Home Blog Page 3058

RETAIL JOBS | Jumia Nigeria Fresh Graduate Recruitment 2016

By
BWN
-

Jumia is the largest e-commerce mall in Africa with over 100,000 unique visitors a day, buying everything from Fashion to Phones. Founded in 2012 in Nigeria, Jumia’s mission is to revolutionize the concept of shopping by providing customers with the best online shopping experience.

Jumia is part of Africa Internet Group, a leading global incubator of start-ups specialized in e-commerce. Africa Internet Group is Africa’s leading internet firm, with already over 3,000 employees in over 20 African countries and huge successes such as Jumia.com, Kaymu.com, Hellofood.com, Lamudi.com, Carmudi.com and Jovago.com. It is led by top talented leaders offering a great mix of local and international talents and is backed by MTN, Millicom, AXA and Rocket Internet.

Africa is one of the fastest growing economies in the world, offering excellent opportunities in a vibrant and booming environment. Its economic growth has enabled innovative businesses to flourish and this is where Africa Internet Group steps in.

We are recruiting to fill the position below:

Job Title: Marketing Project Manager

Location: Nigeria
Job type: Full time
Department: Marketing

Job Descriptions

  • As Project Manager, you will work with the Marketing and Communications team.
  • The role offers excellent opportunities to develop and utilize skills in stakeholder management, project management new business and strategy development, customer relationships management and communications.

Key Responsibilities

  • Manage multiple marketing projects simultaneously to ensure timely, accurate and on budget completion.
  • Maintain a fast-paced work style, multi-tasking and sustaining a high-level of communication. Must be enthusiastic about marketing, interactive, and events and stay current on trends, challenges and opportunities in the e-commerce space in Nigeria.
  • Oversee execution of marketing projects that may include activities across different marketing channels offline, online, onsite, ads campaigns, events and various other marketing projects.
  • Proactively facilitate discussions and meetings, including recurring status meetings as well as campaign kick-off meetings and issue resolution meetings
  • Keep stakeholders informed of changes, problems, and progress on assigned projects (via status reports, issue tracking tools and change/scope management mechanisms.)
  • Strategic thinker who can make effective decisions in order to solve problems.
  • Helps to support and cultivate relationships with external vendors, internal clients: vendor managers, fashion style team, design team and outside suppliers.
  • Strong listener that can communicate well with all levels of the organization while displaying a dynamic, thoughtful and customer service focused personality.
  • Process-driven work style that maintains project workflow, seeks information, approvals, and resources needed to maintain time, budget and content requirements.
  • Ability to self-manage and interact successfully with individuals and teams across functions with the flexibility to adapt to changing objectives as needed.
  • Analyze campaign data and create action plans for new assignments.
  • Review, edit and proofread all assigned projects for accuracy and detail.

Behaviors and Competencies

  • Energy Level: Excels in a fast-paced environment with strict deadlines.
  • Assertiveness: Very comfortable making decisions without procrastination.
  • Sociability: Interacts well with others and places value on teamwork and collaboration.
  • Manageability: Follows established guidelines, accepts feedback and direction.
  • Attitude: Keeps a positive attitude about change, conflict, and challenging relationships.
  • Decisiveness: Does not waver or back down once a decision is made.
  • Independence: Comfortable working with limited supervision.

Requirements & Qualification
To be successful in this role you will have:

  • A background in Business Development, Customer Operations, Project Management, Marketing or Public Relations
  • Excellent relationship building, account management and interpersonal skills
  • Experience developing relevant new initiatives, products and/or projects
  • Strong organizational, research, reporting and analytical skills

Application Closing Date
Not Specified.

How to Apply
Interested and qualified candidates should APPLY

Three Nigerian Airlines Obtain IATA Safety Certification

By
BWN
-

 

Three Nigerian airlines have successfully secured International Air Transport Association, IATA, Operational Safety Audit Certification, known as IOSA.

They are Arik Air, Aero Contractors and FirstNation Airways.

