The National Pension Commission, PENCOM, on Wednesday, January 13, said that pension contributions under the Contributory Pension Scheme has leaped to about N5 trillion.
Director General of the Commission, Chinelo Anohu-Amazu who stated this at the 10th anniversary lecture of Trust Fund Pension Plc in Abuja, stated that there are plans by the commission to extend the contributory Pension scheme to the informal sector of the economy.
Represented by the Commissioner in charge of Inspectorate at the Commission, Mohammed Kaoje Abubakar, the Director General said the sustainability of the Contributory Pension scheme is very important, pointing out that the commission wants to free the scheme of the problems of defined benefit scheme which it replaced.
She said to ensure sustainability, the scheme must provide improved service delivery so that there can be internal efficiency, while the Pension Fund Administrators and the regulators must be open in their dealings.
She added there are plans to ensure that contributors can migrate from one PFA to the other if one is not performing to their expectations.
Nigeria National Petroleum Corporation, NNPC, has unveiled plans to make its first initial public offering of assets in 2018, Petroleum Resources Minister of State, Emmanuel Kachikwu said.
The NNPC GMD said “It’s inevitable,”on Tuesday in an interview in Abu Dhabi. “Part of the cleaning up process that we’re doing is to prepare for that.”
Nigeria plans to sell shares in its refining and distribution business and “select” exploration and production assets to the public, he said.
The NNPC manages Nigeria’s stakes in joint ventures with international oil companies that pump the country’s crude. It also operates refineries and a distribution network of depots and pipelines across the country of about 180 million people.
With reorganisation, the NNPC is expected to evolve into four efficient business units from more than a dozen that are mostly making losses, and return to profitability, according to the OPEC president.
One of the leading brewers n the country, Guinness Nigeria Plc has agreed to acquire the rights to distribute McDowell’s’, a mainstream spirits brand of United Spirits Limited (USL) in Nigeria.
The Corporate Relations Director of Guinness Nigeria, Sesan Sobowale in a release issued on Wednesday, January 13, said USL is an Indian mainstream spirits business which is also a subsidiary of Diageo Plc.
He said the transaction will become effective on February 1, 2016.
Industry analysts believe the move by Guinness Nigeria is part of strategic efforts to deepen its leadership in the Nigerian market especially in other category other than beer..
It will be recalled that Guinness Nigeria Plc recently acquired the exclusive distribution rights to Diageo plc’s International Premium Spirits (IPS) brands in Nigeria.
As part of the transaction, Guinness Nigeria will also take over various assets including the current inventory of Diageo Brands Nigeria Limited, the wholly-owned Diageo business which currently distributes and markets the IPS brands in Nigeria.
The consideration for the transaction was put at N2.35 billion with the transaction expected to be concluded by 31 December 2015 and the new distribution agreement for the IPS brands to become effective on 1 January 2016 subject to receiving all regulatory approvals.
The Managing Director/CEO of Guinness Nigeria Plc, Peter Ndegwa, was quoted as saying that “The transaction will facilitate the achievement of Guinness ambition to create the best performing, most trusted and respected consumer products company in Nigeria by leveraging the strength of our unparalleled portfolio of beer, adult premium non-alcoholic drinks (APNADs), ready to drink (RTDs) as well as spirits.
”The integration of the Diageo IPS brands with the Guinness Nigeria brand portfolio best fits our strategy of filling the gap in our total beverage alcohol portfolio, and allows us to compete across segments within the market.”
The debts owed the Electricity Distribution Companies, DisCos, by the military and ministries, departments and agencies (MDAs), has jumped from the N32 billion to N45 billion as at the end of 2015.
The Executive Director, Association of Nigerian Electricity Distributors (ANED), Sunday Oduntan, who spoke with the Nation, said that the distribution companies were going through several hitches especially in collection of payment for electricity supplied customers.
Oduntan said previously, the outstanding debt owed by MDAs was N32 billion, but has grown to N45 billion.
He said the DisCos have been discussing with the government on method of payment since the time debt was N32 billion because they need that money dearly to purchase equipment such as meters, among others, and also oil the operation to serve the customers satisfactorily.
