 million worth N1.658 billion, followed by Zenith Bank Plc with 35.906 million with N413.631 million.
Fidelity Bank Plc traded 33.897 million valued at N43.724 million and FCMB Plc transacted 15.000 million at N58.497 million. Zenith Bank Plc and Guaranty Trust Bank Plc topped market value list.
On the top of gainers’ log was GlaxoSmithKline Plc with a gain of N1.04 kobo to close at N21.93 kobo, followed by Portland Paints Plc with N0.16 kobo to close at N3.90 kobo, FBN Holdings Plc with N0.14 kobo per share to close at N3.91 kobo.
On the other hand Dangote Cement Plc topped the losers chart with N5.99 kobo to close at N146.00 kobo, 7-Up Bottling Company Plc with N4.50 kobo to close at N170.00 kobo per share, and Nestle Nigeria Plc with N3.00 kobo loss to close at N667.00 kobo per share.
The Nigerian National Petroleum Corporation, NNPC, wheeled out a total of 8,362 million standard cubic feet daily (mmscfd) of gas to about 24 gas-fired power plants in 2015.
The figures are contained in the corporation’s financial and operations report for 2015. Analysis of the report released recently showed that over 75 per cent of the electricity consumed last year was produced by gas-fired plants.
The total supply resulted in an average of 694mmscfd gas for the generation of 2,957mw all through the year.
It showed that the month of August 2015 had the highest gas supply to the power plants as about 812 mmscfd gas was supplied to produce 3,472mw.
That represented 87 per cent of the whole power generation as the hydropower plants – Kainji/Jebba and Shiroro plant contributed only 13 per cent electricity to the national grid.
The NNPC and the Nigerian Gas Company (NGC) stated at a meeting of the power sector participants in Lagos last week that it was working on completing more gas infrastructure to enable the supply of more gas to power.
The new price regime for domestic gas approved by the Nigerian Electricity Regulatory Commission (NERC) for power generation started in January 1, 2015.
The new price regime was also confirmed by the former Group Executive Director (GED) for Gas and Power Directorate at the NNPC, David Ige. The NERC approved the upward review of the gas price from $1.5 per thousand cubic feet (mcf) to $2.5 per mcf (transport inclusive).
Bureaux de change, BDC, operators are targeting the yearly $21 billion average forex inflow from Nigerians in Diaspora for their continued operations.
The World Bank Migration and Remittances Factbook 2016 showed that Nigerians living abroad sent home $20.8 billion in 2015. The figure is by far the largest volume of remittances to any country in Africa and the sixth largest in the world.
The President, Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, said the body has already made a proposition to the Central Bank of Nigeria (CBN) to allow its over 3,000 members operate correspondence bank account.
He said the accounts would allow the BDCs receive over $21 billion annual Diaspora remittances and also allowed to operate like money transfer agents.
He said the CBN is currently reviewing a proposal from the ABCON and is confident of getting positive feedback because of the need to raise the dollar liquidity position in the market which will also boost naira stability.
The proposal, he added, would enable BDC operators open forex account with Bank of America or Barclays Bank or any other international lender.
The accounts, he said, would allow Nigerians living abroad send funds to their relatives or Nigerian counterparts through the foreign banks. The local BDCs will credit the recipients with the naira equivalents of the dollar credited to their accounts with the foreign banks.
This practice, when approved, he said would not only boost dollar liquidity in the market, but helps the country navigate through raging currency risks.
The ABCON boss said: “It is a proposal before the CBN because we want to help it expand the dollar supply side and make the market more liquid. We want the BDCs to be agents of Western Union and be involved in Diaspora remittances”.