IOSA is international safety standard which is given to an airline by IATA after it has been audited and met the recommended safety standard of the world aviation body and according to statistics, there is less number of air accidents involving airlines with IOSA certification compared to others without the certification.

This agreement is known as Abuja Declaration because the Ministers of Transport of various countries met at the Nigeria’s Federal Capital to endorse this agreement, but since then not many airlines operating in the region have met this given criterion.

IATA has however initiated a programme to assist airlines from the continent to meet the safety standard that will enable them comply with the safety requirements for IOSA certification.

Some other Nigerian airlines at the verge of attaining IOSA certification include Allied Air and Cargo services, Overland Airways and Dana Air, while Air Peace, which is a new airline has done its last workshop but is about to be audited.

This disclosure was made when IATA team led by the newly appointed Regional Director for Africa, Tanja Grobotek, paid familiarization visit to the Director General of the Nigerian Civil Aviation Authority (NCAA) Capt. Muhtar Usman, at the authority’s headquarters in Lagos at the weekend.

Grobotek, during the meeting, vehemently condemned Consumer Protection Council’s (CPC) incursion into aviation regulatory responsibilities of the NCAA with reference to the recent issue of passengers’ complaint with Turkish Airlines.

She promised that IATA would take up the matter with the Minister of State for Aviation for proper delineation of the agency’s roles to avoid a breach of aviation protocols in Nigeria saying, ‘’a situation whereby our member airlines that are by international conventions answerable to NCAA are now being questioned by another body in Nigeria is confusing and need to be addressed.’’

 

Power Supply Dips to 2,665MegaWatts Due to Explosions, Gas Constraint

By
BWN
-

 

The nation’s power generation has dropped to 2,665MW due to explosions at transmission lines in the Lagos area and Jebba.

Following this development, the Transmission Company of Nigeria, TCN, has directed the 11 distribution companies (Discos) nationwide “not to pick loads to avoid a system collapse.”

Data obtained from a source at TCN on the “Daily Load Analysis and Day Ahead Consumption” for yesterday showed that between 1 am and 6 am on Saturday, generation fell to 2,500MW.

However, between 6 am and 11.59 pm, the hourly dispatch to the Discos rose to 2,721.20MW, thus averaging 2,665.90MW for the whole day.

The chief executive of one of the Discos, who did not want to be named, told THISDAY yesterday that with the abysmally low level of generation, TCN directed the Discos not to pick loads to forestall a system collapse.

“When generation is very low like this, TCN tries to stabilise it and the only way to stabilise it is to balance the load. Right now, we can’t pick any load, otherwise there will be a system collapse,” he said.

TCN had at the beginning of this month announced for the first time that the country generated about 5,074.7MW of electricity.

The attainment of the new record peak generation as well as the highest maximum daily energy of 109,372 megawatts hour (MWH) was recorded on February 2, 2016.

 

“NFF to Hire Foreign Coach for Super Eagles” – Pinnick

By
BWN
-

 

The Nigeria Football Federation, NFF, has resolved to looking international for a substantive coach of the Super Eagles, who resigned on Friday morning.

Although Samson Siasia was appointed as interim coach, President of the NFF, Amaju Melvin Pinnick, who fielded questions at the colloquium organised as part of the 18th Annual Africa Business Conference of the Harvard Business School, Boston, Massachusetts, United States, said at the weekend that the federation had reached the “last bus stop” in keeping faith with local coaches.

 

According to hotsports.tv, the federation has decided to search for a quality European coach to take charge of the senior national team.

Another ex-international whom Keshi took over from in 2011, Samson Siasia, is the current caretaker manager for Nigeria’s make or mar AFCON 2017 clash with Egypt next month.

“After this Sunday Oliseh debacle, we have definitely turned the corner. We are now going to start shopping for a well grounded and qualified foreign coach to tinker the team. Enough is enough,” declared Pinnick at the Harvard colloquium.
The NFF supremo insisted that there was a world of difference between a good coach and a good manager.

“What we have learnt is that there is a world of difference between being a good coach and being a good manager,” he said with ample emphasis as he fielded questions from a captivated audience who had been enthralled by Pinnick’s contribution as the lead panelist at the colloquium.

