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AMCON to Divest Stake in Peugeot Automobile Nigeria

The Asset Management Corporation of Nigeria, AMCON, has announced its plan to divest its shareholding in the Peugeot Automobile Nigeria, PAN Limited.

A notice signed by the management of AMCON showed that it owns 79.31 per cent of the shares of PAN Nigeria Limited.

The audited financial statements of PAN by December 31, 2014 showed that the company’s total assets stood at N24.96 billion, while its total equity stood at N11.98bn. As part of the process of selling its stake in the company, AMCON has invited interested bidders to express their interest in bidding for the acquisition of its entire shareholding in PAN.
Read more at http://www.dailytrust.com.ng/news/business/amcon-to-sell-stake-in-pan/128617.html#z94LQiceSh5Oqiy2.99

Customs Owerri Command Posts 467 Seizures Worth N2.7billion

The Nigeria Customs Service , NCS, Federal Operations Unit (FOU) Zone ‘C’, Owerri has recorded a total of 467 seizures of illegally imported items with an overall Duty Paid Value (DPV) of N2,709,807,358 billion in the year 2015.

The Customs Area Controller of the Unit, Comptroller Dimka, Victor David who gave details of the seizures recorded said that 316 suspects were arrested in connection with the smuggling, one convicted, and 23 cases pending in court for the same purpose of which 7 cases were won by the Unit.

He added that underpayment recovered for some items stood at N130,144,103.00 million.

In addition, Dimka said that 1,561 cartons of medicaments (fake drugs) along with 7,493 bales of second-hand clothing and 5,642 cartons of other contraband items were equally impounded by the unit during the year under review.

A comparative analysis of the above seizure report and duty recovered with same reports of year 2014 shows a geometric growth in result of suppressing smuggling within the zone.

The current seizure report with duty paid value are 29% and 50% in increase respectively when compared to seizure report of year 2014 that recorded 363 seizures with Duty Paid Value DPV of N1,805,843,064.00.

NSE Index Sheds 1.19% as Profit Taking Sweeps Through Stock Market

Transactions on the Nigerian Stock Exchange, NSE, continued its journey south on Tuesday, January 12, with the market capitalization shedding N8 trillion mark due to massive profit taking by investors.
The All-Share Index lost 315.25 points or 1.19 per cent to close lower at 26,034.93 compared with 26,350.18 achieved on Monday following price loses.

Market capitalization shed N109 billion to close at N8.953 trillion against N9.062 trillion recorded on Monday, January 11.

An analysis of the price movement table indicated that Nigerian Breweries led the losers’ pack with a loss of N4.22 to close at N102.02 per share.

PZ Industries trailed with a loss of N1.08 to close at N21.13, while Ashaka Cement dropped 96k to close at N24.24 per share.

Cadbury declined by 81k to close at N15.49, while GTBank dipped by 65k to close at N17.25 per share.

Conversely, Portland Paints and Products led the gainers’ table, increasing by 19k to close at N4.13 per share.

Champion Breweries gained 16k to close at N3.38, while Eterna Oil increased by 8k to close at N1.05 per share.

May & Baker grew by 5k to close at N1.05, while Trans Express went up by 4k to close at N1.15 per share.

The volume of shares traded increased by 74.96 per cent as a total of 223.39 million shares worth N2.51 billion were traded in 2,776 deals on Tuesday.

Naira Crashes Further by 2.51% As CBN Stops Forex Sales To BDCs

The naira weakened on Tuesday, January 12 by 2.51 per cent to exchange at N285 to the dollar at the Bureau De Change (BDCs) segment of the foreign exchange market.

The News Agency of Nigeria (NAN) reports that the naira was traded to the dollar at N278 on Monday Jan. 11

A currency trader,Harrison Owoh, said the further depreciation of the Naira was as a result of the apex bank’s announcement to stop the sale of foreign exchange to BDCs.

Owoh, the Managing Director of HJ Trust Investment Ltd., said that CBN was yet to issue circular informing BDCs on the latest development, adding that they got the information from the pages of newspapers.

He said by CBN allowing dollar deposits into domiciliary accounts by Nigerians means the banks would now have more foreign exchange at their disposal.

 

NSE May List Transcorp Hotels’ N10billion Bond On Jan. 18

An official of the Nigerian Stock Exchange, NSE, on Tuesday, January 12, revealed that the listing of Transcorp Hotels’ N10 billion bond may take place on Jan. 18 barring unforeseen circumstances.

