The Nigerian Senate has summoned the Governor of the Central Bank of Nigeria, CBN Mr. Godwin Emefiele to appear before it next Tuesday and explain the continued high exchange rate and the measures being put in place to control it.
Senate President, Bukola Saraki who announced the invitation at yesterday’s plenary stated that the Central Bank Governor should make himself available at 10.30 on Tuesday, added that the matter does not need any debate by senators.
This is coming on the heels of point of order raised by the Senate Majority Leader, Senator Ali Ndume as a matter of urgent national importance.
According to Senator Ndume, the matter was discussed with the Senate President, Bukola Saraki as required by the standing rules of the Senate.
The World Bank Group has invested a total US$12.6 billion in ICT in the last 10 years the World Development Report released in Washington on Thursday, January 14 has disclosed.
According to the report, while the internet, mobile phones and other digital technologies were spreading rapidly throughout the developing world, the anticipated digital dividends of higher growth, more jobs, and better public services had fallen short of expectations, and 60 percent of the world’s population remains excluded from the ever-expanding digital economy.
The report stated: “Digital technologies can transform our economies, societies and public institutions, but these changes are neither assured nor automatic. Countries that are investing in both digital technology and its analog complements will reap significant dividends, while others are likely to fall behind.
“Technology without a strong foundation risks creating divergent economic fortunes, higher inequality and an intrusive state. Over the last decade, the World Bank Group has invested a total US$12.6 billion in ICTs” Authored by Co-Directors, Deepak Mishra and Uwe Deichmann and team, the new ‘World Development Report 2016: Digital Dividends,’ noted that the benefits of rapid digital expansion have been skewed towards the wealthy, skilled, and influential around the world, who are better positioned to take advantage of the new technologies.
In addition, though the number of internet users worldwide has more than tripled since 2005, four billion people still lack access to the internet. In his remarks, Jim Yong Kim, President of the World Bank Group, noted that “digital technologies are transforming the worlds of business, work, and government.
A Chinese truck manufacturing company, SINO Truck, has unveiled plans to establish an auto assembly plant in Calabar, Cross River State.
The plan was disclosed by the company’s Head of African Division, John Wang, during a courtesy call to the state governor, Ben Ayade, at his office.
Wang assured that upon the setting up of the assembly plant that the establishments of service centres would commence all over the state to enhance efficient after-sales and customer care delivery for its range of products in the country.
He noted that the peaceful investment climate in the state was one of the motivating factors that led to the establishment of the assembly plant in Calabar.
Wang said: “SINO Truck is a state-owned company and the number one heavy duty truck manufacturing company in China with over 56 years ex- Chinese firm plans auto assembly plant in Calabar perience, and a good record in truck manufacturing and assembly”.
In his response, Governor Ayade urged the company to expedite actions for the auto plant to commence operations as all the enabling infrastructural environment have been put in place.
Olam Nigeria has unveiled plans to produce wheat and pasta in Nigeria with an investment about $275 million.
The Singapore-based holding company, Olam International Limited has acquired Amber Foods Limited, which through its 100 per cent owned subsidiary, Quintessential Foods Nigeria Limited, owns the wheat milling and pasta manufacturing assets of the BUA Group in Nigeria, for a total enterprise value of $275 million.
According to the firm, the new enterprise is estimated at $275 million and hopes to leverage on BUA Group, a diversified foods and infrastructure business group in Nigerian, to actualise the ambition.
The group is among the top five wheat millers in the country with wheat milling and pasta manufacturing capacities of 3,760 and 700 metric tonnes per day (TPD) respectively.
The assets to be acquired include two wheat mills and a pasta manufacturing facility in Lagos, a mill in Kano, and a wheat mill and a pasta manufacturing plant under construction in Port Harcourt.
The company said the wheat milling sector in sub-Saharan Africa has been an area of investment focus for Olam since 2010 when it acquired Crown Flour Mills (CFM) in Nigeria.