Pinnick however did not reveal the identity of who was in the radar of the NFF at the Harvard confab.

The NFF president, who was in company with the Permanent Secretary in the Federal Ministry of Youth and Sports, Mr. Chinyeaka Christian Ohaa, served as a distinguished panelist for the paper, Football in Africa. Foremost sports marketer/promoter and Chairman of Hotsports Media Group, Mr. Taye Ige, was also at the conference.

 

Strong Bullish Momentum Lifts NSE Index by 0.77%

By
BWN
-

Trading activities on the floor of the Nigerian Stock Exchange, NSE, ended the week on a positive note as the All Share Index leaped by 0.77% to close at 24,228.79 points. Week-on-week, the Index depreciated by 0.83%. Year-to-date (YTD), it depreciated by 15.41%.

Similarly, the Market Capitalization rose by 0.77% to close at N8.34trn, compared with the appreciation of 0.67% recorded yesterday to close at N8.27trn.

The appreciation recorded in the share prices of FBN Holdings, Zenith Bank, Dangote Cement, Nigerian Breweries, and UBA were mainly responsible for the gain recorded in the Index.

The total value of stocks traded on the floors of The NSE today was N1.73bn, up by 11.79% from N1.54bn traded yesterday. The total volume of stocks traded was 280.39mn in 2,771 deals.

The three most actively traded stocks were: Access Bank (47.79mn), FCMB (40.70mn) and WAPIC Insurance (38.76mn). The most actively traded sectors were: Financial Services (260.67mn), Oil and Gas (5.25mn) and Consumer Goods (5.20mn).

Stock Market Investors’ Networth Hits N111billion In February

By
BWN
-
Despite the fluctuations in the Nigerian stock market, investors’ net worth jumped to N111 billion in February in contrast to the N1.6 trillion lost in the month of January.

Specifically, the market capitalization, which represents the total value of shares traded on the Nigerian Stock Exchange (NSE), as at February 26, 2016, closed at N8.336 trillion as against the N8.225 trillion at which it opened for the month.

Reviewing the NSE classified sectors for the month showed that the Oil & Gas index topped the gainers’ chart with a significant growth of 19.08 per cent increase, while the Industrial Goods, NSE Premium, NSE-30, NSE-ASEM indices added 4.28 per cent, 2.18 per cent, 1.15 per cent, and 0.24 per cent respectively.

On the other hand, the Banking Index went down by 4.17 per cent, Insurance decline by 3.88 per cent, Consumer Goods depreciated by 2.26 per cent, and Pension Index shed 2.45 per cent.

Market analysts at the beginning of the month predicted growth which will be driven by investors’ reaction to corporate earnings releases but the number of companies that turn in their result were low and performances were below investors expectation on account of the challenging business environment.

For the month under review, the absence of fundamental fiscal and monetary policy directions, coupled with volatility in macroeconomic indices, weakened investors’ sentiment towards equities market and reduced the gains expected for the month.

However, analysts said that the recent news on the increase in international crude oil prices amid sustained decrease in crude oil production in the United States as well as ongoing efforts by OPEC producers and Russia to place a cap on their respective crude oil exports is good news for the Nigerian economy.

They also noted that market performance in March will be driven by investors’ reaction to corporate earnings releases.

 

“Organized Private Sector Lost N1.46trillion in 6 Months to Forex Scarcity” – KADCCIMA

By
BWN
-

The Kaduna Chamber of Commerce, Industry, Mines and Agriculture, KADCCIMA, on Sunday, February 28, said investors in various sectors of the economy were weighing the negative impact of the scarcity of foreign exchange on their businesses.

The Chamber noted that within six months, members of the Organized Private Sector lost about N1.46 trillion.

This is coming a day after the Federal Government restated its commitment to stabilize the country’s currency against the dollar.

Disclosing information on the N1.46 trillion loss at the ongoing Kaduna International Trade Fair, the President of KADCCIMA, Abdul-Alimi Bello, said the loss was occasioned by stalled business activities due to inadequate supply of foreign exchange as a result of Federal Government’s policy on foreign exchange restriction.

