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MainOne’s Nigeria-Cameroun Submarine Cable Goes Live

NIMASA Seeks Collaboration To Tackle Marine Pollution

MainOne, a leading telecoms and network services provider in West Africa, has announced that the high capacity Nigerian-Cameroun Submarine Cable System (NCSCS) connecting Lagos, Nigeria and Kribi, Cameroun has been completed and went live last month. The new submarine cable system will address increasing demand for reliable broadband connectivity in Cameroun, and is a key component of the country’s strategic plan to provide internet access to its citizens via a National Broadband Network.

The submarine cable installation, which commenced in June 2015 following a tripartite partnership between MainOne, The Ministry of Post and Telecommunications, Cameroun and Huawei Marine Networks, had investment provided by the Cameroun Government. The six-pair, 1,100 kilometer repeater submarine cable system will deliver capacity of up to 12.8Tbps to broadband users in Cameroun and is being lit with 40GB capacity from Day 1. This extension is expected to boost Cameroun’s extremely low fixed broadband penetration, currently estimated to be circa five percent (5%).

Built with branching units for strategic extension of its connectivity into Nigeria’s Escravos in Delta State, Qua Iboe in Akwa Ibom State, and Bonny Island in Rivers State, MainOne has concluded plans for a distribution hub in Port Harcourt, designed to bridge the technology gap between the South-South and the rest of Nigeria.

In his comments, MainOne’s Regional Executive for West Africa, Kazeem Oladepo reiterated the company’s vision for a better connected West Africa: “This is an excellent addition to our network and is added proof of our commitment to expand broadband, improve quality and drive down cost of internet services in West Africa. As part of our strategy to boost West Africa’s economic and commercial development, we will continue to make deliberate and significant investments in connectivity projects that will facilitate increased access to broadband. The proposed extension of our submarine system to the Niger Delta region is particularly important for further development of the oil producing region of Nigeria, and will aid the region’s rapid transition from an oil-dependent economy to a knowledge-focused one.”

“We have seen phenomenal changes across other areas with internet infrastructure such as Lagos, Nigeria where Yaba’s Silicon Hub continues to provide opportunities for jobs, increased investor funding, and enhanced social entrepreneurship which is pushing the frontiers of eCommerce in Nigeria. Nigeria’s South-South region and Cameroun now have the platform to leverage the same quality of access to the Internet to catalyze social, economic and technological development”, Oladepo said.

Speaking on the milestone, David Nkoto Emane, General Manager, Cameroon Telecommunications Corporation (CAMTEL), said, “The NCSCS system enables us to provide users with faster bandwidth connectivity at a significantly lower cost. By providing direct connection to Nigeria, the cable system will also serve to enhance Cameroon’s position as the major bandwidth hub in the region and internationally to Europe and beyond.”

POLITICS & GOVERNMENT JOBS | Search Entry-level Assistant Traffic Superintendents at the Lagos State Government Civil Service Commission

Lagos State Government Civil Service Commission – Applications are invited from suitable qualified candidates for the position of:

Job Title: Assistant Traffic Superintendent

Job Reference No: GL 06
Location: Lagos
Employment Status: Permanent

Requirements

  • Candidates must Possess Ordinary National Diploma Certificate in any discipline from a recognized Institution Full- Technological Certificate of the City and Guilds Institute of London in Mechanical or Electrical Engineering.
  • In addition to the above, candidates must be computer literate and  physically fit.

Application Closing Date
12:00am, Friday 22nd Janaury, 2016.

How to Apply
Interested and qualified candidates should APPLY

MEDIA JOBS | Human Resource Officers at a New Radio Station

A new Radio Station located in Ogor, Ughelli North LGA, Delta State, currently seeks applications from suitably qualified candidates to fill the position below:

Job Title: Human Resource Officer

Location: Delta

Requisite Qualifications

  • A recognized University Degree in Mass Communication, Humanities, Marketing, Accountancy, Electrical/Electronics Engineering, Information Technology (ICT), Business Administration, Social Sciences, Theatre Arts
  • Possession of a Master’s Degree and/or Membership of relevant professional professional bodies will be an added advantage
  • Applicants with exceptional abilities from other fields with at least 2 years previous job experience in a professional environment may also apply.

Applicant Closing Date
17th January, 2016.

Method of Application
Interested and qualified candidates should send scanned copies of their applications and credentials online through: ughelliradioconsultants@yahoo.com

Note: Shortlisted candidates would be invited for interview at a date and venue to be communicated to them via addresses reflected in their applications.