NSE Executive Director, Market Operations and Technology, Ade Bajomo, told the News Agency of Nigeria (NAN) in Lagos that the listing was to spur activities at the exchange.

A NAN investigation, however, revealed that the N10 billion was the first tranche of N30 billion bond approved by the exchange for the company.

Bajomo said the bond was one of the efforts by the company to finance long-term projects, adding that the NSE was delighted with the listing.

Bajomo urged more corporate companies to float corporate bonds this year with the current economic challenges to finance long-term projects.

According to him, firms require funding to pursue more capital projects and the capital market offers the best funding for long-term development projects.

 

FG Pushes for 5% Interest Rate on Agric Loans

The Federal Government, on Tuesday, January 12 charged the Central Bank of Nigeria (CBN) to reduce the lending rate to farmers in the country to five per cent.

Minister for Agriculture and Rural Development,  Audu Ogbeh who spoke in Idofian, Ifelodun Local Government Area of Kwara State during the launch of the second phase of agricultural equipment hiring enterprise, said: “We thank the CBN for the efforts it has made so far to lend money to farmers at nine per cent interest rate. But we are like Oliver Twist, nine per cent is very good but it is not good enough for agriculture. Nine per cent is the highest for agriculture anywhere on planet earth.

“We want five per cent and we are going to plead with banks if they want this country to feed well- agriculture to grow and Nigeria to become a major exporter of food, interest rate has to reduce to the barest minimum. Five per cent will give them more returns as more farmers will borrow and pay back.

“Beginning from this year, Nigeria will embark on agro-forestry. We are looking at cashew at least two million trees a year, cocoa three million per year, because there should be no reason why Nigeria should be number 10 on the line of cocoa producers when just 50 years ago, we were number one. We are now miserably behind Ivory Coast and Ghana. We shall plant more castor seeds. Nigeria spends $350 million yearly importing castor oil.”

He said the programme on rice and wheat will increase, adding that another programme on cattle breed improvement is underway. He said 200 farmers in the country will start the programme which he said will be private sector driven but supported by the treasury.

BREAKING: 2016 Budget Documents Missing From National Assembly

The hard and soft copies of the 2016 budget documents presented to the National Assembly on December 22 by President Muhammadu Buhari have reportedly gone missing.

The Nigerian Senate was scheduled to commence deliberation on the proposed budget Tuesday (today).

However,  Senate Leader, Ali Ndume, shocked lawmakers at a closed-door session, when he told them the budget documents had been stolen.

Sources say that Mr. Ndume explained that deliberation on the budget could therefore not begin until fresh copies of the documents were obtained from the presidency, the Ministry of Finance or that of national planning.

The Chairman, Senate Committee of Appropriation, Danjuma Goje, was subsequently mandated to lead a search for the documents and liaise with the presidency, the Senior Special Assistant to the President on National Assembly Matters, Ita Enang, and the national planning ministry on the matter.

The Senators also resolved that the matter be kept under wraps, saying making it public could embarrass the presidency, the National Assembly and the country.

 

PHARMACEUTICALS JOBS | Trainee Store Keepers at Gilead Pharmaceutical Limited

Gilead Pharmaceutical Limited, is recruiting suitably qualified candidates to fill the position below:

Job Title: Trainee Store Keeper

Location: Lagos

Job Description

  • Reporting to the Assistant General Manager, this role will manage movement of stocks to and from the warehouse ensuring the right inventory controls are put in place.

Key Responsibilities

  • Receive all materials into the store and ensure proper storage
  • Maintain accuracy between actual stock balance and records in the system
  • Develop, implement and enhance the stores structures and procedures.
  • Responsible for safety and security of the stores and stock items
  • Conducting and preparation of monthly stock taking, stock reports and reconciliation thereof
  • Ensuring that the proper stores documents for receipt, maintenance and release of stocks are properly maintained like Bin cards and Issue notes
  • Communicate with and dispense products as per requirements by the customers.
  • Ensure proper stores arrangement
  • Ensure all orders are properly documented and released for pick-up on time.

Education and Relevant Skills

  • Minimum OND/HND/B.Sc
  • Keen attention to detail
  • Good planning and organizational skills
  • Good communication skills both written and spoken

Application Closing Date
25th February, 2016.