He said: “We are concerned about the inclusion of essential raw materials, which are not available locally and do not have local substitutes, in the list of items not valid for forex because of the dire consequences of factory closures and attendant unemployment that would result.”

“Our view is that such items can be included only after allowing investors ample time to backward integrate and generate these items locally. To avoid the risk of industrial closures, we plead that policy should be revisited,” he said.

 

Commercial Banks To Return Excess Charges On N50 Stamp Duty

By
BWN
-

Investigations have revealed that Nigerian Banks may have to make refunds for some of the charges as the guideline, and modalities for the N50 stamp duty is yet to be finalized and is still under deliberations by a coalition of government agencies, including NIPOST.

A Central Bank of Nigeria, CBN, official revealed that banks would be made to refund the excess charges once the modalities of the charges has ben finalized and released.

Banks had begun charging the N50 stamp duty on inward coming transactions of current bank accounts that is above N1,000 since January when the CBN gave the directive.

Findings by Leadership revealed that some banks had charged the stamp duty on some accounts that were not current while some others had deducted the duty charge when there was no transaction on the accounts charged.

Meanwhile, the external reserves of the country, which in recent times have consistently been depleting, began a slow increasing trend last week. The reserves which had dipped to $27.789 billion on February 18, jumped gradually last week to stand at $27.807 billion as at February 25, 2015, according to the latest data on the website of the Central Bank of Nigeria.

This followed increase in international crude oil price amid sustained decrease in crude oil production in the United States as well as ongoing efforts by the OPEC producers and Russia to place a cap on their respective crude oil exports.

Also the value of the naira which had been very volatile last week closed at N315 to the dollar at the parallel market. The naira which had risen to N250 to the dollar quickly dropped in value to N350 at the close of business on Thursday due to speculators’ demand before appreciating on Friday.

“Oil Price Will Soon Rise to $50 Per Barrel” – Kachikwu

By
BWN
-
Minister of Petroleum Resources,  Ibe Kachikwu, has stated that the days of $50 per barrel of oil is ahead despite the recent disagreements among members of the Organization of Petroleum Exporting Countries, OPEC.

Kachikwu also said he was unrelentless in his push for the production freeze consensus.

He told media outfit, CNBC, that he was hopeful that OPEC members would be able to come to an agreement to freeze oil production as a way to combat the low oil price.

“The minister for energy in Qatar and the president of OPEC is leading that pact and there is a lot of conversation going on and there’s a lot of consensus building on the issue of the freeze,” Kachikwu said in an interview with CNBC’s Fast Money.

“Saudi Arabia and Russia are aligned on the issue of a freeze, so I think the chances are very high.”

Kachikwu, who expressed his belief that movements towards a freeze represent a big step in the right direction, told CNBC he remained confident of his plan to work with OPEC members, adding that “the Saudi’s are quite frankly in the forefront of pushing the freeze issue.”

He explained that a potential output freeze among OPEC members has made him bullish when it comes to oil prices in 2016, adding that he expects crude prices to take a major jump by the end of the year.

“I am certainly hoping for prices in the range of $45 to $50. I’m hoping a consensus can be built and that parties can begin to work together across the board, not just OPEC members, but also non-OPEC members,which is what the gulf states and most of us have pushed for. With that, you’ll begin to see movement upwards in those prices,” Kachikwu stated.

 

Nigeria, Qatar Sign Deal On Air Service, Taxation

By
BWN
-

Nigeria and the State of Qatar in Doha, on Sunday, February 28, signed Bilateral Air Services Agreement (BASA) to pave the way for direct flights between major cities of both countries.

This is contained in a statement issued by the special adviser, media, to President Buhari, Femi Adesina.

Both countries also signed an agreement to avoid double taxation and tax evasion on the sidelines of President Muhammadu Buhari’s state visit to Qatar.

The Minister of State for Aviation, Senator Hadi Sirika, representing President Muhammadu Buhari, signed the air services agreement on behalf of the country while Qatar’s Minister of Transportation and Communications, Jassim Bin Saif Alsulaiti, signed on behalf the Emir of Qatar, Sheikh Tamim Bin Hammad Al-Thani.