The Super Eagles B team featuring at the 2016 African Nations Championship scheduled to kick off on Saturday, January 16 will receive the sum of $2,000 for a win at the tournament.
A source in the team currently preparing for the championship in South Africa disclosed that the team would not earn similar amount as the A team.
The team would earn $1,000 for a draw as the technical crew will earn $4,000 for a win, and $2,000 for a draw.
Nigeria will face Niger Republic in their opening game on Monday before tackling Tunisia and Guinea in Group C.
The World Development Report 2016 has revealed that about four billion people around the world don’t have any internet access and nearly two billion do not have a mobile phone.
The World Bank report which focused on the digital dividends says, the digital divides persist across income, age, geography, and gender both in access and in capability, adding that six billion people do not have high-speed broadband internet.
“In Africa, the richest 60 per cent are almost three times more likely to have internet access than the bottom 40 per cent and the young and urban have more than twice the access of older rural citizens.
Among those connected, digital capabilities vary greatly. In the European Union, three times more citizens use online services in the richest countries than in the poorest, with a similar gap between the rich and the poor within each country,” the report said.
A new report says that while the internet, mobile phones and other digital technologies are spreading rapidly throughout the developing world, the anticipated digital dividends of higher growth, more jobs and better public services have fallen short of expectations and 60 per cent of the world’s population remains excluded from the ever-expanding digital economy.
According to the new ‘World Development Report 2016: Digital Dividends,’ authored by Co-Directors, Deepak Mishra and Uwe Deichmann and team, the benefits of rapid digital expansion have been skewed towards the wealthy, skilled and influential around the world, who are better positioned to take advantage of the new technologies.
Oil prices rebounded on Thursday, January 14, halting an eight-day rout, after crude prices plunged new 12-year low amid concerns over Iran adding to a global glut faster than expected.
Brent, the global crude benchmark, earlier broke below $30 a barrel for a second day in a row before rebounding, as a U.N. nuclear watchdog appeared likely to confirm by Friday that Iran has curtailed its nuclear program as agreed with world powers, paving the way for sanctions to be lifted against its oil.
With options for U.S. crude’s front-month contract expiring at Thursday’s settlement, many players were covering positions, said traders.
“Natural covering interest is buoying the market as many had $30 as an objective,” said Pete Donovan, broker at Liquidity Energy in New York. “With today being Feb WTI options expiration, I can’t help but notice that the $30 put has easily the largest open interest of any of the nearby strikes.”
Brent crude was up 45 cents, or 1.5 per cent, at $30.76 a barrel by 11:28 a.m. EST (1628 GMT), hitting an intraday high of $31.10.
It fell earlier to $29.73, the weakest since February 2004. Brent had lost about $7 a barrel, almost 20 per cent of its value, over the past eight sessions.
U.S. crude’s West Texas Intermediate (WTI) was up 55 cents at $31.03 a barrel, after a session high of $31.77.
It hit a 12-year low of $29.93 earlier in the week. Barclays said it had raised its estimates of Iranian oil supply on Western sanctions being lifted sooner than expected. Analysts at the U.K.-based bank said they now assume Iran will produce almost 700,000 barrels a day more in the fourth quarter of 2016 than over the same period in 2015.
Strong indications have emerged that local power firms comprising Generation companies (Gencos) and Distribution companies (Discos) are facing difficulties hard accessing funds from banks to expand their investments two years after they took over the assets from government.
According to sources, almost all the Discos and some Gencos were having difficulties accessing funding to meet their investment obligations, despite making efforts to secure more loans from the banks but to no avail.
The delay in sourcing funding has affected the expansion of electricity projects, the sources said.
Many of the firms used loans from local banks to purchase the assets of the defunct Power Holding Company of Nigeria (PHCN) but defaulted along the way, which led to intervention by the Central Bank of Nigeria (CBN).