How to Apply
Interested and qualified candidates should forward their CV’s to:gileadpharm@gmail.com

Note:Only shortlisted applicants will be contacted

OIL & GAS JOBS | Team Leader – Oil & Gas at Palladium International

Palladium develops and delivers solutions that create positive impact for communities, businesses, societies and economies. We transform lives and create enduring value by working with governments, corporations and non-profit organisations. Palladium is built on the idea that progress will be supported by four key pillars: International Development, Strategy Execution Consulting, Impact Investment, Training and Events

We create positive impact through more than 100 current projects with more than 2000 employees operating in over 90 countries.

We are recruiting to fill the position of below:

Job Title: Team Leader – Oil & Gas

Location: Abuja

Introduction
DFID Nigeria has developed a business case for a successor programme to its Facility for Oil and Gas Sector Transparency and Reform. The new five-year programme, will partner with groups across the oil and gas sector to strengthen how Nigerian key extractive sector is managed, help Nigeria prevent revenue losses, and minimise negative impact of the industry on local communities.

Purpose of Position

  • The Team Leader has overall in-country programmatic, financial and management responsibility for the project.
  • The Team Leader is a senior representative of the company and as such ensures that risks are minimised, company policies, processes and procedures are adhered to, and the project is compliant with client policies, rules and regulations.
  • The role ensures that project objectives, outcomes and deliverables are met and that financial, operational and reporting requirements of the client are adhered to.

Essential Education and Experience required

  • A postgraduate Degree in Development, Applied Social Sciences, Energy or other related discipline
  • Long-term working experience in Nigeria and in-depth knowledge of the Nigerian oil and gas political economy and stakeholders.
  • A minimum of 10 years of relevant, progressively responsible experience, with specific experience managing large programmes. Experience with donor-funded programmes, especially DFID programmes, will be particularly relevant.
  • Experience working on technical and managerial issues in the oil and gas sector.
  • Proven experience in leading substantial governance, reform, change management and capacity building programmes.
  • A minimum of 6 years of people management experience including setting clear performance objectives, managing for results, giving and receiving feedback, performance evaluation, mentoring and coaching.

Key Competencies and Professional expertise required

  • Successful track record in delivery of complex programs
  • Strong technical track record in reproductive health and health systems strengthening
  • Excellent leadership, representation and organizational skills
  • Strong management and people handling skills
  • Financial acumen and the ability to interpret and analyse financial reports
  • Ability to operate in complex situations
  • Ability to foster successful partnership approaches and relationships among a variety of organizations/institutions
  • Excellent English language communication skills and ability to work collaboratively across technical disciplines
  • Ability to communicate effectively and negotiate persuasively with high level decision makers
  • Results oriented

Application Closing Date
31st January, 2016.

How to Apply
Interested and qualified candidates should APPLY

BUSINESS & ECONOMY JOBS | RusselSmith Group Fresh Graduate & Exp. Job Recruitment (3 Positions)

RusselSmith Group is a company created to service the needs of the global Oil and Gas exploration and production industry utilizing Rope Access Technology as primary means of access.

A career at RusselSmith offers you growth and a chance to make a difference. Throughout our history, we have continued to help our employees realize their dreams, whilst creating opportunities for them to fulfill their personal and professional potential.

We are recruiting to fill the following vacant positions:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

SCIENCE AND TECHNOLOGY JOBS | Commercial Project Managers at Siemens Nigeria

Siemens is an Integrated Technology Company. The business activities of our Energy, Health care, Industry and Infrastructure & Cities Sectors have enabled us to capture leading market and technology positions worldwide. Technological excellence, innovation, quality, reliability and international focus have been our hallmarks for 165 years, making us strong and linking us to our shareholders, employees and customers as a partner of trust.

We are recruiting to fill the position below:

Job Title: Commercial Project Manager

Req ID: 214917
Location: Lagos
Employee: Full time

Job Descriptions

  • Commercial project coordination (e.g. applying for and monitoring bank guarantees, insurance etc.) as well as coordinating the legal, tax and insurance-related topics
  • Observing fiscal, business law and commercial regulations applicable within the company
  • Creating new order, close monitoring of project cost from beginning to the end
  • Preparing timely invoices and monitoring receivables
  • Preparing and executing regular project reporting
  • Participating and preparing project status meetings and milestone reviews
  • Collaborating in the final project report and summarizing any lessons learned, including feedback to the organization
  • Completing all commercial and contractual tasks in time, optimizing project commercial scheduling and costs and in accordance with the relevant quality requirements.
  • Maintain good relationship with customer through excellent communication on all commercial matters
  • Carrying out turnover planning, forecasting, controlling, monitoring and reporting on all or assigned project figures on a monthly base
  • Tender/ Bid preparation, Commercial Terms and Bid negotiations
  • Identifying and financially assessing opportunities and risks, defining and implementing suitable measures for reducing risks or realizing opportunities and taking precautions for remaining risks.
  • Claim and change order management
  • Asset management