The Senate on Wednesday, January 13 asked its joint Committee on Aviation and Anti-Corruption to probe the disbursement and utilization of $40 million loan alleged to have been released by the Federal Government in 2011 for the rehabilitation and development of infrastructure in the aviation industry.
It also mandated the same committee to probe the release of N33.55 billion in the same year for the same purpose.
This followed the consideration and adoption of the report of the Senate ad-hoc committee on Aviation which investigated a motion on “The worrisome and unstable position of Nigerian Aviation industry.”
The report was presented by Senator Rabiu Musa Kwankwaso (Kano Central)
The Senate said the Chief Executives of Aviation agencies in the country should take steps to replace aging pilots in their system.
It said that the Nigerian Airspace Management Agency (NAMA) and Federal Aviation Authority of Nigeria (FAAN) should pay more emphasis on the provision of state of the art flying equipment to enhance air safety.
Other recommendations of the Committee adopted included that “Good leadership spirit should be inculcated by the Chief executive of aviation parastatals and other stakeholders to refurbish and maintain physical facility and equipment.
Arik Air offers opportunities for employment in administrative, professional, technical and airline-specific disciplines, irrespective of the level or area of responsibility, each employee contributes to the growth and success of our airline. We believe that individuals score goals, but ultimately “the team wins the game”.
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 following vacant positions below..
A Nigerian Tourism and Hospitality Company which is currently expanding its operations within Nigeria and the African continent, is recruiting for the management and non-management positions below:
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 position of:
Job Title: Communications Manager
Location: Lagos
Reports To: Head Corporate Communication
Function: Corporate Communication
Role Purpose
To manage and oversee the company’s internal and external communication department, associated image and reputation, and work closely with selected communications/public relations agencies
To increase Ikeja Electric’s visibility (all activities) and to position the Company as a trusted energy provider and opinion leader in the power industry.
To build and manage strategic relationships in order to leverage business, advocate Ikeja Electric’s added values to deliver full services offer to customers, support the business in attaining its commercial and market share objectives, and contribute to the development of growth platforms and key strategic projects.
Role Accountabilities
Internal Communication:
Drive the implementation of the overall internal communications strategy/programme for the Company to support communication strategies
Organize in-house events and develop in-house campaigns in agreement with Corporate Communications guidelines so as to further employees’ knowledge of the company strategic focus and projects.
Instil the company’s core values in the employees and deepen the feeling of pride in belonging to the Group.
Oversee the production of the company’s internal newsletter and develop local internal communications portals (Intranet etc.) as well as facilitate local in-house events (project launches, roadshows, townhall meetings etc.)
Work together with the head of communications and other team members to communicate messages internally, as required.
Optimize cross-functional support and effective communication within the organization.
Ensure regular market research studies across the power industry are carried out and information disseminated to appropriate internal stakeholders within the company.
Manage and update company website and all social media platforms.
Manage the Ikeja Electric’s brand & Change ambassadors (work closely with the brand manager)
Work with Sahara Group and Sahara Power Change Management & Internal Communications departments special projects.
Social Media:
Create and manage a social profile for Ikeja Electric on all platforms- Facebook, LinkedIn, Twitter, Instagram and YouTube
Write editorial content, create and upload videos onto web pages
Enhance social media outlets and opportunities to maintain communication and build fan base.
Monitor the main activities of competitors on social media.
Design a social media strategy that’s in line with the brand identity, the company’s audience, and goals.
Plan and implement social media strategy and campaigns.
External Communication:
Ensure that key messages relating to the company and its products are duly delivered (Brand PR, press releases, etc.).
Ensure consistency in all communication (dissemination of messages)
Conduct regular assessments of the situation concerning external communication, the media and media’s expectations etc.
Ensure the availability of communication tools that are tailored to the various target audiences (journalists, energy thought leaders, general public). Examples: external publication, campaigns etc.
Ensure that key messages relating to the company are duly delivered (Brand PR, press releases, etc.)
Develop new and improve on existing employee publications and newsletters and recommend editorial policies and guidelines
Establish and maintain positive relationships with media personnel and houses within and outside Nigeria to ensure the image of the Company is well projected and protected positively at public engagements and forums.