The agreement which was signed in the presence of both leaders is expected to operate on the principle of reciprocity by the designated airlines on behalf of the countries.

 

Stock Market Investors Lose N67billion as Sell-offs Continue

By
BWN
-

Investors on the Nigerian Stock Market lost N67 billion as trading activities in the equity segment lingered in the Red Zone last week.

The bourse slid by 0.83 per cent week on week amid rising volume. The market breath closed in favor of the bears as more equities closed in red in all but the second and last trading sessions of the week.

Transaction level by volume and value both improved by 272 per cent and 22 per cent respectively in contrast to last week’s closing levels.

In the week under review, a total of 4.47 billion shares valued at N11.74 billion were exchanged in 13,755 number of deals compared to 1.20 billion shares valued at N9.64 billion exchanged in 13,337 deals recorded in the previous trading week.

Many analysts believed that the recent equities performance is reflective of the varied impact of the weak domestic macro backdrop on domestic asset classes.

During the week investors traded cautiously as macro risk events remain on the horizon.

Analysts at United Capital Plc expect equities to continue to oscillate between gains and losses in line with recent patterns. They said, the pull from attractive dividends should drive some pockets of demand ahead of the earnings season.

Day by day trading shows that equities commence the week in red as market capitalization decreased by N4 billion to N8.399 trillion.

 

FG Delists 23,846 Ghost Workers From Payroll

By
BWN
-

 

The Federal Ministry of Finance on Sunday, February 29, stated that no fewer than 23,846 ghost workers names have been removed from the Federal Government payroll.

As a result of this, the wage bill has reduced by N2.293 billion monthly,

A Federal Ministry of Finance statement said: “this figure represents a percentage of the number of non-existent workers who had hitherto been receiving salary from various ministries, departments and agencies”.

The BVN audit has also reduced the list of military pensioners by 19,203. “The Military Pension Board has revised the amount payable for its due pension contributions on a monthly basis by N575million, following its annual verification exercise for military retirees.

“This reduced the number of pensioners by 19,203 as a result of deaths since the last verification exercise in 2012,” the statement by Festus Akanbi, the spokesman for Finance Minister Mrs Kemi Adeosun, said.

The statement added that further investigation of other suspected cases will continue in conjunction with the Economic and Financial Crimes Commission (EFCC).

The removal of non- existent workers from federal payroll and the attendant savings on salaries was made possible “because of the ongoing BVN-based staff audit and enrolment to the Integrated Payroll and Personnel Information System (IPPIS)”, the statement added

The Federal Government is also making efforts to recover “salary balances in bank accounts as well as any pension contributions in respect of the deleted workers. This involves active collaboration with the concerned banks and the National Pension Commission (Pencom).”

The Federal Government, the ministry said, is determined to continue the verification programme on a regular periodic basis in its efforts to reduce personnel cost.

Since personnel costs represent over 40 per cent of total government expenditure, the Federal Government has vowed to continue to strengthen its payroll controls.

“It plans to undertake periodic checks and to utilise Computer Assisted Audit Techniques under its new Continuous Audit Programme. This will ensure that all payments are accurate and valid. Requirements for new entrants joining the Federal Civil Service have also been enhanced to prevent the introduction of fictitious employees in future” the statement said.

 

NCC Slams N34million Fine on Glo, MTN Over Mobile Number Portability Infraction

By
BWN
-

The Nigeria Communications Commission, NCC, has imposed a N4million fine on MTN Nigeria and Globacom Ltd for breach of the Mobile Number Portability business rules and regulations.

The NCC dsiclosed this known in its “2015 Q4 Compliance Monitoring and Enforcement Reports’’ obtained by the News Agency of Nigeria yesterday in Lagos.

The telecoms regulator said Globacom was fined N22 million, while MTN was fined N12 million.

In the “2015 Q3 Compliance Monitoring and Enforcement Reports’’, NCC resolved to monitor and sanction violations of MNP process time obligations and pledged “to address increasing cases of port request rejections’’.