Qualifications and Experience

  • First Degree in Accounting / Economics / Business Admin., MBA will be an added advantage
  • Minimum of 5yrs post NYSC

Special Skill:

  • Good knowledge of Finance and project implementation, accounting rules of IFRS and local GAAP, intercultural experience, customer orientation, flexibility, very good communication skills in English language, good knowledge of computer applications (SAP, MS-office).

Application Closing Date
Not Specified.

How to Apply
Interested and qualified candidates should APPLY

28 Ships Laden with Petrol, Good Stuff, Others to Berth in Lagos

Twenty-eight ships laden with petroleum products, food items and other goods are expected to arrive Apapa and Tin-Can Island Ports in Lagos from Jan. 12 to Jan. 31.

The Nigerian Ports Authority (NPA) stated this in its publication – `Shipping Position’,- a copy of which was made available to the News Agency of Nigeria (NAN) on Tuesday in Lagos.

NPA explained that the expected ships contained general cargoes, buck wheat, containers, bulk sugar, steel products, bulk charcoal, bulk rice and petrol. The document noted that 11 other ships had arrived the ports, waiting to berth with petroleum products and fresh fish.

It stated that nine of the ships would berth with petrol, while the two others would berth with fresh fish and bulk gas.

NAN reports that 19 other ships are at the ports discharging buck wheat, general cargoes, bulk sugar, base oil, bulk rice, containers and petrol.

Bayelsa Polls: Timipre Sylva Questions Gov. Seriake Dickson’s Victory

Seriake Dickson Rejects Bayelsa State Lawmakers Pension Bill

Chief Timipre Sylva, the All Progressives Congress (APC) governorship candidate for Bayelsa State, has refuted the victory of Governor Seriake Dickson of the Peoples Democratic Party (PDP) during the just concluded governorship rerun poll in the state .

He also disclosed that the APC has decided to seek redress before the Election Petitions Tribunal.

Sylva, who stated this while addressing journalists yesterday in Yenagoa, said the INEC and the PDP collude to deny him and the APC victory at the poll.

He also said materials were not delivered to certain areas on time, that the election process was being frustrated, PDP made use of  rigging machines amongst other complaints.

Sylva said the INEC violated the law, on the alleged failure by the INEC to declare the rerun poll inconclusive due to the noticeable differences between the number of cancelled votes of 53,000 and the lead secured by Governor Dickson of PDP at 46,000.

NASU, FUTA Chapter Protest Removal of VC

The internal crisis rocking the Federal University of Technology, Akure, FUTA, yesterday took another dimension, as the Non-Academic Staff Union of Universities, FUTA chapter called for immediate removal of the vice chancellor of the university, Professor Adebiyi Daramola.

The association, during a protest that grounded the activities of the institution yesterday alleged that the vice chancellor sacked teachers of the institution’s staff primary school and allegedly employed others without following due process.

The protesters who locked the gate of the school and asked the pupils to go back home, armed with placards with various inscriptions such as “ No to privatisation of federal universities primary schools ,” “No to disengagement ,” “ We say no to appointment of teachers,” “ Don’t kill FUTA Staff School,” “We are federal government workers,” “We say no to re-apply”, “Our children’s future is important”, among others .

Speaking with journalists on the development, The FUTA chairman of NASU, Comrade Adebayo Aladerotohun said that that the Vice Chancellor has an agenda in the sack of the teachers.

Take Advantage of Skill Acquisition Programme.s – NYSC DG Tells Corp Members

Brig-Gen Johnson Olawumi, the Director-General of the NYSC, has called on Corps Members to utilise the Skills Acquisition and Entrepreneurship Development (SAED) Programme initiated by the NYSC Scheme well to enable them become self-reliant after the service year.

Olawumi who gave the advice in his New Year Message to the over 240,000 Corps Members currently undergoing National Service, urged the corps members to develop on the skills they acquired during the SAED training on camp by utilizing their free time to engage in post-camp training.

