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Traders, Buyers Lament Sharp Increase in Palm Oil Prices

A significant number of traders and buyers of palm oil at the Mile 12 Market, Lagos State, on Friday, February 12, bemoaned the surge in the prices of the stple.

They told the News Agency of Nigeria (NAN) in Lagos that the hike was as a result of the restriction placed of imported palm oil.

NAN reports that a 20-litre keg of palm oil now sells for N6, 500, as against the N6, 000 it attracted earlier in the year.

The finding also indicated that the price per bottle had also increased from N200 to N250.

A palm oil trader at the market, Mrs Tola Adewale, said that buyers were complaining about the price hike, occasioned by the scarcity of the commodity.

Adewale, however, said that there would a be likely drop in the price from next month when the market would be flooded with the commodity.

“This is not the season for mass production of palm oil. That is why our customers are feeling the effects of the scarcity now.

“The season for its mass production will start in March.

“Now, the price fluctuates between N6, 000 and N6, 500 for the a-20 litre keg, which we used to sell at N5, 500 or even N5, 000,’’ Adewale said.

Another palm oil trader at the Ketu Market, Mr Jude Ike, said that the restriction on importation by the Nigeria Customs Service, (NCS) was affecting the availability of the commodity.

Ike said that he was particularly happy about the situation, stating that the order would promote local production.

“I will say it is a welcome development that the NSC would restrict the importation of palm oil from the neighbouring countries.

“This step will improve and boost our local production of the produce; but the commodity is lacking in the market now.

“The price has gone up because of this and we wish that the production of palm oil in Nigeria will increase also, the season is beginning anytime from now,’’ Ike said.

Some of the consumers told NAN said that they had to spend more to get palm oil, to enable them to resell it in other markets and shops.

 

African Basketball League Partners Trace For TV Broadcast And Digital Initiatives

The African Basketball League, ABL, has secured a ground breaking partnership deal with TRACE as the official TV and digital partner for the league which tips off on the 4th of March 2016.

With this newest partnership, African Basketball League games will be aired on TV in 160 countries across Africa, Europe, Asia, Indian Ocean and the Caribbean.

According to the Chief Executive Officer of ABL, Ugo Udezue, “This is a historic moment for the ABL and will contribute greatly to the growth of professional basketball within the African continent.  We are excited to feed the appetite of basketball lovers all across the world. He further added that. “This is another great way of making the ABL games accessible to millions of passionate Basketball fans wherever they may be and witness the entertainment and excitement that features so many iconic players. We are delighted to have TRACE as our official TV partner.”

Samo Onyemelukwe, CEO of TRACE Nigeria, who negotiated the partnership for TRACE, “this partnership is a new occasion to demonstrate TRACE continuous engagement and support of the best African talents. With ABL, we are committed to provide a fantastic sport and entertainment experience to all basketball fans in Africa and the rest of the world.”

The ABL games including the All Star Games, Play offs and behind the scenes will be shown live on TRACE channels including on TRACE Sport Stars, the first global entertainment channel dedicated to the lives of stars in the world of sports.

News, pictures and videos from the ABL will also be available on all TRACE and ABL digital and social media platforms.

Six strong basketball clubs have already been confirmed for the debut season, Lagos Islanders, Stallions and Lagos Warriors are the Nigerian teams. The other Africa clubs that will participate in the league include Dakar Rapids from Senegal, Abidjan Ramblers from the Cote d’Ivoire and Izobe Basketball Club from Libreville, Gabon.

Landmark with a capacity of over 4,000 will be the venue for the Lagos team’s home games.

The ABL is proudly supported by TRACE , Union Bank, Wakanow, Cornerstone Insurance, Landmark, THE BEAT 99.9FM and ASKY Airline.

Economic Diversification In View Of Dwindling Oil Prices

It is true that crude oil has contributed substantially to Nigeria’s economy, developing its financial outlook and partially improving the standard of living of its citizens. The nation has been highly dependent on the oil and gas sector of the economy, which has been its primary source of revenue, but it is now evident  that the dwindling price of crude oil  shows that our over-dependence on this one sector makes us more vulnerable to economic shock.

