Niger State government has signed a N1.3 bn memorandum of understanding MOU with the United Nation International Children Education Fund (UNICEF), for the provision of basic amenities for children and women in the state for 2016.
According to the chief field officer of UNICEF in Kaduna, Mr Utpal Moitra, the government as well as UNICEF will share commitment for accountability and transparency of the programme and will also ensure its implementation. He explained that the UNICEF will provide 60 percent contribution while Niger state government will provide 40 percent counterpart funding.
Moitra disclosed that the MOU covered education, health, water sanitation, nutrition and a host of other areas which would have direct benefits on residents as well as the development of target groups in the state.
The state governor, Alhaji Abubakar Sani Bello appreciated the partnership and assured that he will support the programme by fulfilling the state’s part of the agreement without delay.
Farmers in Ondo State expressed their grief at the weekend over the persistent attacks of Fulani herdsmen on their farmlands.
They made this known at an interactive session with stakeholders on Community Policing partnership held in Akure, the state capital.
In attendance were the Inspector General of Police, Mr. Solomon Arise, the Assistant Inspector General of Police in charge of Zone 11, AIG Kalafite Helen Adeyemi and the State Commissioner of Police, Mr. Mike Ogbodu.
Some of the farmers had earlier narrated their ordeal to news men in the hands of these herdsmen, saying the consistent attack of the fulanis on their crops such as rice, maize, vegetable and cocoa plantation had reduced their efforts to nothing.
In one of their numerous attacks, A prominent leader and former Secretary to the Government of Federation [SGF], Chief Olu Falae was last year September kidnapped by the herdmen and a N5million ransom was paid before he was released.
A farmer, Sunday Owoseni said they thought the condemnation of Falae’s abduction by various stakeholders across the country would help in reducing the attacks on their farmland but the reverse was the case.
However, Chief Bolanle Olujoka, who claimed to be one of the executives of Farmers’ Association in the state, narrated an incident in his area where Fulani herdmen attacked a farmer and the farmer called the police to arrest the herdsmen.
He alleged that the police later detained the farmer and some chiefs in that community.
Meanwhile, the IGP, Solomon Arase said they were working on how to put a stop to the attacks of herdmen, saying it was part of the issues he discussed with Ondo State Governor, Olusegun Mimiko when he earlier met him.
The Doctors Health Initiative (DHI), has lamented over the poor health condition of Internally Displaced Persons (IDPs), at the Edo State camp, saying over 80 percent of patients; mostly women and children lack adequate medical care.
They complained about the poor state of health facilities at the Uhogua camp in Ovia North East Council during a three-day health outreach to the IDP’s camp in the state, said adequate food and medical supplies are critical to the sustainability of lives at the IDP’s camp.
President, of the group, Dr. Nkechi Asogwa, bemoaned the malnourishment of the children examined and treated, saying they were obviously anemic, urging the government, religious bodies and well-meaning Nigerians to provide succour for the inmates.
He said the free health outreach for IDP’s was organized by the DHI with support from Novo Health Africa, a health maintenance organization accredited by the National Health Insurance Scheme (NHIS) with the objective to provide health care delivery solutions across Nigeria and internationally through collaborative partnerships.
“In this camp, the children and women have been lacking enough food. The children have little food to go round. We attended to a lot of patients, mostly women and children who are the majority of our patients. They have a large population, but we have attended to over 80 percent of patients, amongst whom are all women and children who are more vulnerable to health challenges while the other 20 percent are young men,” Asogwa said.
The Nigerian Communication Commission (NCC) has revealed an eight-point agenda that covers 2015-2020, that would bring about social benefits and inclusiveness for national development. It would enhance broadband penetration, improve quality of service, optimize usage and benefits of spectrum, promote Information Communication Technology(ICT) innovation and investment opportunities in the country.
Kano,Executive Vice Chairman of the commission, Prof. Umar Dambatta, stated that wealth creation through application of human knowledge and creativity is steadily out spacing wealth creation through extraction and processing of natural resources adding that ICT has immense socio-economic role to play in national development.
“We would promote innovation, investment, competition and consumer empowerment in and on top of communications platforms of today and the future-maximizing the power of information and communications technology to grow our economy, create jobs and enhance national competitiveness through the deployment of broadband infrastructure to facilitate roll out broadband services that will hold out opportunities and higher network quality of service for all Nigerians.”
Dambatta further stated that the broadband penetration agenda would be achieved through the national broadband plan while the role of the NCC in the plan is to prioritize the broadband infrastructure within the cities and subsequently in the rural areas.