CBN Governor Godwin Emefiele said recently that the bank has suspended the disbursement of the N213 billion loan initiated early last year to finance the sector due to some documentation issues with the electricity regulators. Before the suspension, some companies benefited from the bailout.
The CBN disbursed N57.8 billion to 11 of the companies.
The Bureau of Public Enterprises (BPE) was reported in the media to have said the embargo on the funds would be lifted when the crises surrounding tariff adjustments are resolved.
Beside failure to invest further, the power firms also failed to meet obligations of their monthly payment for electricity delivered.
The Discos had paid less than 60 per cent of their monthly payment between February and April last year. This was contrary to the rule of 100 per cent payment in the activated Transitional Electricity Market (TEM).
Experts said the shortfalls had caused accumulated debts for gas-to-power supply, which affected the supply volume to the Gencos.
Transactions on the floor of the Nigerian Stock Exchange, NSE, continued its southward movement on Thursday, January 14 as the All Share Index lost 3.44% to 24,239.98 points, compared with the depreciation of 3.58% recorded on Wednesday, January 13.
Year-to-date (YTD), the Index depreciated by 15.37%.
Likewise, the Market Capitalization slid by 3.44% to close at N8.34trn, compared with the depreciation of 3.58% recorded yesterday to close at N8.63trn.
The losses recorded in the share prices of GT Bank, Nigerian Breweries, Guinness, FBN Holdings and Dangote Cement were mainly responsible for the depreciation in the Index
The total value of stocks traded on the floors of The NSE today was N2.41bn, up by 42.62% from N1.69bn traded yesterday. The total volume of stocks traded was 262.52mn in 2,579 deals.
The three most actively traded stocks were: FBN Holdings (76.44mn), GT Bank (42.51mn) and Zenith Bank (42.22mn). The most actively traded sectors were: Financial Services (232.67mn), Consumer Goods (16.26mn) and Conglomerates (6.96mn).
The Naira appreciated on Thursday, January 14, to N302 per dollar in the parallel market, thus halting three days of steep fall.
From N305 per dollar, Wednesday, the parallel market exchange rate dropped to N302 per dollar at the close of business yesterday, indicating N3 appreciation.
President, Association of Bureaux De Change Operators of Nigeria, ABCON, Alhaji Aminu Gwadabe, said that the appreciation was occasioned by drop in demand for foreign exchange and indications that CBN might review its decision to stop dollar sales to bureaux de change, BDCs.
The naira depreciated in the parallel market by N25 naira between Monday and Wednesday, following the announcement by CBN on Monday to stop sales of dollars to BDCs.
Nigeria’s reference crude oil grade, Bonny Light, slid below the $30 per barrel mark, dropping to $29.47 per barrel, according to data obtained from CBN on Thursday, January 14.
This was even as the price of Brent crude, the benchmark crude oil grade, leaped to $30.77 per barrel in the international market. Brent crude had dipped below $30 a barrel on Wednesday,January 13 for the first time in more than 10 years, a day after the U.S. benchmark took a similar fall.
Specifically, Brent traded as low as $29.96 a barrel before settling down 55 cents, or 1.8 percent, at $30.31 a barrel on ICE Futures Europe, the lowest settlement since April 2004.
Therefore, using an average crude oil production of 2.2 million barrels per day, as stated by CBN, it is expected that the total amount accruable to the Federal Government and oil companies in Nigeria on a daily basis would dip to $64.83 million, about N12.967 billion daily, using an average exchange rate of N200 to a dollar.
Consequently, as a result of the continuous decline in the price of Nigeria’s Bonny Light and other crude oil grades, experts are predicting massive job cuts in the Nigerian and global oil and gas industry in the next couple of days.
Already, the world’s biggest oil companies are slashing jobs and discontinuing major investments, especially as the price of crude falls to new lows.
A report obtained from the Associated Press noted that companies that would be affected by the declining oil price would not only be the big oil producers, but the numerous companies that do business with them, such as drilling contractors and equipment suppliers.