Apparently, the recovery of the other sectors of the economy from their long-sentenced ‘exile’ is the only solution to bringing us out of a seemingly inevitable economic doom. Obviohe need for diversification and reawakening of other sectors cannot be over emphasised at this stage, judging by the present state of the economy.

Economic diversification is a necessary policy that every country should engage in to avoid financial shocks when there is distress in the one dominant sector of the economy, as is the case with Nigeria today. Our inability to derive earnings from other sectors such as the agricultural, manufacturing, mining, finance, to mention a few, has restricted us to a single, vulnerable source of income generation.

Nigeria’s economy was relatively stable before the coming of the ‘black gold’. The agricultural sector was generally known to be the dependable source of income for the country before the discovery of oil in 1956. But it seems like all of its wondrous characteristics were soon forgotten after the discovery of oil. The agricultural sector still holds the ace for our economic redemption, if properly harnessed. The current high rate of unemployment is practically as a result of fewer opportunities for human engagement, this is because well thought-out measures have not been taken by the government to revive the agricultural sector.

Nigeria’s penchant for  depending largely on imported products, thereby leaving the industrial sector of the country dormant and unproductive, has also led to our current disastrous economic status. Basically, products made in the country are considered substandard because this sector has not been improved in years and has become ineffective. Even the oil produced in the country is taken outside to be refined, while our refineries remain moribund.

Economic diversification is basically the only panacea Nigeria needs to stem the depressing decline in the nation’s income. It goes beyond general announcements and recommendations, but requires practical resolutions. We can overcome our one track structure of national income generation by channeling our ideas, finances and facilities towards making judicious exploitation of our several other natural resources.

It has been often stated that Nigeria doesn’t have a problem with resources, because they are available in abundance. But our lack of the will and human capital to tap these resources and put them to productive use has led to a progressive decline in our national fortunes over the years.

What this country needs today in its bid to diversify her economy isn’t just a daily pronouncement of plans and intentions, but a set of concrete  actions in that direction. We have all we need yet we cry in the midst of plenty. The decline in crude oil price would have less negative effects on our national finances if other sectors of the economy are optimised.

Oba of Lagos Faults Eko Atlantic City Project

The Oba of Lagos, Oba Rilwan Akiolu I, has faulted the Eko Atlantic City project, saying that it was conceived and executed in a way that landowners did not benefit from the multi-billion dollar real estate project.

The monarch, who spoke at a stakeholders’ meeting on the environmental effects of land dredging and grabbing, said he would sue the Lagos State Government if such injustice that occurred in the conception and execution of the Eko Atlantic City should occur again in the development of future projects in the state as the era of impunity on Lagos lands and offshore would no longer be acceptable.

The meeting, which was superintended by the state Commissioner for Waterfront Infrastructure Development, Mr. Adebowale Akinsanya, was attended by the stakeholders in the dredging industry, traditional rulers and officers of Nigeria Inland Waterways Authority (NIWA) and Lagos State Waterways Authority (LASWA).

Conceived under the administration of former Governor Bola Ahmed Tinubu to solve the challenge of ocean surge on Victoria Island, Eko Atlantic City is privately funded by South Energyx Nigeria, the developers and city planners and a subsidiary of Chagoury Group of Companies.

Though the developers are working with the state government to deliver the project, the city is situated on 10 million square metres, which real estate analysts described as the world’s fastest-growing megacity and widely recognised as one of the world’s last emerging growth markets.

Currently, land prices in this exclusive enclave are now $1,800 per square metre for inner city plots while plots located along the road and waterfront are significantly between $2,500 and $3,000 per square metre.

Concerned about the project planners excluding the land owners, the monarch said he “will always say the truth and would not mind whose ox is gored. There was serious injustice against landowners in the development of the project.

“If such injustice that occurred during the Eko Atlantic City should occur again in the development of future projects of such magnitude, l will go to court to challenge the government.”

He said he was displeased with what the Lagos State Government did at the Eko Atlantic City, noting that landowners “did not benefit from the project. The state government must learn to carry the host community along in developing projects of such magnitude that involved multi-national.

Oil & Gas Workers, Employers Meet With Minister Over Labour Issues

Dr. Chris Ngige, the Minister of Labour and Employment, has advised oil companies to dialogue with their workers to prevent industrial actions and loss of jobs.