Coordinate the preparation and placement of advertorials, articles, etc. in various print media, organize press conferences, and manage meetings/conference presentations for the company, etc.
Minimum Requirements Qualifications & Years of Experience:
Relevant University Degree or its equivalent.
Relevant Post Graduate degree will be an added advantage.
Minimum of 10 years’ experience in a similar role with at least 8 years in a senior management role.
Knowledge and good understanding of effective Communications practice.
Broad knowledge and experience in the power sector will be an added advantage.
Skills & Competencies
Technical Competencies:
Strong knowledge of the communication industry
Effective presentation and communication skills, both written and verbal
Ability to create and maintain effective networks; building an effective relationships with key stakeholders, on all levels, both internally and externally
Maintain good working relationships with the media, communications consultants, the public, Government, Communities and all other relevant External parties
Proactive approach to communications &Critical thinking, Creativity, and Problem Sensitivity
Quick to analyse and take action without compromising on ethic and quality Service Orientation, Social Perceptiveness
Integrity, tenacity, adaptability in complex and often changing environment; able to handle pressure and commit to and respect deadlines.
Behavioural Competencies:
Pro-activeness in carrying out assigned tasks
Strong leadership and managerial skills
Good planning, organisation skills and ability to work effectively in transversal teams
Proven ability to delicately solve sensitive matters
Decision making skills, Commercial Insight & Problem Solving.
Application Closing Date
26th January, 2016.
How to Apply
Interested and qualified candidates should APPLY
As investors streamline their investment portfolios to take advantage of expected opportunities in the market in 2016 and enhance their returns, Chief Executive Officer of Stanbic IBTC Asset Management Limited, Bunmi Dayo-Olagunju, has called on investors to take advantage of mutual funds to hedge their risks.
Dayo-Olagunju made the call in Lagos on Tuesday in her office. She said considering the volatility in the equities and commodity markets, it is imperative for investors to diversify their portfolios by investing in mutual funds and other investment vehicles.
According to her, the attractiveness of mutual funds or collective schemes is the number of advantages it offers over other investment vehicles, such as flexibility, which makes it possible to either invest a lump sum or make regular instalments every month; liquidity, which means the funds can be accessed at any time by the investor who may require money for a variety of purposes such as healthcare, education, vacation and housing. Others include steady returns, professional management, and risk reduction, among others.
“Mutual funds offer investors the advantages of portfolio diversification and professional management at low cost. These advantages are particularly important because diversification and professional management ensure steady returns when compared to other investment instruments. Mutual funds offer an opportunity for steady growth in assets while reducing the attendant risk associated with investing in individual securities,” said Dayo-Olagunju.
She said Stanbic IBTC Asset Management Limited is particularly committed to ensuring that investors are availed the opportunity of viable investment vehicles so that they can spread their risks, which is why the company continues to develop an array of products targeted at the needs of Nigerians.
“Stanbic IBTC Asset Management Limited remains totally committed to helping Nigerians build a portfolio of financial instruments from which they can meet their unique investment objectives. We must reiterate that there are numerous benefits in investing in mutual funds, especially the expertise that is brought to bear in maximizing returns to investors without compromising safety.”
Prominent mutual funds under management by Stanbic IBTC Asset Management Limited include the Stanbic IBTC Nigerian Equity Fund, Nigeria’s largest equity mutual fund; the Stanbic IBTC Ethical Fund, Nigeria’s first and largest socially responsible mutual fund; and Stanbic IBTC Money Market Fund, currently one of the fastest growing mutual fund in the country, which offers investors better bargaining power in the money market. In 2013, the Stanbic IBTC Imaan Fund, a mutual fund tailored to the needs of those seeking investments compliant with their religious principles and beliefs, was registered.
In recognition of its steady performance and track record, Stanbic IBTC Asset Management Limited was awarded the ‘Best Mutual Fund Provider Nigeria 2015’, ‘Best Asset Manager Nigeria 2015’ and ‘Best Non Pension Fund Manager Nigeria 2015’ at the 2015 Global Banking & Finance Review Awards, while the Stanbic IBTC Money Market Fund was assigned a fund rating of Aa(f) for the 4th consecutive year by Nigeria’s foremost credit rating agency, Agusto & Co.