BANKING & FINANCE JOBS | CGMNL Compliance Officer at Citibank Nigeria Limited

We are recruiting to fill the position below:

Job Title: CGMNL Compliance Officer

Location: Lagos
Job ID: 16001056

Job Description
The role is responsible for the day to day compliance activities of CGMNL by providing prompt and effective compliance guidance on regulatory and policy matters to the business units to ensure regulatory and reputational sound deals, thus assisting the business to meet revenue target and minimize regulatory penalties.

Job Purpose
A key individual responsible for developing and maintaining a robust control environment in the franchise, coordinating, monitoring and advising on compliance with business, global, regional, and local policies, procedures, and requirements.

This individual will be responsible for ensuring that Citi Global Markets Nigeria Limited (“CGMNL”) complies with the rules and regulations of applicable regulatory agencies and that Citi policies and procedures are being followed.

This role will also entail general compliance responsibilities including but not limited to ensuring that CGMNL is in compliance with AML, Sanctions and Anti-Bribery & Corruption standards and related regulations.

Key Responsibilities

  • Coordinate compliance risk management for CGMNL.
  • Provide compliance advice and effective support to the business on compliance related enquiries including AML, Sanctions, Financial promotions and communications.
  • Work with key stakeholders to identify and mitigate risks associated with existing and new deals and business lines with emphasis on higher risk customers.
  • Ensure that internal procedures are up to date with relevant legislation and ensuring that such procedures are complied with.
  • Ensure required regulatory and internal reports are generated and rendered accurately and timely within specified deadlines.
  • Keeping the business abreast of any regulatory developments, sanctions and industry best practices and assessing the impact on current procedures and ensuring that necessary changes are implemented.
  • Sound knowledge of products and market practices with regards to Capital Market operations specifically, Issuing House and Equities Businesses.
  • Ensure that reporting, oversight and feedback mechanisms operate efficiently within compliance and support a “no surprise” culture, with early surfacing of issues.
  • Respond to Sanctions related escalations and investigations.
  • Be familiar with the US, local and major international laws, regulations and standards.
  • Be familiar with local money laundering laws and standards.
  • Undertake AML related investigations arising from internal monitoring as well as ad hoc referrals.
  • Report suspicious activity to the relevant authorities in a timely manner.
  • Liaise with local Regulators, Law Enforcement and other Governmental Bodies and ensure good relationships with the same.
  • Develop and deliver tailored training programs for the business.
  • Instigate and manage ad hoc projects as required.

Development Value:

  • Opportunity to work at one of the most diverse global financial groups in the world.
  • Exposure to international best practices.
  • Visibility and accountability to senior management.

Qualifications / Requirements

  • Minimum of ten (10) years relevant post-qualification experience (excluding NYSC).
  • Capital Markets experience.
  • In depth knowledge of the Nigerian Securities and Exchange Commission rules.
  • Knowledge of other relevant regulations and industry guidance in the Nigerian Capital Markets.
  • Sponsored Individual registration with the Securities and Exchange Commission.
  • Operations, Control, risk related experience will be an added advantage.
  • A first degree in a relevant field including Finance, Accounting, Economics, Banking, Business Management or Law.
    Relevant higher degree or professional qualification.

Skills:

  • Strong interpersonal skills.
  • Significant attention to detail.
  • Strategic and goal-oriented thinker.
  • Commitment to a co-operative and collaborative working environment, requiring an innovative approach to meeting sometimes challenging demands.
  • Ability to work individually and in teams on all aspects of Compliance.
  • Ability to communicate with and present to all levels of staff particularly Senior Management.
  • Proficiency in Microsoft Office applications.
  • Ability to embrace new technologies.

Application Closing Date
Not Specified.

How to Apply
Interested and qualified candidate should APPLY

IT/TELECOMS JOBS | Manager, Technical Supports at Etisalat Nigeria

Etisalat’s vision is a world where people’s reach is not limited by matter or distance; a world where people will effortlessly stay in touch with family and friends; a world where businesses of all sizes can reach new markets without the limitations of distance and travel.

We are recruiting to fill the vacant position below:

Job Title: Manager, Technical Support

Location: Abuja

Job Summary

  • Identify and review gaps on all processes within the technical team, measuring suitability, KPIs and enforce proper utilization.
  • Provide the support in review of internal activities.
  • Providing the required assistance for the internal audit team, and follow-up of recommendations.
  • Responsible for Vendor Performance and Quality index measurement and reporting across the Technical unit.