Particularly, companies like BP, which had earlier in the week said it is cutting 4,000 jobs, had already commenced trimming down their operations to cope with the slump in oil, whose price had plummeted to its lowest level in 12 years and is not expected to recover significantly for months, possibly years.
The report had quoted Chevron as saying last year that it would eliminate 7,000 jobs, while Shell announced 6,500 layoffs.
Shoprite Awaits Regulatory Approval On Sale Of Nigerian Outlets
One of the largest retailers in Nigeria, Shoprite has reported that 99.5percent of the supermarket chain’s 230 employees are Nigerians and 76 percent of all products sold are procured locally.
The retail chain was launched in Nigeria a little more than 10 years ago with the opening of its first store in Lagos in December 2005, the Nation reports
“It is one thing to farm vegetables, but having the right channels in place to reach consumers is equally important,” commented Dr Folashade Disu, CEO of Batfol Farms in Lagos.
“This is where Shoprite plays a major role. As the supermarket chain has been increasing its footprint in Nigeria, so too Batfol Farms have been growing its capacity in order to continue meeting the demand for our produce.”
Mr Samuel Adedeji, Supervisor for feed millsat Fresh Country Chicken in Kwara, echoes these sentiments. “Thanks to unprecedented growth levels since becoming a Shoprite supplier, Fresh Country Chicken started an outgrower programme. Local community farmers are supplied with seed, maize fertilisers and herbicides, Fresh Country Chicken then buys back the maize at market rates after input deductions.”
Shoprite Nigeria introduced the country to a world class shopping experience through its core business promise of lower prices. Having recently opened its 16th Shoprite store in Nigeria, the supermarket chain remains firmly committed to supporting local farmers through mutually beneficial business relationships.
The management of the Nigerian Stock Exchange, NSE, has said the capital market has the depth to finance the national budget deficit and drive investments in key national infrastructure,.
NSE Chief Executive Officer, Oscar Onyema, who addressed newsmen at the NSE in Lagos on Thursday, January 14 said the sovereign debt market has been on the rise in spite of the current downtrend in the equities market.
He said capital market has the capacity to fund the 2016 budget deficit, which is estimated at N1.8 trillion and to further support the realisation of the Medium Term Expenditure Framework of the government.
While the equities market was in the red in 2015, the NSE bond market rose by a third. Market capitalization for the debt market jumped by 32.7 per cent to N7.14 trillion.
The Federal and State Governments raised N76.5 billion and N35.8 billion in debt capital, respectively. Companies also took to the debt market to raise a total of N112 in seven new listings.
According to him, apart from the federal government raising debt capital directly from the market, other government agencies could be unbundled and made to access the capital market for funds so as to free some cash for the government to fund other areas of development.
“The capital market has an opportunity to effectively finance the FGN’s proposed budget deficit for 2016 and the implementation of its Medium Term Expenditure Framework (MTEF). With greater clarity on policy direction, we anticipate the return of investors who had remained on the sidelines throughout 2015,” Onyema said.
The management of Yaba College of Technology (YABATECH) said on Thursday that it would establish a radio station, a mortgage bank and a bottled water production plant. Mr Charles Oni, the Head of Public Relations Unit of the college disclosed this in Lagos.
Oni said that the projects were the investment plans of the institution for 2016 and they were near take-off stages. He said that the college had constructed the first central industrial laboratory in Nigeria which would soon be inaugurated. He explained that the central laboratory would attract chemical and allied industries into the institution.
“We have secured a radio license to connect the two campuses in Yaba and Epe. “The objective of this project is to ensure that products of the college are fully engaged to demonstrate their acquired skills and become more employable. “We have struggled to obtain the license so that we can reach out to students in both campuses and teach them through ICT and radio,’’ Oni said.
Oni said that the Mortgage bank for which it secured an operating license from CBN last year,would be used as a training ground for Accounting, Banking and Finance students as well as handled the financial transactions of the institution.