Olawumi stated that the different skill sets which corps members could choose from include; Agro-Allied, Culture/Tourism, Cosmetology, ICT, Construction, Power/Energy, Food Processing and Preservation, Construction, Environment, Horticulture and Landscaping, Education, Automobile and Film and Photography adding that the Scheme intends to expand the Skill sets during the year.

One Dead in Edo State as Lassa Fever Spreads to 10 States

Lassa Fever

The Lassa fever outbreak ravaging 10 states of the country has claimed its first casualty in Edo State.

The Commissioner for Health in Edo, Dr. Eregie Aihanuwa, who confirmed this during a press conference on Monday, also noted that five persons were hospitalised after showing the symptoms of the deadly disease.

She said three out of the six infected persons were treated and discharged, adding that the deceased victim did not report her sickness early enough.

Aihanuwa noted that the state government had recorded some cases of the viral disease in some local government areas.

Up till now, measures are being put in place to curtail the spread of the deadly disease, everyone who has had contact with infected persons have been directed to report to the designated health centres where they will be isolated and treated, it will take 21 days to detect if one is a carrier or not.

FG, States to Build 800 Mega Filling Stations

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that the Federal Government is partnering states and local governments as well as private investors to build hundreds of petrol stations across the country in a bid to prevent future crisis in the supply of petroleum products across the country.

He also stated that the Department of Petroleum Resources was not doing enough to enforce the new pump price of petrol at filling stations although the agency swiftly stated that its entire staff strength was around 300, while there were over 30,000 filling stations across the country.

The Minister confirmed to journalists at a press conference in Abuja on Monday that the government would also sign joint venture agreements with existing petrol stations in its bid to increase the number of outlets run by the Nigerian National Petroleum Corporation.

#DasukiGate: EFCC Extends Investigations to Former VP, Namadi Sambo

Reports say that the Economic and Financial Crimes Commission is set to extend its ongoing investigation into the $2.1 billion arms procurement scandal to the office of former Vice-President Namadi Sambo.

It was gathered on Monday that the EFCC operatives were looking into the office of the former Vice President because of some transactions that linked the office to that of the former National Security Adviser, Col. Sambo Dasuki (retd.).

There was a report two weeks ago that Destra Investment, a company owned by the National Publicity Secretary of the Peoples Democratic Party, Chief Olisa Metuh, allegedly paid N25 million to a former special assistant to Sambo, Abba Dabo, on December 16, 2014.

The commission is currently investigating N1.4 billion found in the account of Metuh’s company.

Out of the N1.4 billion, N400 million was alleged to have been paid by the Office of the NSA.

Swiss Government to Return $300 Million Stolen Funds to Nigeria

The Minister of Foreign Affairs, Geoffrey Onyeama, that negotiations are ongoing with a number of countries on the modalities for the repatriation of some looted funds stashed abroad, and that the Federal Government had been in touch with Switzerland, which he said, had earlier repatriated $700 million to Nigeria. He noted that another $300 million that was recovered would soon be repatriated to Nigeria.

Speaking in an interview with journalists in Abuja, Onyeama stated that the Federal Government was in discussion with the United Kingdom, the United States, among other foreign governments around the world, on how all stolen funds could be recovered.

He said, “We are in touch with Switzerland; they have recently recovered quite a significant amount of money and I met last week with Swiss representatives to work out the modality for the repatriation of the funds.

“The Swiss government has already repatriated over $700 million from (the late Gen. Sani) Abacha loot and that agreement has been reached on how the money would be applied.

“They have also now recovered in the same context another $300 million of which there is ongoing discussion to have that repatriated as well. There are discussions with other countries; United Kingdom for instance, as you all know, is one of the countries we are discussing with on how to recover looted funds.

The minister explained that the goodwill generated by President Muhammadu Buhari’s visits to the US and other countries had helped in getting various nations to cooperate with Nigeria on the loot recovery drive.

DMO to Issue Up to N390bn Bonds Between January and March

The Debt Management Office says it plans to issue between N260 billion and N390 billion in a five, 10 and 20-year bonds in the first quarter of the year.

The debt office, in its website, on Monday, said it would issue between N40 billion and N60 billion in bonds that would mature in 2020 in January and February respectively.

It says it will also issue about N30 billion of the same tenor bonds in March.
The DMO added that it would also issue between N40 billion and N60 billion bonds that would terminate in 2026 in the first three months of 2016.

According to the DMO, the first N40 billion and N60 billion bonds for 20 years that will terminate in 2036, will be issued in March.

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