Stanbic IBTC Asset Management Limited is a wholly-owned subsidiary of Stanbic IBTC Holdings PLC, which is part of the Standard Bank Group, Africa’s largest bank by assets and market capitalization. Standard Bank Group has been in operation for 153 years and has direct, on-the-ground representation in 20 African countries. Stanbic IBTC Holdings PLC provides the full spectrum of financial services with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management.
Mr Stephen O’Brien, the United Nations Officer for the Coordination of Humanitarian Affairs (OCHA), , has allocated $31 million from the Central Emergency Response Fund (CERF) to support humanitarian partners in Nigeria and the Lake Chad Basin region.
This was contained in a statement issued by Mr Jens Laerke, from OCHA, in New York, United States, on Tuesday.
The allocation is to assist Nigeria in the humanitarian situation which is worsening due to violence perpetrated by Boko Haram.
He said, the CERF funding, would provide life-saving assistance to almost 1.7 million affected people in the four countries. Some $10 million,would bolster relief efforts in Nigeria.
It said that women and girls kidnapped by Boko Haram had been subjected to physical and psychological abuse, forced labour, forced marriage and sexual slavery.Boys, OCHA said, have been forcibly enrolled as combatants.
It added that the CERF funding for Nigeria would also be critical for providing emergency shelter, health care, safe drinking water and sanitation and nutrition for affected people currently living in overcrowded camps in the North East of the country.
The UN’s global humanitarian fund provides immediate funding for life-saving humanitarian action at the onset of emergencies and for neglected crises that have not attracted sufficient funding.
Since its inception in 2006, 125 UN Member States and Observers, private-sector donors and regional governments have supported the Fund.
To date, CERF has allocated almost 4.2 billion dollars in support of humanitarian operations in 94 countries and territories.
World leaders have identified the greater participation of women in corporate leadership positions as key to unlocking the Nigeria’s economic future.
This was a call made by Christine Lagarde, president of the International Monetary Fund, who was on a visit to Nigeria recently when she said, “Empowering women is not just about fairness—it also has macroeconomic benefits. For example, eliminating employment gender gaps could boost GDP by 5 percent.”
While Nigeria struggles to overcome its economic issues, stakeholders are of the opinion that inadequate adoption of equal gender opportunities may be a factor hindering higher revenue growth and holistic operational processes in the nation’s corporate sector.
According to a report released by the African Development Bank (AfDB), a third of African companies in its study have boards without a single woman on them.
As experts around the world seek government interventions in making the business environment more female-inclusive, pundits state that the enactment of policies which ensure 20-40% participation of women at the executive levels of organizations holds the key to profitability.
Speaking on the need for a shift in corporate cultures, Hilda Ato, head of human resources at Jovago.com said, “I think women in the global market at large need to be given the opportunity to become bigger decision makers. At Jovago, we have come to find that once we focus on productivity, things like gender become insignificant and efficiency increases. If you look around we have more women than men working with us.”
A recent study by the University of Leeds revealed that higher stock market activities were recorded where there were larger proportions of women on senior management teams.
Another study found that businesses with a greater proportion of women on their boards outperformed rivals in terms of returns on invested capital (66% higher), returns on equity (53% higher) and sales (42% higher).
Petrol Tanker Accident Kills 60 People in Benue State
A petrol tanker owned by the Nigerian National Petroleum Corporation (NNPC) with 45,000 litres of petrol caught fire, on Tuesday, while discharging the product at a filling station along Abdulsalami Abukakar Way, Apo, Abuja. There was no loss of life but the tanker was completely razed, while the filling station was partly affected.
The Branch Manager of NNPC Mega Station, Mr Jeremiah Abimaje, said that the cause of the fire was unknown, “the tanker was only offloading when it caught fire all of a sudden.”He said.
He said that prompt arrival of men of the Fire Service prevented the fire from engulfing the filling station and other properties in the neighborhood.