The Minister said this at a meeting with oil and gas workers and their employers to resolve petitions from the workers unions on allegations ranging from indiscriminate dismissal of workers to job outsourcing.

According to him, several meetings have been held and some of the allegations against the oil companies include indiscriminate dismissal of Nigerian workers at the expense of the expatriates.

Some representatives of the oil companies said that the continued fall in the prices of oil is making them take hard decisions to sustain their operations.

“Many of the projects we have underway are uneconomic, so our activity level is declining and we are having to make adjustments in the resourcing of our operations and our projects,” said the Managing Director of Chevron Nigeria, Mr Clay Neef.

In spite of the explanation, the workers insisted that the actions of the oil companies are not in harmony with what happens in other African countries.

The President of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), Igwe Achese, made this assertion.

“The oil price drop did not only hit Nigeria alone. It is a global issue and Nigeria is not the only country producing oil in Africa.

“Angola had the same issue and other African countries, those countries are not experiencing the level of job loses that we are experiencing in Nigeria.,” he said.

Oil workers have threatened to go on strike if the issues raised in their petitions, including the alleged indiscriminate dismissal of workers, are not addressed.

Etisalat Denies Claim of Multiple Lawsuits Against NCC, MTN

Etisalat Nigeria, has disapproved flaming claims that it filled multiple suits against the Nigerian Communications Commission (NCC) and MTN Nigeria on acquisition of Visafone Communications.

 “Our attention has been drawn to misleading insinuations making the rounds in the media that Etisalat Nigeria has filed multiple suits against the Nigerian Communications Commission (NCC) and MTN Nigeria.

The insinuations have arisen largely from a press statement reportedly issued by MTN Nigeria and published by some print media organisations and online media platforms under the headline “MTN confirms legal fireworks with Etisalat over Visafone.”

“Etisalat Nigeria is compelled to set the facts straight on the intent and status of the legal action it instituted against the Nigerian Communications Commission (NCC) and MTN Nigeria in July 2015 due to the misrepresentation of facts about the case as contained in some print and online media reports of Wednesday, February 9, 2016.”

FG Deploys Technology to Check Security at Borders

The Federal Government has said that  it is setting up technology to monitor movement in and outside the various border areas of the country, to reduce the Nigeria’s exposure to insecurity.

The Minister of Interior, Abdulrahman Dambazau, made this known  in Ogun State on Thursday after inspecting facilities at a private training centre in Remo North Local Government Area of the state.

He said that the development was to ensure the safety and security of the country through the 5,000 km radius border areas with sister African countries.

According to Dambazu,“Certainly, one thing I am very sure of is the fact that we will apply technology in order to monitor the extensive borders and also in order to check unnecessary caution into the country particularly, those who come in here with bad intentions (such as) smuggling small arms, light weapons, smuggling in drugs and engaging in human trafficking and all the cross-border illegalities.

“I want to tell you that these are priority for the Ministry of Interior because most of the internal security problems that we are having have to do with the accessibility and availability of weapons.

“Of drugs, we will check that at the source (and) if we do that, I am sure 50% or more of the internal security challenges will be solved.”he said.

Naira Falls to All Time Low of 325 Over Dollar Shortage

The Nigerian naira has fallen to a record low of 325 to the dollar at the parallel market on Thursday.

According to reports, the local currency had closed at 318 against the green back on Wednesday, after hitting 313.5 and 310 on Tuesday and Monday, respectively. The Central Bank of Nigeria has left the official exchange rate unchanged at N197 to the dollar on its official interbank window.

The Acting President, Association of Bureau De Change Operators, Aminu Gwadabe, said, ”We see the naira falling further in coming days if the central bank fails to lift the dollar restriction.”

President Muhammadu Buhari is burdened that further depreciation will affect poor Nigerians, but the CBN’s refusal to revise the pegged exchange rate has widened a chasm between official rate and the parallel market.

The Managing Director, Financial Derivatives Company Limited, Mr. Bismarck Rewane, complained that its high time the CBN came up with a forex policy that would address the forex crisis confronting the nation.

“Nigerians are perplexed at the endless slide of their currency, which is now trading at N325/$, the lowest point ever.