Principal Functions

  • Manage the conduct of periodic process reviews cross the technical department with user groups
  • Manage all ERM initiatives across the QoS and Technical Support units
  • Manage and provide the required support for the Internal Audit unit in conducting internal Audits, exit meetings, following up on audit points and ensuring timely closure
  • Support as business analyst for identified process gaps within Technical unit
  • Support Technical SMEs in developing identified process across the business unit
  • Periodically review the utilization of processes within technical units.
  • Engage with Technical SMT as a business analyst on continuous operational efficiency
  • Set up and report on Vendor management Performance periodically, with cross departmental focus
  • Provide support on Company QoS Improvement Programs

Educational Requirements

  • First degree from a recognised University.

Experience, Skills & Competencies

  • Six (6) to Eight (8) years work experience with at least three (3) years in supervisory role
  • Data Gathering and Analysis
  • Process design
  • Problem Solving
  • Communication
  • Change Management
  • Passion for Excellence
  • Integrity
  • Empowering people
  • Growing people
  • Team work
  • Customer Focus

Application Closing Date
Not Specified.

How to Apply
Interested and qualified candidates should APPLY

Again, Turkish Airlines Arrives Nigeria Without Passengers Luggage

Turkish Airlines

Barely three weeks after Turkish Airlines Flight TK624 failed to come with luggage of its passengers from Istanbul, which led to security breach at the international wing of the Nnamdi Azikiwe Airport (NAA), Abuja, the airline again failed to bring the luggage of another group of passengers it flown to the country through the Abuja airport during the week.

According to the Federal Airports Authority of Nigeria (FAAN), the latest negligence on the part of the airline occurred, on Saturday on arrival from Istanbul Saturday at 12.35 p.m.

The latest incident came a few days after the airline was ordered to pay compensation to the affected passengers on board Flight TK624 whose luggage were delayed by the carrier for some days by the Nigerian Civil Aviation Authority (NCAA).

Speaking, the General Manager, Public Affairs, the Nigerian Civil Aviation Authority (NCAA), Sam Adurugboye, explained that the airline under the supervision of the Consumer Protection Officers (CPO) of the regulatory authority ensured that the passengers were paid full monetary compensation as contained in the Nigerian Civil Aviation Regulations (NCARs).

This reoccurrence, according to the General Manager, Corporate Affairs, FAAN, Mr Yakubu Dati, made the Managing Director of the agency, Mr Saleh Dunoma, to advice the airline to resolve the recurrent cases of arriving passengers without luggage once and for all.

Dunoma gave the advice at Nnamdi Azikiwe International Airport, Abuja, where he expressed the Minister of Aviation, Alhaji Hadi Sirika’s displeasure to the management of Turkish Airlines.

Dunoma described it as unacceptable, the recurrence barely three weeks after a similar incident led to a breach of airport security

Seriake Dickson Wins Re-Election As Bayelsa Governor

Seriake Dickson Rejects Bayelsa State Lawmakers Pension Bill

The incumbent governor and the candidate of the Peoples Democratic Party, Seriake Dickson, has emerged winner after scoring the most votes in the Bayelsa State governorship election.

According to the results announced by the Returning Officer for the Bayelsa governorship election, Zana Akpaogu, Mr. Dickson polled 134,998 to defeat Timipre Sylva of the All Progressives Congress who scored 86,852 votes.

Mr. Akpaogu, a professor and Vice Chancellor of the University of Calabar, declared Mr. Dickson winner of the poll on Sunday evening at Yenagoa Local Government, which served as state collation centre for the Bayelsa governorship election.

Moses Siasia of the Peoples Democratic Movement came a distant third with 1, 572 votes.

The substantive election in the state was held on December 5, 2015 but INEC declared the election inconclusive after it cancelled the poll in Southern Ijaw Local Government Area following reports of widespread electoral malpractices and violence.