“We have constructed a bottled water plant with sophisticated equipment within the campus to boost the internal generated revenue.“The equipment has been assembled and the plant will begin production soon,’’ he said.
To ensure uninterrupted operations, he said that the college had taken delivery of a 250KVA transformer for regular electricity supply. Oni said that the school authority was working towards expanding its Epe campus as well.
“The management has brought in experts from Europe to address the principal officers of the college on how to expand the scope and capacity building of the institution.
“This will enable the college to admit more students on technical and vocational education,’’ he said.
The Federal High Court judges have just witnessed a recent redeployment which has seen 27 of the court’s initial 52 judges swapping divisions.
Also, the 30 new judges sworn in last December 2, have been assigned courts across the country.
Of the court’s initial 52 judges, 25 retain their previous postings.
A senior official of the court, who spoke on condition of anonymity, said the redeployment “is a routine administrative exercise carried out by the Chief Judge.”
Those affected are Justice James Tsoho (moved from Lagos to Abuja), Justice Mojisola Olatoregun-Ishola (Asaba to Lagos), Justice Binta Nyako (Makurdi to Abuja), Justice Mohammed Liman (Benin City to Port-Harcourt), Justice Anwuli Chikere (Minna to Abuja), Justice A. O. Faji (Ilorin to Asaba), Justice A. L. Allagoa (Jos to Owerri), Justice B. O. Kuewunmi (Oshogbo to Lagos), Justice M. G. Umar (Bauchi to Gombe), Justice S. M. Shuaibu (Owerri to Kaduna), Justice Z. B. Abubakar (Gusau to Kano) and Justice I. M. Sani (Akure to Lokoja).
Also redeployed are Justice I. E. Ekwo (Port-Harcourt to Calabar), Justice M. A. Onyetenu (Abakaliki to Oshogbo), Justice Okon E. Abang (Lagos to Abuja), Justice D. V. Agishi (Enugu to Jos), Justice M.S. Abubakar (Warri to Bauchi), Justice F. A. Olubanjo (Umuahia to Akure), Justice M. N. Yunusa (Lagos to Enugu), Justice E. A. Obile (Calabar to Warri), Justice C. J. Aneke (Lagos to Makurdi) and Justice D. U. Okorowo (Taraba to Ekiti).
Equally moved are Justice Muhammed Lawal Abubakar (Awka to Abakaliki), Justice Musa Haruna Kurya (Lagos to Jos), Justice Evelyn Nmasinulo Anyadike (Kaduna to Umuahia), Justice Oluremi Omowunmi Oguntoyinbo (Owerri to Ilorin) and Justice Fatun Odohi Riman (Kano to Uyo).
Of the newly appointed ones, Justice Muslim Sule Hassan has been posted to Lagos, Justice Nnamdi Dimgba (Abuja), Justice Taiwo Obayomi Taiwo (Ado-Ekiti), Justice Yellin S. Bogoro (Niger), Justice Rosemary Dugbo Oghoghorie (Enugu), Justice Ibrahim Watila (Port-Harcourt), Justice Isa Hamma Adama Dashen (Yobe), Justice Mallong Peter Hoommuk (Port0Harcourt), Justice Jude Kanyioh Dagat (Lagos), Olayinka Olusegun Tokede (Benin), Justice Simon Akpah Amobeda (Kebbi), Justice Jane Egienanwan Inyang (Owerri) and Justice Daniel Emeka Osiagor (Umuahia).
Others are Justice Hassan Dikko, assigned to (Makurdi), Justice Chuka Austine Obiozor (Lagos), Justice Iniekenimi Nicholas Oweibo (Awka), Justice Hadiza Rabiu Shagari (Lagos), Justice Saleh Kogo Idrissa (Kano), Justice Joyce Obehi Abdulmalik (Ibadan), Justice Hillaru Ide Osho Oshomah (Lafia), Justice Fadima Murtala Aminu (Zamfara), Justice Toyin Bolaji Adegoke (Asaba), Justice James Kolawole omotosho (Kano) and Justice Stephen Daylop Pam (Taraba).