“This is happening even when the oil price is up at $31pb. The debate as whether to devalue the naira is not the real issue. The discourse should be whether we need an exchange rate policy or not. The absence of a policy is a recipe for economic anarchy and a race to the bottom.”

Over 23,000 Ghost Workers Uncovered in Federal Civil Service – Finance Minister

The Minister of Finance,‎ Mrs Kemi Adeosun, has confirmed that nearly 23,000 ghost workers have been uncovered by a panel probing multiple salary payments in the federal civil service.

Speaking at a budget defense session in the Senate, the Finance Minister said that those people involved in the fraud would soon be handed over to Economic Financial Crimes Commission (EFCC).

She explained that the panel was able to uncover the ghost workers because of the introduction of the bank verification number (BVN).

She further said a meeting will be held on Monday with the unions to agree on the best approach to clean them off from the system.

According to her, “The process will be that we will suspend that person from the payroll pending the investigation (and) we will try as far as possible to complete the investigation in 30 days so that we don’t catch out innocent people.

“We really need to clean our payroll off (because) as we speak now, we have about 23,000 that we need to investigate.

“Banks have colluded with people to pack our payroll and not only are we going to stop those payments but we are actually going to go and recover our money. ”she said.

Government to Boost Revenue Through Viable Procurement Processes – Finance Minister

The Minister of Finance, Kemi Adeosun has pledged her determination to streamline government procurement processes to generate more savings from elimination of wastages and excess capacity and duplication to boost the economy. She said that there is need for government to indulge its large purchasing power in getting favourable negotiation from suppliers to ensure transparency through the introduction of price guidelines.

According to her, government would save N4.14 billion on travels on a yearly basis. She added that government is committed to achieving a proper over heading spending profile in the bid to enhance cost efficiency and maximum value of procurement.

Adeosun, who was represented by the Head, Efficiency Unit, Federal Ministry of Finance, Patience Oniha, explained that if procurement processes are streamlined, government would generate savings from elimination of wastages and excess capacity and duplication.

“We have some professionals working with us. We have people that will support, provide data to ensure that they conform to the guidelines, even in operations.”

CBN, Banks to Stop Sale of Forex for Payment of School Fees, Medical Bills

Central Bank of Nigeria (CBN) and the Deposit Money Banks (DMBs) will no longer issue foreign exchange for the payment of  school  fees and medical bills.

These items constitute 15% of foreign currency demands in the country.

The development was made known by the Director, Banking Supervision of Central Bank of Nigeria (CBN), Mrs Tokunbo Martins, who spoke at the end of the Bankers Committee meeting, in Abuja, yesterday.

Mrs. Martins, while the decision is a painful sacrifice which Nigerians have to bear in the short term, it will have a long term benefit for Nigerians and the economy as the banks have resolved that most of the foreign exchange demands would now be granted to  develop the real sector.

Also, in his remarks, the Managing Director of Access Bank, Mr Herbert Nwigwe, explained that the banks have decided to channel such forex to the real sector because those demands tend to crowd out demands to import raw materials and to support industries.

The bank chiefs also said that there is a deliberate effort to increase the rate of financial inclusion which has risen from 30 per cent to 40 per cent in recent times and now it is at 66 per cent. However, they said that their target is to get to 69 per cent before December 2016. This, they said, is by creating agency banking in the north east and introducing policies which will make accounts opening a lot more easier.

Other bank chief executives present on the occasion include, Managing Director of Diamond Bank of Nigeria, Mr Uzoma Dozie; Managing Director of Standard Chartered, Mrs Bola Adesola as well as Director, Corporate Communication of  CBN, Mr Ibrahim Muazu.

Reps Reject NCAA’s Demand for N130 Million Security Allocation

The House of Representatives Committee on Aviation, has rejected the request by the Nigeria Civil Aviation Authority (NCAA) to spend N130million in carrying out security audit of all airports in the country. It was dismissed during the budget defence of agencies under the aviation sector.

The committee was also displeased at the NCAA’s tradition of spending 98 per cent of its budgetary allocation on recurrent expenditure, with two per cent set aside for capital projects.

Rep. Nkeirukà Onyejeocha (Abia-PDP), the Chairman of the Committee, recalled querying the same items put at N135million in 2015 budget, based on reasons bothering on redundancy of most airports in the country.