INEC subsequently fixed January 9, 2016 for supplementary elections in the affected local government and 101 other polling units in 7 local government areas where elections did not hold on December 5

Implementation of Nigeria’s Industrialization Policy Could Create Over 3,000,000 Jobs in 2016 – Experts

With a population of 167 million people, Nigeria accounts for 47% of West Africa’s population which is supposed to impact positively in Nigeria’s revenue generation and standard of living.  Sadly a research by the Bureau of statics showed that the labour force population, comprising those within the working age, who are willing, able and actively looking for work, increased to 74.0 million in Q2 from 73.4 million in Q1, indicating an increase in the labour force by 0.81 per cent in 2015 and lack of job creation. In 2016 experts predict that over 3,000,000 jobs will be created in Nigeria.

The Nigeria industrial Revolution Plan (NIPR) was introduced to create jobs, generate wealth, diversify the economy, substitute imports, boost exports and broaden our tax base. According to the Nigerian Industrial Revolution Plan 2014, Nigeria is fast becoming a manufacturing hub for Africa. Already the country has over 50% of the installed manufacturing capacity within Ecowas region.

Manufacturing is the core mover of industrialization. A focus on the manufacturing sector can guarantee creation of jobs in 2016. Critical restructuring, skilled man power, adequate infrastructure and security of investment will be the driving force of the manufacturing industry. According to the Director General, National Automotive Council (NAC) Aminu Jalal, 2,500 parts are need to assemble a car meaning that 2,500 parts have to be manufactured locally along with spare parts. If such parts are manufactured in Nigeria and promoted online via advert platforms such as Carmudi Nigeria and other related e commerce websites, the production and sales of spare parts could provide over 400,000 jobs directly and indirectly.

The sector said to have a chance of reviving Nigerian’s economy is the Agricultural sector. To ensure food security, wealth creation and to drive agriculture in Nigeria plans to increase production of rice, sorghum, cocoa, maize, soybean, oil palm, cotton, cassava, livestock, fisheries and horticulture need to be implemented. The massive production and exportation of these agricultural produce will ensure food and nutritional security, generate employment and transform Nigeria into a global food market

Another sector is the banking sector. First Bank of Nigeria was named “safest banks by country in sub-Sahara Africa 2015” by Global finance.  The methodology in choosing the winning banks was based on long term foreign currency credit ratings. First bank has also been hailed as an SME friendly bank. The banking sector plays a key role in job creation. By granting affordable loans to SME’s more banks will indirectly assist in creating employment. Statics show a significant rise in SME’s over the last 5 years and by the end of 2016 more SME’s will be established in Nigeria.

With the growth of information technology in Nigeria, IT has become another sector that can ensure job creation in 2016. One sector which seems to have found its footing in Nigeria is the ecommerce sector. With the establishment of Ecommerce businesses in Nigeria, a very small percentage of the workforce have been able to find positions within the various organizations. In 2016 with the support of World Bank and UK Department for International Development, the National Information Technology Development Agency is targeting the creation of 460,000 more jobs across eight critical sectors in the Nigerian economy, with the ICT sector as topmost priority.

BUA Group Sells Flour Business Unit, Olam International, for N54 Billion

Olam

BUA Group has announced the divestment of its flour business to Olam International in a deal worth $275 million (about N54.7bn).

Speaking at the signing ceremony over the weekend, industrialist and founder, BUA Group, Abdulsamad Rabiu, said: “This signing marks a major milestone in our medium term strategy. Over the years, we have run one of the largest and most efficient flour milling business in Nigeria and are confident in the value it will add to the buyer’s operations. Our group’s strategic focus will now be to diversify to business areas with greater potential for export where the sourcing and utilisation of foreign exchange is less and most of the materials needed for production can be sourced locally whilst also positioning our current line of foods and infrastructure businesses for market leadership.”
Further speaking on the group’s medium term growth strategy, Alhaji Rabiu who is also the Executive Chairman of BUA, said that expanding the backward integration of its sugar plantations in Kwara and Kogi states is key.

 “Extensive work is on-going in Lafiagi, Kwara State with over 20,000 hectares and we have another 50,000 hectares of farmland in Bassa, Kogi. These two operations form the fulcrum of our backward integration programme for sugar and this will further reduce the country’s dependence on imported raw sugar while supporting the value chain in sugar production within Nigeria.”

In his comments, Olam’s Managing Director/CEO for Grains, K.C. Suresh said the deal will significantly boost Olam’s flour and wheat milling operations in Nigeria to meet consumer needs as well as consolidate its position as a market leader in the foods industry in Nigeria.

He was confident that BUA’s flour milling business offered great value for money.