He said ”Part of the eight- point agenda is to ensure at least that internet services are affordable, available and accessible.”
Ogun State Government has revealed that a 28-year-old lady confirmed to be a victim of the first case of Lassa fever in the state has died.
The victim who was identified as Eze was reportedly admitted into the isolation unit of Olabisi Onabanjo University Teaching Hospital (OOUTH) Sagamu and had spent nine days before she finally died.
According to the Commissioner for Health, Dr. Babatunde Ipaye, the deceased had travelled back to the state from Ebonyi State on January 15 and was admitted into two private hospitals in Ado-Odo/Ota Local Government where she was detected to be carrying Lassa fever virus.
He added that the deceased had received a nine-day course of Ribavirin, potent antibiotics, appropriate blood transfusions and necessary psychosocial support.
“We were only waiting to celebrate the completion of medication today and take a blood sample to confirm cure when unexpected complications set in yesterday, Saturday, February 13, 2016.”
The Joint Health Sector Unions (JOHESU) and Assembly of Healthcare Professional Associations (AHPA) have vowed to suspend activities in all federal government health facilities.
The JOHESU gave a 15-day ultimatum beginning February 3, 2016, after which they will resume their suspended strike if their 10 point demands are not met. This was included in a warning note issued to the government.
The unions decried the continued marginalisation of its members which contribute 95 percent of health care providers in the country.
Their demands include implementation of new circular on promotion of its members from CONHESS 14 to 15 as directors which places premium on the need to sanction defaulting hospital managements.
Other demands are the immediate and full payment of arrears of the skipping of CONHESS 10 which it said had remained outstanding since the year 2010. It also demanded that the federal ministry of health come up with a circular on residency programmes for all health professionals in Nigeria to ensure professional capacity development in the health sector and also sponsor an amendment bill to that effect.
Katsina state governor Aminu Bello Masari has at long last approved the disbursement of N2bn CBN-SME loan.
The State House of Assembly had, in August 2015, had granted approval to the state government to secure N2bn loan from the Central Bank Of Nigeria (CBN) for small and medium enterprises (SMEs).
After an the assembly’s approval, the state government inaugurated a special committee under the leadership of the then state APC chairman, Abdulkadir Mamman Nasir, to commence the process of disbursing the funds.
However, reprieve came when Governor Masari, on Friday, flagged off the disbursement of the loan to cooperative groups in the state.
Speaking during the ceremony, Masari said 500,000 traders would benefit from the scheme which is expected to boost income generating activities in the state. He assured that the state government would pay the 9% interest on the principal sum collected from CBN to reduce burden on beneficiaries.
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.
Senior Advocate of Nigeria and human rights lawyer, Mr. Femi Falana, has said he would bring legal action against the federal government over its insistence on borrowing a whopping sum of $3.5 billion from the World Bank and the African Development Bank (AfDB).
Falana said he would commence legal proceedings with a view to compelling the federal government to recover over $66.5 billion recoverable loans, royalties, levies and revenues it was currently being owed.
He disclosed this in a short statement he personally signed yesterday alongside a letter addressed to the Minister of Finance, Mrs. Kemi Adeosun, over the federal government’s plan to borrow $3.5 billion to fund 2016 budget.
As contained in his statement, Falana said since the federal government “have not deemed it fit to react to the serious issues raised in the letter, kindly be informed that we shall commence legal proceedings not later than February 29, 2015.”
The senior advocate added that he would initiate legal action with a view to compelling the federal government “to recover the said loans, royalties, levies and other recoverable revenues of not less than $66.5 billion.”
In the letter he addressed to the minister on February 5, Falana listed recoverable revenues, loans, royalties and levies, which he said, different banks, oil firms and pampered members of the ruling class were owing the federal government.
He cited five cycles of independent audit reports of the National Extractive Industries Transparency Initiative (NEITI), which he said, put the country’s potential recoverable revenues payable to the Federation Account at $20.22 billion.
He added that the potential recoverable revenues “are said to have arisen from underpayment or underassessment of taxes, royalties, levies and rents,” which according to him, the Minister of State for Budget and National Planning, Mrs. Zainab Ahmed, could provide more information on.
He, also, cited the sum of $7 billion, which the Central Bank of Nigeria (CBN) apportioned “to 14 Nigerian banks to “manage” out of the nation’s external reserves on October 4, 2006. The amount involved represented 18.39 per cent of the total external reserves at the material time.