They frowned at the unspent N16 billion accumulated security levy, lying idle at NCAA.

Onyejeocha, however, instructed NCAA to re-adjust some of the sub-heads in the budget and get back as soon as possible for final legislative work

Mr Mukhtar Usman, the Director General of NCAA, informed the lawmakers that the agency strictly operated within its Internally Generated Revenue (IGR) and gets no funding from the Federal Government.

Nigerians Spend $1 Billion On Medical Tourism

The International finance Corporation (IFC) a member of the World Bank Group and the Nigeria Sovereign Investment Authority (NSIA)  has announced that they are carving out strategy to increase investments in the nation’s health sector to end over $ 1 billion Nigerians spend on medical tourism.

According to the IFC Country Director, Eme Essien Lore, there is a need to support the private sector in Nigeria  so that they can provide affordable and accessible medical services. She said that the country will need innovative approaches like public private partnerships (PPPs), among others  to mobilise private capital for public healthcare.

She said that there are considerable opportunities to assist the private sector in playing a viable role in providing affordable healthcare across the country.

Lore said, “IFC is committed to help increase affordable quality healthcare services by financing and facilitating financing for integrated networks. This will support the development of critical healthcare infrastructure and attract private capital into the sector.”

“We are working with NSIA to boost investment in the healthcare sector and bridge the gap in under supply of quality healthcare in Nigeria.”

 

Zika Virus: Minister Dismisses Fear of Possible Outbreak Of Virus

The Minister of Health, Prof Isaac Adewole,  has stated that the possible outbreak of Zika virus in Nigeria is at its minimal, saying that there is no cause for alarm. He added that the current out break of Lassa fever in the country in under control.

“It is important that I inform the nation that this current outbreak of Lassa Fever  is under control as evident by decline in new suspected cases, new laboratory confirmed cases and newly reported cases by week.

“You will all recall that on January  8, 2016, I briefed the nation on the current outbreak of Lassa fever that started in December 2015 and which has now affected 20 states of the federation. As of today, Nigeria has recorded 176 cases with 108 deaths, giving a case fatality rate of 61.4 per cent.

“Despite this achievement ,however, you will all agree with me that it will be too dangerous for us as a nation to go complacent at this stage.

“Although two African countries have reported Zika infection in the recent outbreak and in the past many others, causal relationship between Zika virus infection, birth defect and neurological syndromes have not been established in this continent.

“Nigerian scientist working in Western Nigeria in 1954 discovered Zika Virus in Nigeria. Further studies in the years 1975 to 1979 show that 40 per cent of Nigerian adults and 25 percent of Nigerian children have antibodies to Zika Virus, meaning they are protected against this virus.” Adewole said.

The U.S. Embassy Condemns Attack on Dikwa IDP Camp

The U.S. Embassy in Nigeria has condemned the suicide attack on the Internally Displaced Persons in Dikwa town, Borno state which has left over 51 persons dead and scores injured.

A statement from the Public Affairs section in the Information Office of the Embassy at the Federal Capital Territory says the United States remains committed to assisting the Internally Displaced Populations in the North-east through humanitarian relief efforts.

While extending the United States deepest condolences to the families of the victims, the statement says the U.S will also continue to support the Nigerian government in its fight against terrorism.

On Wednesday about 51 people died in a suicide bomb attack in Dikwa, a local council in Borno State.Seventy-eight injured persons have also been evacuated to Maiduguri, the capital city for treatment, villagers say.

Abuja Rail System to Commence Operation Before End of 2017 – Minister

Nigeria seeks more time to negotiate rail project with GE

According to the minister, Federal Capital Territory (FCT), Mallam Mohammed Bello, the  FCTA is putting everything in place to ensure that the Abuja rail system is operational in the last quarter of 2017. He revealed this during a visit by the Minister of State for Petroleum Resources and Group Managing Director of NNPC, Dr. Emmanuel Ibe Kechichwu.

Bello said the last quarter of 2017 is the new target date envisaged by the FCT Administration, that when the Abuja rail comes on board, it would revolutionize the transportation system as motorists will be attracted to board the trains, adding that it will go a long way to creating employment for some resident in FCT.