PPPRA Explains 78% Petroleum Import Allocation to NNPC

NNPC Calls For Shelving Of Planned Strike By Petroleum Tanker Drivers

The executive secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Farouk Ahmed, has explained why the agency allocated 78% of the total volume of 3.1 million metric tons of Premium Motor Spirit (PMS) import allocation for the first quarter (Q1) 2016 to the Nigerian National Petroleum Corporation (NNPC).

Ahmed in a statement yesterday, noted that the decision was influenced mainly by the inability of some oil marketers to meet previous import allocation quota due to difficulty in accessing foreign exchange.

Throwing more light on the issue, he said, “We gave 78 per cent of the import allocation to NNPC because we are sure that it can source for foreign exchange through crude oil sales to finance its importation. If we go back to recent historic trends, especially in the last six months, you will discover that most marketers have had difficulty in raising Letters of Credit due to lack of forex.”

Ahmed who dismissed insinuation that the import allocation was skewed to ease out marketers and to engender NNPC monopoly, explained that even the foreign exchange requirement for the 22 per cent import allocation to other oil marketers will be covered by both the NNPC and the Central Bank of Nigeria (CBN), in order to ensure their performance.

He maintained that “The whole idea is to give whatever possible support to the marketers in order to enable optimum service delivery, while ensuring stability in the system.”

NCAA Grants Izy Air Operator’s Certificate

The Nigerian Civil Aviation Authority, NCAA, has granted a Nigeria-based private jet charter company, Izy Air Limited, Air Operator’s Certificate (AOC).

At the ceremony at NCAA office, Ikeja, Lagos where the certificate was presented to president of Izy Air Ltd, Alex Izinyon II by the NCAA Director of Operations and Training, Captain Abdullahi Sidi, the organisation said it is determined to give its clients the best in private jet services.

Izinyon said the company is pleased to offer its incorporated services as a provider of executive charter, aircraft sales, aircraft purchase, management services and operation services to its clients.

The airline’s fleet of modern jet aircraft such as the luxurious Hawker 800/900XP series and the Bombardier challenger 601/604 series are immediately available for charter from the company’s base in Abuja, Nigeria, he said.

Izinyon when asked what should be expected of Izy Air Limited with the grant of the AOC said, “With the acquisition of our AOC, we are very much positioned to carry out an increase in services provided to our clients. We hope to change business aviation in Nigeria.

“Throughout 2016, we are focusing on improving our customer experience in all our flights; provide a more efficient management service programme for private jet owners centred around efficiency and reduced costs and help corporations and individuals with more efficient and seamless air logistics services, within and outside Nigeria,” he said.

 

Banking Stocks Recorded N853.8billion Loss in 2015

Banking stocks were hit badly in 2015 as 13 banking and three bank affiliate stocks record huge decline of N853.820 billion in their share prices.
The woe in banking and bank affiliate stocks reduced their stock prices drastically during the review period of 2015.
The loss recorded in 13 bank stocks during the year under review was 52.45 per cent of N1.628 trillion of entire equities’ loss in the year.
At the end of the year none of the most vibrant sector stocks traded above N20.00 kobo despite that Guaranty Trust Bank and Stanbic IBTC Holdings shares opened the year above N20.00 kobo.
Investigation carried out by Daily Trust revealed that only two banking stocks appreciated during the year 2015.
A breakdown of banking stocks transactions in 2015 indicates that Guaranty Trust Bank share recorded the highest loss in terms of value with N206.018 billion from N25.18 kobo to end the year with N18.18 kobo as it has 29.431 billion shares outstanding.
Zenith Bank value followed by N136.889 billion dropped from N18.41 kobo per share to close at N14.05 kobo.
FBN Holdings dropped N131.736 billion as it has 35.895 billion shares outstanding. It share price dropped from N8.80 kobo to N5.13 kobo per share in the year.
Stanbic IBTC Holdings share price declined from N27.00 kobo to N16.53 kobo during the year. It depreciated by N104.700 billion in market capitalisation in 2015.
Also, Diamond Bank share value in 2015 dropped by N75.966 billion as it share price moved down from N5.58 kobo to end the year with N2.30 kobo. Access Bank suffered a loss of N50.624 billion in its share value from N6.60 kobo it opened the year to N4.85 kobo it closed the year.
Other banking and bank affiliate stocks that dropped during the review year are UBA, Ecobank Transnational Incorporated, Union Bank and Sterling Bank with N33.377 billion, N32.662 billion and N20.441 billion respectively.
While FCMB, Skye Bank and Fidelity Bank market capitalisations fell by N15.842 billion, N14.991 billion and N3.477 billion correspondingly.
Only two banking stocks namely, Unity Bank and Wema Bank stocks appreciated in price between January to December 2015.