An eye witness, said that men of the fire service were able to contain the fire because the station was not selling fuel when the incident occurred.”If it was a normal day when there are many cars around this road, many people would have lost their lives,” he said.
Mr Jaji Abdulganiyu, Operations Commander, Federal Fire Service, who led his men to the scene, said the service was committed to putting fire outbreaks under control in the FCT.
The National Assembly yesterday exposed speculations that the 2016 budget was missing, and assured that the Senate and the House of Representatives are in the process of making copies of the money Bill available for the 109 senators and 360 members of the House.
The lawmakers added that they are determined to pass the bill as soon as possible.
Describing the speculations of a missing budget as laughable, the chairman of the Senate Committee on Media and Publicity, Senator Abdullahi Sabi, said that the contents of the 2016 budget were carefully drafted to enhance and drive the change agenda of the present administration.
He added that the senators were eager to pass the budget so that implementation would commence immediately so as to deliver the dividends of democracy to the electorate.
There is a possibility that deliberations on the 2016 budget would kick-start next Tuesday and that this week would be used to make copies available to lawmakers.
The Senate spokesman said, “There is no such thing; it is laughable for anybody to insinuate that the 2016 budget is missing; it is the figment of the imagination of those carrying such rumour.
“We, as a Senate, are presently concentrating on making copies of the budget available to every senator. We are getting ready to commence deliberations on the budget and we are enthusiastic and looking forward to a quick passage so that the president would commence implementation in such a way that the electorate would begin to reap the dividends and benefits of democracy.
“So it is not true that the budget is missing; it is a rumour. We deal with facts here and the fact is that no budget is missing,” Senator Sabi declared.
The Governor of Edo State, Adams Oshiomhole, has called for the revival of job centres, which will provide reliable data on the number of unemployed youths and ensure appropriate job placement for them across the country.
He urged the Minister of Labour and Employment, Dr. Chris Ngige, to ensure that each local government area had a job centre for vocational skills training to improve the competence of skilled and semi-skilled workers.
According to a statement from the Ministry of Labour and Employment, the governor made this call during a courtesy visit recently.
He stated that the purpose of the visit was to reflect on salient issues that were germane to the welfare of the citizens of the country.
Oshiomhole affirmed that the administration of President Muhmmadu Buhari had made it clear that the primary purpose of governance was the welfare of the people and the only way to deliver public welfare was to pay attention to job creation.
The federal government has said that gas projects that will improve power supply in the country will be completed in the second quarter of this year.
This is coming as power firms in the country have agreed to explore broader funding sources in order to improve their infrastructure across the country.
The government, in a communiqué issued at the end of the first monthly meeting of operators in the power sector, stated that the country’s gas sector was still facing some challenges in the aspects of payment and security, but expressed optimism that the supply of gas for electricity generation would improve from the second quarter of this year.
The meeting, which was chaired by the Minister of Power, Works and Housing, Mr. Babatunde Fashola, was held in Abuja on Monday.
The Nigeria Deposit Insurance Corporation has announced that it will develop a framework for insuring deposit liabilities of non-interest financial institutions in the country.
The NDIC, in a statement on Tuesday, noted that the successful take-off of the non-interest banking was being undertaken by Ja’iz Bank, Stanbic IBTC and Sterling Bank.
The corporation, however, said their deposit liabilities were hitherto not covered under its Deposit Insurance Scheme.
According to the statement, the public policy objectives of the framework are based on public interest, which seeks to provide corresponding protection to holders of non-interest financial products similar to that of conventional banks.
The objectives are given as depositor protection against loss in the event of failure of any non-interest bank; to engender public confidence and enhance resilience of non-interest financial institutions; to encourage competitiveness of non-interest financial institutions; to help to contain the cost of resolving failed non-interest banks and provide an orderly failure resolution mechanism; and to promote and contribute to the stability of Nigeria’s financial system.
The International Air Transport Association, IATA, operational audit, has rated RwandAir Express among the world’s safest airlines for 2015 after passing operational audit.
IATA Vice-President, Raphael Kuuchi, said on Tuesday, January 12, in Kigali that the recognition came into effect at the weekend during the handing over of the certificate of recognition at the Kigali International Airport.