He also called on the Nigerian National Petroleum Corporation (NNPC) to build Mega Filling Stations in the six area councils of the FCT, instead of only one earmarked for each Senatorial districts in the 36 states of the federation, stressing that a large population of the territory resides in the area councils and satellite towns.

The Minister of State and Group Managing Director of NNPC, Dr. Emmanuel Kachikwu, said the corporation was planning to construct additional Mega Filling Stations in all the Senatorial Districts of the country in partnership with the states of the federation which is three per state. Whereas, 15 state governors already showed their interest in the project by providing plots of land.

OIL & GAS JOBS | Total Nigeria Plc Recruits Graduate/Mid-level Solar Hybrid Business Developers

Total is the fifth largest publicly-traded integrated oil and gas company in the world, with 100,000 employees in more than 130 countries worldwide. Our size and performance rank us as one of the top five global oil companies. “We are among the majors that invest the most in exploration. More importantly, our teams are highly motivated. They have a real pioneering spirit we must keep cultivating!”.

We are recruiting to fill the position below:

Job Title: Solar Hybrid Business Developer

Auto req ID: 2654BR
Location: Lagos
Employment Type: Regular position
Experience Level Required: 0 – 3 years
Functional Discipline: Strategy Economics Business
Branch: Marketing & Services

Job Description

  • Implement the Business model of the Hybrid solutions to B to B customers.
  • Offer solar hybrid solutions to Industrial customers – Telecom, Banks etx.
  • Design of hybrid solutions for industrial customers
  • Implementation and project management of stations turnkey solarization projects for 200 stations.
  • Identify and analyze new project opportunities.
  • Collaborate with the Sales team (GTEs) to maximize lead generation efforts and strategies.
  • Takes responsibility for Project controlling.
  • Develop and initiate strategic input to the business and support ongoing business initiatives
  • Responsible for the management of customer service, relationships and contracts.
  • Maintain a good knowledge of the solar market, competitor’s activities and report best practices.
  • Manage all solar O&M activities in designated project portfolio to maximize system performance
  • Manage multiple solar sites and contractors.

Functional Discipline:

  • Inspection/Maintenance
  • Sales
  • Industrial Projects
  • Research Innovation & Develop
  • General Services.

Candidate Profile

  • First degree in Electrical Engineering.
  • Certification in Renewable Energy (Solar) and Project Management will be an added advantage).
  • A minimum of 2 years experience in Solar Hybrid solutions.
  • Good analytical, interpersonal and communication skill.

Application Closing Date
11th March, 2016.

How to Apply
Interested and qualified candidates should APPLY

OIL & GAS JOBS | JAGAL Group Fresh Job Recruitment (4 Positions)

JAGAL Group is a leading Nigerian conglomerate with operations in the Oil & Gas, Construction and Manufacturing industries. The company has been growing successfully over the past 40 years, and has become a valuable and respected contributor to the development of the country’s economy.

Jagal offers diverse career opportunities across all its business activities. The Group’s broad range of industries and services offer rewarding prospects for various professional backgrounds and can satisfy ambitions for a successful future career.

We are recruiting to fill the following vacant positions.

CLICK HERE TO VIEW JOB DETAILS AND APPLY

LIFESTYLE JOBS| Dressmeoutlet.com Graduate & Exp. Job Recruitment (8 Positions)

Dressmeoutlet.com is Nigeria’s foremost e-tailor for high-quality Dresses and crowning accessories- Stilettos, Sandals, Satchels, Clutches, Jewelry, Gadgets and Health & Beauty Products. With over 1,000 products to shop from, we retail various sophisticated styles from premium designers globally.

We are recruiting to fill the following vacant positions below:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

MEDIA JOBS | Nigerian NewsDirect Newspaper Fresh Job Recruitment (10 Positions)

The NewsDirect Global Concept, publisher of Nigerian NewsDirect Newspaper was registered with the Corporate Affairs Commission on Aug 16, 2009. The company commenced weekly publication at the Corporate Head Office located at 34 Matanmi Aromobi Street, Blessing Estate, Gasline Sango, Ogun State on November 29, 2010.The vision of the newspaper is to be “the best promoter of truth”. and the mission is to provide “accurate news from source”.

We are recruiting to fill the following vacant positions below:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

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