CBN Assures Dangote of Forex Support for $14billion Refinery

The Central Bank of Nigeria, CBN, has promised to assist the Dangote Group to access foreign exchange to facilitate its $14 billion refinery project.

CBN Governor, Godwin Emefiele said this on Sunday, January 10, during a tour of the refinery at its location within the Lekki Free Trade Zone in Lagos.

The refinery is projected to refine 650,000 barrels of crude oil per day.

Emefiele said the CBN support was to ease the importation of equipment needed to bring the Dangote refinery to reality.

“Your $14 billion refinery investment will enjoy our support, no doubt.

“We are doing this to fast-track the importation of equipment you need for a speedy completion of that project and to encourage other Nigerians to follow your lead,’’ Emefiele said.

He added that the tour was aimed at lending the CBN’s support to the “project that will transform Nigeria’s downstream oil sector”.

“The Dangote Group approached us to indicate their interest to invest in refining crude, such that petrol-chemicals, fertiliser and fuel will be produced.

“Today, the three projects, which are valued at $14 billion (N2.8 trillion) are on course and this is highly commendable, ‘’ he said.

 

Shale Oil Firms in Panic Over Low Crude Price

U.S. shale companies are beginning to panic in the new year as a global supply glut sinks crude further to 11-year lows, putting added financial stress on the most heavily indebted.

Debt and equity investors have all but given up on the exploration and production sector as oil prices tumble lower. In the last year, the SIG index of oil companies .EPX fell 42 percent, compared with a 0.6 percent decline in the Standard & Poor’s 500 index .

SandRidge Energy Inc, a once high-flying Oklahoma-based shale company backed by billionaire investors Leon Cooperman and Canada’s Prem Watsa, was delisted by the New York Stock Exchange on Wednesday. The stock last traded on the NYSE for less than 20 cents a share.

Though companies ended 2015 with enough cash on hand to cover interest payments for well into next year, they cannot afford to drill new wells. The gloomier outlook is expected to prod more of them to restructure and give up on trying to ride out a downdraft showing no signs of abating soon.

Oil CLc1 is down 10 percent since Dec. 31 to $33 a barrel, falling away from the crucial $50 to $60 level that many shale companies need for long-term survival.

“You are going to see a lot more bankruptcies and restructurings this year,” said Bill Costello, an energy analyst at Westwood Holdings Group Inc. “This year is going to be much worse for companies with weak balance sheets.”

 

“Katsina Airport Terminal Ready for Commissioning” – FAAN

Managing Director of the Federal Airports Authority of Nigeria, FAAN, Saleh Dunoma, has disclosed that construction work at the Katsina Airport terminal has been completed and the project is ready for commissioning.

Dunoma said the authority is presently putting finishing touches for final takeover of the new terminal.
Speaking on the viability of the airport, he explained that the airport is of strategic importance and relevance as it would serve as alternative to other airports in the North.

He added that the terminal would add substantial value to the revenue generation drive of FAAN through annual the Hajj operations.

He also stated that the authority would continue to prioritize safety and security in line with international best practices.

The airport constructed in 1991 was being operated as airstrip before being upgraded to operate standard operations, according to a statement by spokesman of FAAN, Yakubu Dati.

Meanwhile, the MD while receiving officers of the Federal Road Safety Corps (FRSC) said the authority would continue to do its best to ensure safety and security on the Murtala Muhammed International Airport (MMIA) Access Road, Lagos.

It was learnt that the meeting was centred on providing a safe and secure driveway along MMIA Access Road, Lagos by permanently vacating the petroleum tankers positioned along that road.

SEC Set to Clear N80billion Unclaimed Dividends

 The Securities and Exchange Commission, SEC, has said it is putting in place machinery to clear unclaimed dividends worth over N80 billion.

Its Head, Corporate Communications, Naif Abdussalam, said that the capital market regulator would this week commence a road show to sensitise Nigerians on their rights to the unclaimed dividends and how to redeem them before holding a Town Hall meeting with stakeholders on the matter.

He said the SEC, has “directed all registrars of public companies to return all unclaimed dividends, which have been in their custody for 15 months and above, to the paying companies.”