Justice Akintayo Aluko is assigned to Abakaliki, Justice Nehizena Idemudia (Ilorin), Justice Emeka Nwite (Kaduna), Justice Abdu Dogo (Akure), Justice Abdulazeez M. Z. Anka (Lagos) and Justice Adamu Turaki Muhammed (Abeokuta).
Marshalls from the Osun State High Court on Thursday stormed the four branches of Skye Bank Plc in Osogbo, the Osun State capital, sealed them and removed some valuable property to execute the order of the court got from Tuns Farms Nigeria Limited against the bank.
Tuns Farms Limited and other subsidiaries of Tuns company had got three separate court judgments against the bank totalling N3,991,150 .000 ( N3.9bn) and the judgments were affirmed by the Court of Appeal, Akure .
The company applied to the court and got the writ of attachment and sale against goods of judgment debtor (Skye Bank) and the order was executed with the sealing of the branches and removal of the bank’s property.
The Marshalls, who were escorted to the branches by heavily armed policemen drove out the bank officials, locked the doors and removed some property. Items such as generators, vehicles, air conditioner and some items from the bank were removed and taken away by the court officials.
The sealing of the branches of the bank distrupted the plans of many customers as many of them had come to make withdrawals and they just wondered why the bank should be sealed up.
The State Government of Osun hereby requests for applications for employment from suitably qualified candidates both in Nigeria and the Diaspora for the following vacant positions in its public services:
Ikeja Electricity Distribution Plc, Nigeria’s largest power distribution network, came into existence on November 1st, 2013 following the handover of the defunct Power Holding Company Of Nigeria (PHCN) to NEDC/ KEPCO Consortium under the privatization scheme of the Federal Government.
The consortium has the Korean Electric Power Corporation (KEPCO) which generates about 84,000MW in capacity and has a global efficiency record of a maximum down time period of slightly above three minutes annually as technical partners.
This partnership has positioned IE to effectively drive its commitment to deliver efficient and sustainable power supply through investments in new technology, infrastructure upgrade and human capital development.
We are recruiting to fill the following positions below:
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:
Nigerian Breweries Plc – We are the foremost brewing company in Nigeria, passionate about our vision to remain World class in all our activities while marketing high quality brands. We are currently considering applications from bright, talented Nigerians with the right attributes/profile to pursue successful and interesting long term careers in Nigerian Breweries.
We are recruiting to fill the position of:
Job Title: Merchandising-In-Trade (MIT) Vendor
Locations: Abia/Imo, Adamawa and Kaduna
Job Description We require the services of a Merchandising-In-Trade (MIT) vendor, to provide outsourced labour services for sales deployment and activations in Abia/Imo, Adamawa and Kaduna State.
Requirements
The following are the minimum qualification for appointment as an MIT agent:
A.) Execution Capability and Capacity:
Agency must be a limited liability company registered in Nigeria
Good requisite structure of both human and material resources to run field operations
Good and accessible office located within the operating area. Skilled personnel in sales and marketing to coordinate field sales operations
Ability to attract and retain staff in the assigned operational area Documented human resource management policies and procedures.
The agency must have all the requisite permit by law for a labour agency
B.) Knowledge of Environment:
Agency must have grass root knowledge of the coverage area.
Field staff MUST be predominantly locals or must have lived for a reasonable length of time, in the operating environment
C.) Financial Strength:
Agency must show evidence that they can meet short term financial obligations on behalf of Nigerian Breweries.
In addition to general financial capacity, the agency must demonstrate ability to pay salaries, wages and incentives of its staff on time, fully.
Application Closing Date
20th January, 2016.
Method of Application
Interested and qualified Vendors should address their applications to the: The Head of Procurement,
Nigerian Breweries Plc,
1, Abebe Village Road,
Iganmu,
Lagos State.