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 recognisable. 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 vacant position below:
Job Title: Regional Sales Manager – (South – South Region)
Location: Kogi
Job Description
To implement the sales strategy within the regional environment to ensure that regional targets across the full range of products is achieved.
To manage and lead the regional sales team towards sales, distribution and availability of MTN products.
To drive MTNN’s growth aspirations
Coordinate regional sales activities and ensure synergy with other activities within and outside the department /region and contribute in developing and executing the sub-regional business plan.
Review sales operations in region ensuring operational objectives are accomplished, identifying trends, providing input into sales forecasting and ensuring optimum service levels are achieved and maintained.
Conduct competitive research on competitors’ strategy for implementing sales within the region and develop counter measures to increase sales.
Build and maintain good relationship with Partners to ensure their profitability and achievement of MTN objectives in the sub-region
Attend sales team meetings on a periodic basis to communicate product strategies, upcoming objectives and exchange ideas on how to support Trade Partners achieve their targets promote products.
Drive the execution of all channel strategies and initiatives in the sub-region
Conduct research and trend analysis of market and competition, review sales performance and trends and identify new prospects and sales opportunities for the region.
Identify training requirements of partners, develop program to address (product) knowledge gap of distributors and monitor distributors and dealers activities to ensure their operations are in alignment with MTN business objectives.
Monitor and prepare periodic report on sales and generate periodic sales performance reports for region for management review.
Ensure partners full participation in the territorial engine room.
Manage regional P&L to ensure a profitable and sustainable operation.
Review performance of individual team members and complete appraisals in accordance with the employee performance appraisal procedures and time schedules.
Job Condition:
Normal MTNN working conditions
May be required to work extended hours
Occasional local travel as required
Requirements Experience & Training:
First degree in Marketing, Business Administration of relevant degree from a reputable University
Possession of a Master’s degree may be an added advantage
At least 8 years’ experience in service industry and/ or cellular/ telecommunications and/ or operational management including:
2 years sales management experience
Proven track record in sales/ distributor account management
Customer management experience
Distribution planning
Leadership Management
GSM conventions
Customer relationship management
Minimum Qualification
BA, B.Ed, HND, B.Sc or B.Tech
Application Closing Date
25th February, 2016.
How to Apply
Interested and qualified candidates should APPLY
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 position of:
Job Title: Business Strategy Consultant
Req ID: 100127 Location: Lagos, Lagos, NG
Job Descriptions
Ericsson Consulting has 12,000 Strategy, Operations & Technology consultants, delivering more than 1,500 consulting and systems integration engagements a year.Serving clients for 10 years across 180+ countries we are building a great track record. This is a great opportunity to work for a dynamic company with global career options. This is a Consultant/Senior Consultant Role in Business/Strategy Consulting and can be based in South Africa, Ghana, Kenya, Nigeria or Senegal.
Education and Experience
University degree (Bachelor or higher)
Must have worked at a consulting firm before
3 Years+ experience in consulting
Either telecoms industry experience or past projects in the telecoms space
fast learning, self-motivated individual
Skills:
Strategy development
Business and financial modeling
Advanced excel
Strong analytical and problem solving skills
Good PowerPoint and presentation skills
Business analysis skills
Application Closing Date
Not Specified.
How to Apply
Interested and qualified candidates should APPLY
Citibank Nigeria Limited, the leading global financial services company, provides consumers, corporations, governments and institutions with a broad range of financial products and services.
We are recruiting to fill the position of:
Job Title: Compliance Testing Officer
Job ID: 16004923 Location: Abuja
Job Function: Compliance and Control
Job Purpose
The goal of the Compliance Testing Team in EMEA is to ensure adherence to regulatory requirements, and to perform planned reviews against regulatory requirements and pertinent processes.
The Compliance Testing Officer will be expected to perform reviews of specific areas of regulatory compliance and coordinate the execution of testing on a region-wide basis by other Compliance staff, operating as a virtual team.
The Officer will also be expected to review regulatory requirements to determine appropriate test programme coverage.
Job Background/Context
The Compliance Testing team exists to assist in the management and oversight of Compliance risk in the following ways:
To complete Compliance Reviews using a strong, independent and consistent global process
To pro-actively identify areas of compliance risk and escalate these to senior management for resolution
To ensure that effective and timely corrective actions plans are in place to address any areas of compliance risk that are identified.