The SEC also notified the public that enrolment for e-Dividend payments could now be efficiently conducted at bank and registrar branches nationwide through the online platform launched on July 29, last year.

The e-Dividend scheme, Abdussalam said, “has been a priority initiative for the entire capital market in a bid to curb the growth of unclaimed dividends and improve the overall efficiency of Nigeria’s equities markets.”

 

Chevron Commits N1.9billion to Community Development Projects

Multinational oil company, Chevron Nigeria Limited (CNL) has provided over $10 million (aboutN1.9 billion), to fund various infrastructural and non-infrastructural community development projects in its operational areas in Nigeria in the last one year.
These projects are under its Global Memorandum of Understanding (GMoU), its Manager, Communications Policy, Government & Public Affairs, A. O. Adebawo, has said.

He spoke at the company’s headquarters in Lagos during the presentation of a prize to the Nigerian Media Merit Award (NMMA) 2015 winner of ‘Chevron Prize for Oil & Gas Reporter of the Year,’ to The Nation’s Assistant Editor Chikodi Okereocha.

He said under the GMoU, which improves local participation in determining the needs Chevron’s programs should address by giving host communities a greater role in managing their development through Regional Development Councils (RDCs), the company had spent over $10million in the last one year.

Adebawo said on the strength of the GMoU, which has brought peace and stability to areas where Chevron operates, several communities have benefited from projects including water supplies, rural electrification projects, school building, cottage hospital, road and drainage networks, town halls, housing for displaced people, scholarship, and micro-credit scheme among others.

CNL endowed the Chevron Prize for Oil & Gas Reporter of the Year category.

Adebawo said Chevron’s GMoU, a new and innovative approach to engagement with host oil communities, has significantly improved relationship with host communities.

 

Nigeria Breweries Saves N2.5billion from Energy Efficiency

Nigeria Breweries Plc (NBL) has said it saved N2.5billion from energy efficiency, adding that the company has recorded annual energy efficiency increase through production volumes increase yearly since its application in 2009.

Managing Director/CEO, Nicholaas A. Vervelde, who revealed this said plans are on top gear to switch from diesel to gas.

He said: “We have extended the number of breweries that are natural gas from three to four. Others will switch in future. These will significantly reduce our carbon footprint and operating cost.”

Vervelde stated this in a document titled: “Sustainability report” made available to our reporter.

He said the firm’s subsidiary, Aba Brewery, achieved 49 per cent reduction in thermal energy consumption representing nearly 80 million standard cubic feet of gas not burned to release Co2 into the atmosphere thereby saving on estimated electricity consumption by nearly 600 averaged sized homes.

In addition, he said the amount of carbon would have required more than 110,000 trees grown for 10 years, noting it remains the best thermal energy consumption results in the entire Heineken world.

 

Ford Sets New Record With 1.1million Sales in 2015

American automobile manufacturer, Ford, has reported record sales of about 1.1 million vehicles in China in 2015.

The Dearborn, Michigan, automaker said on Friday, January 8 that its 2015 sales in the country were up by three percent from the previous year as demand for small sport-utility vehicles there continues to grow.

It also set a new monthly sales record in December, selling 124,768 vehicles. That’s up 27 percent from the prior-year period.

Ford also tapped into China’s booming market for luxury cars with 11,630 Lincoln vehicles sold during the brand’s first full year in the country, where its entire SUV line-up is offered.

Lincoln added eight more dealerships than expected for a total of 33 in the 2015.

The company is aiming for 60 dealerships in 50 cities by year-end.

 

“Nigeria Has Over 155Gigawatts Power Generation Deficit” – Experts

The highest electricity generation Nigeria has attained is about 4,600Mw, which is less than 5Gw, experts have said.

Meanwhile, the country should be 160 gigawatts (Gw) or 160,000 megawatts (Mw),the experts, who spoke to The Nation in Lagos on condition of anonymity, said.

They said it was laughable that the sector’s regulator, the Nigerian Electricity Regulatory Commission (NERC) would put a ceiling of N50 billion per year on the 11 electricity distribution companies (DISCOs) in the country.

They noted that NERC had to take the decision because anything above the amount may be difficult for the DISCOs to recover considering the poor revenue collections they make from electricity bills, as well as low tariff, which they said is not cost-reflective.

For the Federal Government to achieve its industrialisation aspiration, which is primarily premised on adequate and stable power supply, the sector should be opened to massive investment.

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