Kuuchi said in addition, the carrier was recognised by IATA for the strength of its recently commenced route between Kigali and several African cities, giving RwandAir a green light to fly to any part of the world.
He said IATA also allowed RwandAir to enter into code share deals with five-star airlines without any restrictions.
The Rwandan airline which officially became IATA member in May 2015, currently flies to 13 destinations which includes Nairobi (Kenya), Entebbe (Uganda), Mombasa (Kenya), Bujumbura (Burundi), Dar es Salaam and Kilimanjaro (Tanzania).
Others are Johannesburg (South Africa), Dubai (United Arab Emirates), Lagos (Nigeria), Accra (Ghana), Jubba (South Sudan), Libreville (Gabon) and Brazzaville (Congo).
Rwandan officials said the certificate was expected not only to bring commercial benefits but also serve as an advantage in promoting the airline’s brand.
The officials added that it would also open avenues for joint ventures with other airlines.(PANA/NAN)
Justice Idris Mohammed of the Federal High Court in Lagos on Tuesday, January 12, rejected an application from the federal government seeking to stop MTN Nigeria Communications Limited from transferring it funds out of the country.
The application, by way of a mareva injunction, was targeted at barring MTN from emptying its accounts in 21 commercial banks in the country and preventing the telecoms giant from boycotting the payment of the N1.04 trillion fine imposed on it by the Nigerian Communications Commission (NCC) for its failure to deactivate its unregistered subscribers.
The Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami (SAN), who filed the application yesterday, expressed concern that MTN could move all of its funds out of the country before the fine is enforced.
He therefore sought an order directing all the 21 banks to open a special interest-yielding account in the name of the Chief Registrar of the Federal High Court and move N1.04 trillion out of whatever funds that is standing to MTN’s credit in their possession.
Counsel to the AGF, Mr. Dipo Okpeseyi (SAN), in a 14-paragraph affidavit deposed to by his junior, Steve Nwabueze, argued that MTN was in the habit of repatriating its funds out of Nigeria.
He revealed that between October 2007 and May 2009, a period of 19 months, MTN moved repatriated $7.7 billion made in Nigeria to a foreign account.
He further drew the court’s attention to an instance when in one day, specifically on February 8, 2008, MTN transferred over $936 million out of Nigeria to accounts in Mauritius, Cayman Island and the British Virgin Islands.
“Unless this honourable court urgently entertains this application, the plaintiff/respondent would move its funds out of Nigeria, being the jurisdiction of this honourable court, and thereby frustrate the enforcement of the fine in the likely event that this honourable court sanctions the imposition of the fine,” the AGF’s counsel said.
Okpeseyi maintained that MTN was under obligation to pay the fine, because it was NCC’s administrative decision that remained final unless it was reviewed by the commission or nullified by the court.
He said though NCC had given MTN a concession on the fine and reduced it to N780 billion but MTN had neglected or failed to pay on or before the December 31, 2015 deadline, the fine remained N1.04 trillion.
The federal government on Tuesday, January 12 earmarked the sum of N140 million as funds to tackle the Lassa fever ravaging some areas in the country.
This came as the total number of deaths has now risen to 41. In a joint press briefing in Abuja, Minister of Health, Isaac Adewole and his Information and Culture counterpart, Lai Mohammed, assured that efforts are being made by government to arrest further spread of the disease, which is now present in 10 states of the federation.
Adewole said: “With respect to the cost, we are currently handling it within our in-house resources, using drugs that we had in stock. But we are trying to replenish our stocks; we estimate that we will spend 56 million naira to replenish the drugs. And in order to mount the response; we are looking at 140 million naira.
“So everything is manageable within the budget of the Federal Ministry of Health, we need not panic for now. When we set up an inter-ministerial committee to ensure that we finally declare Lassa fever dead, buried completely, we will come up with the budget,” he maintained.
The minister explained that government will be discreet and transparent with any funds geared towards fighting the disease, adding: “We will also be very realistic in line with the posture of the present administration. We are not going to declare a bazaar, so no one should expect to feast on Lassa fever.”