Key Responsibilities
The Compliance Testing Officer (‘The Officer’) will perform analysis against regulatory risks and associated controls and conduct testing of these in accordance with predetermined standards and test programmes
The Officer will be involved in reviews covering various businesses and processes across all sectors
The Officer will work on reviews both in the capacity of lead reviewer as well as participant in the reviews led by other team members
The Officer will perform remote reviews, both through the centralised capture of data amenable to sample-based and testing and through the development of virtual review teams, able to be directed by the Officer towards the collaborative execution of a review
Based in the regional office (Abidjan, Nigeria) the officer will work with various countries in providing consultancy on control issues surfaced during compliance reviews in the respective countries
Reviews will be conducted based on both those planned for the year (thematic, horizontal, targeted, ad-hoc) or on account of regulatory and/or business/industry issues
The Officer will work on individual projects assigned from time to time within the Compliance Testing remit
The Officer will be a member of the regional Compliance Testing Team and will be expected to provide a strong advisory role in the unit’s activities, strategy and development.
Development Value:
The successful candidate will play an important role in the testing activities of the unit providing opportunities to develop a more in-depth view of the businesses being tested from a regulatory and compliance perspective.
Furthermore, the officer will get an opportunity to work with other pillars/facets of controls while working on special project co-ordination initiatives.
The role also entails junior supervisory responsibilities, building, developing and overseeing virtual teams charged with review execution.
Person Specification
Knowledge/Experience:
Minimum 10 years industry experience with a background in Compliance, Risk or Audit, preferably gained in an international financial institution.
In-depth understanding of audit methodology, risk and control analysis.
Experience of at least three major areas of banking operations, including very good knowledge of Corporate Banking products, processes, procedures and regulations.
A good knowledge of multiple control testing environments
Skills:
Strong oral and written communication / negotiation skills, with the proven ability to influence opinion, articulate/substantiate review findings and defend these if challenged by senior business management
Strong ability to manage and facilitate work projects both on the ground and with remote units
Accuracy and attention to detail in the presentation and publication of compliance testing reports to a senior audience
Strategic and goal-oriented focus
Unwavering commitment to co-operative and collaborative working
Strong project management and presentation skills
Qualifications:
A minimum of a first degree or its equivalent in any discipline plus a relevant higher degree or professional qualification
Exceptional candidates who do not meet these criteria may be considered for the role provided they have the necessary skills and experience.
Competencies:
The successful candidate will need to show that he/she is prepared to take responsibility to lead/manage testing in a multi-dimensional business environment.
The candidate should be able to work with compliance and business partners in pursuing our common objectives.
The candidate must be able to work effectively within the testing team members and the countries across the region and beyond.
Application Closing Date
Not Specified.
How to Apply
Interested and qualified candidate should APPLY
GE is an advanced technology, services and capital company with the scale, resources and expertise to take on the world’s toughest challenges. Dedicated to innovation in the areas of energy, health, transportation and infrastructure, we’re committed to leadership, integrity, partnership and human progress. GE businesses ranging from Aviation, Capital, Oil & Gas, Energy Management, Power and Water, Healthcare, Transportation and Home & Business Solutions have operations on the African continent. Major locations include Angola, Ghana, Kenya, Nigeria and South Africa.
Over 1300 employees are working in the region, creating local partnerships and providing solutions & services that supports Africa’s infrastructure and sustainable growth. We are also dedicated to knowledge transfer, whether it is providing technical expertise to customers by hosting customer summits, to developing young local talent through unique programs such as the Early Career Development Program.
We are recruiting to fill the following positions:
Guaranty Trust Bank plc (“GTBank” or the “Bank”) announced today the expiration and final tender results of the any and all cash tender offer (the “Tender Offer” or “Offer”) with respect to the U.S.$500,000,000 7.50 per cent. Notes due 2016 (the “Securities”), which Securities were issued by its wholly owned subsidiary – GTB Finance B.V. (the “Offeror”) – and unconditionally and irrevocably guaranteed by the Bank.
As the Expiration Deadline for the Tender Offer was February 10, 2016, the deadline for tendering the Securities under the Offer has now passed.
An aggregate principal amount of U.S.$ 126,586,000 of the Securities that were validly tendered on or prior to the Expiration Deadline and not validly withdrawn were accepted. No Securities were tendered through the guaranteed delivery procedures described in the Tender Offer Memorandum dated February 4, 2016 (the “Tender Offer Memorandum”). The Settlement Date for the Tender Offer is February 16, 2016.
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. Subject to applicable law, the Offeror 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 favorable than those offered under the Tender Offer.
According to the Bank’s CEO – Segun Agbaje, “we are pleased at the outcome of this exercise. The Offer, which is the first of its kind involving a Nigerian corporate in the international financial markets, has enabled us achieve the objective of reducing some of the Bank’s borrowing costs ahead of the maturity of the Eurobond in May of this year. The tender result is also a testament to the strength of the Bank’s credit in the international capital markets. It is gratifying and humbling at the same time to note this level of investor confidence in the Bank”.
The Tender Offer was made pursuant to the Tender Offer Memorandum, which set forth in more detail the terms and conditions of the Offer. Capitalised terms used but not otherwise defined in this announcement shall have the meaning given to them in the Tender Offer Memorandum.
J.P. Morgan and Morgan Stanley acted as the Joint Dealer Managers for the Offer. Lucid Issuer Services Limited acted as Tender Agent and Information Agent. Legal Advisers were White & Case LLP (English and U.S. Law Counsel to the Bank and the Offeror), Linklaters LLP (English and U.S. Law Counsel to the Joint Dealer Managers), NautaDutilh N.V. (Dutch Law Counsel to the Bank and the Offeror) and Banwo & Ighodalo (Nigerian Law Counsel to the Bank and the Offeror).
This press release is neither an offer to purchase nor a solicitation to buy any of the Securities nor is it a solicitation for acceptance of the Offer. The Offer was made only by, and pursuant to the terms of, the Tender Offer Memorandum. The Offer has not been made to (nor have tenders of Securities been accepted from or on behalf of) holders of Securities in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. This announcement must be read in conjunction with the Tender Offer Memorandum.
A special court has been set up by Katsina State government to recover N5 billion from tax defaulters in the state.
The executive chairman of the state’s Board of Internal Revenue, Aminu Danrabbati, speaking with reporters on Sunday,February 14, said the measure was taken after several letters sent to defaulters to pay monies they owed.
Danrabbati said except for a few that honoured the letters, several of the defaulters were yet to settle their taxes, which had accumulated over months and years. He said when the court commences operation, defaulting individuals and organisations would appear before it, warning that those who fail to do so would be prosecuted.
“We will soon start to invite defaulting individuals and organisations to appear before the court, and we have engaged a competent lawyer for recovery of the debt,” he said.
He however lamented failure by some wealthy individuals and organisations to pay taxes into the coffers of the state government.
He said government could not provide needed social amenities if such shy away from paying their taxes as at when due. Danrabbati said the setting of the special court would assist the state government to meet its targeted revenue of N16 billion for this year.
He said the board has engaged the services of a consultant for the training of staff of the board for better performance. He said the consultant would also commence the enumeration of tax payers across the state.
He said: “The consultant would also conduct atomisation of the operation of the board to improve our performance in revenue generation.” He said the board has been able to block avenues of corruption among the staff, and that as a motivation, each revenue officer would be given two per cent of the amount of revenue collected.
House of Representatives over the weekend said it would not toil with the N6.08trn appropriation bill submitted by President Muhammadu Buhari for the 2016 fiscal spending.
Chairman, House Committee on Media and Public Affairs, Abdulrazak Namdas, who addressed newsmen over issues surrounding the budget, said the amount would remain in spite of the controversies and discrepancies in the figures of almost all the Ministries, Departments and Agencies, MDAs.
There have been issues arising from over bloated figures, replication of budgets, double allocations to capital projects, suspicious projects amongst others brought by the MDAs.
Consequently, the committees have had to send some government officials away to go and effect corrections before their budgets could be approved.
It is believed that with these corrections, the total budget figure ought to drop to a reasonable extent. But Namdas said the N6.08trn was unchangeable, even as he acknowledged that there were issues that came up in the budget.
Despite the issues, he said standing committees were advised to abide by the scheduled timeline for the budget defence, adding that the leadership of the House was working with the executive to fix them.
He noted that the National Assembly may or may not meet the February 25 date earlier set for passage of the budget. He said: “If February 25 is not met, Nigerians should bear with us. We may, we may not meet the deadline.”
The Executive Director, Safety Consultants and Solution Providers Limited, Femi Young has said the country lost over N5.95billion to different fire incidents which ravaged parts of the country from 2012 till date.
Citing statistics from the Federal Fire Service, Young said, in Lagos alone, five major fire incidents led to loss of property valued at several billions of naira just as similar incidents were recorded in other parts of the country.
The statistics also showed that 185 lives were lost in 470 fire incidents in same year with the oil and gas sector recording the highest incidents. Besides, statistics further revealed that private residences recorded 96 fire incidents that claimed eight lives, while 10 lives were saved in the fire incidents in the period under review.
Young who lamented that Nigerians have fatalistic approach to safety issues, said it becomes necessary for Nigerians to understand that they could take their destiny in their own hands.
To stem such incidents, Young has hinted of plans by his organisation to host the maiden West Africa National Fire Protection Association Conference with the theme, ‘Building NFPA Compliant Fire Safety Systems.’
He said the conference will draw leading fire safety experts across the United States of America who would educate Nigerians, especially professionals, on latest developments on safety measures and safety gadgets that prevent hazards, both at the home and the workplace.
Among experts expected is Russell B. Leavitt. Russ is the Executive of Telgian Corporation, an international firm providing fire, life safety.
South Korea’s automobile manufacturer, Hyundai Motor Company, has announced its 2015 full-year business results.
Sales volume and sales revenue of the automaker leaped while operating profit declined from the same period in 2015, mainly due to weak cross currencies, increased promotional activities due to heightened competition amongst automakers and profit decline from non-auto business.
The auto giant claimed it sold 64.96 million units worldwide throughout last year.
Hyundai Motor forecasts that an unfavourable business environment is likely to continue this year.
Emerging markets including China will continue posting slower growths. Also growing geopolitical risks and low oil price will lengthen economic stagnation, leading to steeper competition amongst automakers.
Nevertheless, Hyundai Motor will continue its efforts in establishing sustainable growth with R&D investment to strengthen state-of-the-art technology development and securing eco-friendly technology leadership. Hyundai Motor aims to sell 5.01 million vehicles globally.
It plans to achieve its goal with new model like All-new Elantra, Brand-new IONIQ offered in three eco-friendly powertrain (HEV, PHEV, Full-EV) and Hyundai Motor’s luxury brand Genesis G90 (EQ900 in Korea) large luxury sedan in 2016 to major global markets.
Hyundai Motor will continue strengthening its cooperation with suppliers and actively carry out Corporate Social Responsibilities to create more values to customers and stakeholders alike.
Portland Paints and Products Nigeria, PPPN Plc has launched a new capital issue process aimed at raising N1.98 billion new equity funds from existing shareholders.
A regulatory filing at the weekend indicated that PPPN, a subsidiary of UAC of Nigeria (UACN) Plc, plans to issue 600 million ordinary shares of 50 kobo each to existing shareholders at N3.30 per share.
The rights’ shares will be allotted on the basis of three new ordinary shares for every two ordinary shares held as at the close of business on February 9, 2016.
Shareholders of the company had at the annual general meeting last year approved the rights issue as part of efforts to deleverage the company and enhance its production capacity.
Chairman, Portland Paints and Products Nigeria (PPPN) Plc, Mr. Larry Ettah, said the net proceeds from the rights issue would be used to reduce existing loans from banks and also to improve plants and equipment of the company.
He said as the company makes efforts to improve returns, there is need to address the high leverage position of the company in addition to implementation of other business expansion plans.
“We want to improve the way we run this company. If plants and equipments are running well, the cost of sale will reduce and we will be able to pay dividend next year.
We already borrowed about N700 million and we intend to raise money to reduce our burden,” Ettah said.
There are indications that Sterling Bank Plc might buy one or two mid-sized commercial lenders before the end of 2016.
Findings have shown that the lender is considering the acquisition of Keystone Bank Limited the last of the three bridged lenders bought by the Asset Management Corporation of Nigeria (AMCON), The Nation learnt
According to an insider source, Sterling Bank is also considering buying another mid-tier lender with strong presence in the northern part of the country.The targeted bank has been grappling with low liquidity in recent months due to sharp falls in the value of the naira, crude oil prices and increased regulatory pressure.
Sterling Bank’s Chief Finance Officer, Abubakar Suleiman, told Reuters that these factors are forcing banks to recapitalize.
He said his bank expected a further 20 per cent devaluation in the naira, eroding capital ratios for several of its rivals exposed to foreign currency assets and potentially triggering mergers.
Sterling Bank CEO, Yemi Adeola, disclosed late last year that six commercial banks are likely to seek mergers and acquisitions this year. The mergers, he said, are triggered by the shock created in their assets and balance sheet sizes in the face of declining oil prices.