The commission said a series of compliance checks were carried out regarding timer violations by donor operators with respect to “validation and deactivation responses’’, which had timelines of two hours and one hour.

According to the Q3 report, there is a timer deactivation violation by MTN, regarding a Corporate Port request of over 109 lines belonging to Nigerian Breweries Plc.

“The company initiated a corporate port out request from MTN to Glo via lead Mobile Station International Subscriber Directory Number (MSISDN): 07036735494 on August 11, 2015 at 1.20 p.m. but was partially completed as at 11.22 am. on August 14, 2015.”

 

Oando Shareholders Approve OER Buy-out Offer

By
BWN
-

Shareholders of Oando Energy Resources, OER, Inc- the Toronto Stock Exchange (TSX)-listed exploration and production subsidiary of Oando Plc, have approved the proposal by Oando Plc to buy out the outstanding minority shareholdings in the exploration and production subsidiary.

OER announced over the weekend that at a special meeting on February 25, 2016 in Vancouver, British Columbia, a total of 550.46 million votes were cast by shareholders, representing 69.15 per cent of the total issued and outstanding common shares. A 100 per cent of the votes cast were voted in favour of the resolution.

However, the plan of arrangement remains subject to the final approval of the Supreme Court of British Columbia and subject to satisfaction or waiver of various other conditions specified in OER’s management information circular dated January 19, 2016. The parties have agreed to extend the outside date to March 25, 2016.

As part of the transaction, OER has notified the TSX and applied for the delisting of the common shares upon completion of the arrangement. In addition, in accordance with Section 720 of the TSX Company Manual, the company has applied to voluntarily delist the common share purchase warrants it issued from the facilities of the TSX upon completion of the arrangement.

An exemption from the requirement for security holder approval of such delisting is available pursuant Section 604(f) of the TSX Company Manual because Oando Plc holds more than 90 per cent of the common shares.

However, the completion of the transaction, including the delisting of the common shares and warrants from the facilities of the TSX, will be subject to, among other things, approval by the syndicate of lenders in OER’s $450 million senior secured facility.

Oando had entered into a definitive agreement with OER to sell the outstanding minority shareholdings in the OER to another wholly-owned foreign-based subsidiary, Oando E&P Holdings Limited.

Oando E&P Holdings Limited will also subsequently take over shares held by Oando Plc and other institutional shareholders in OER, making OER a wholly-owned subsidiary of the Oando E&P Holdings Limited, a private company incorporated under the laws of the Province of British Columbia as a wholly-owned subsidiary of Oando Plc.

Earlier regulatory filing at the Nigerian Stock Exchange (NSE) indicated that Oando E & P Holdings Limited would acquire all the outstanding minority shares under a plan of arrangement for a cash consideration of $1.20 per share.

Oando holds, either directly or indirectly, 746,107,838 of the common shares of OER, representing approximately 93.7 per cent of the issued and outstanding common shares. Pursuant to the plan of arrangement, Oando E & P Holdings Limited will acquire all of the common shares that are held either directly or indirectly by the institutional shareholders and Oando.

In consideration for such transfer, Oando and the institutional shareholders shall receive such number of shares of Oando E & P Holdings Limited as reflects the number of their contributed common shares for the purposes of completing the transactions contemplated by the plan of arrangement. The referenced institutional shareholders are M1 Petroleum Ltd, West African Investment Ltd and Southern Star Shipping Company Inc.

The consideration represents a 177.2 per cent premium to the 20-day volume weighted average price of OER’s common shares on the Toronto Stock Exchange for the period ending December 21, 2015, using the Bank of Canada US$ to CDN$ closing exchange rate of 1.3965 on December 21, 2015. The transaction provides total consideration to holders of minority shares of approximately US$13.7 million and implies an equity value for the company of approximately US$955.3 million.

Universal Insurance Releases N300million Claims

By
BWN
-
Universal Insurance Plc paid over N300 million claims in the past three years, the Managing Director, Ben Ujoatuonu has revealed.

Ujoatuonu, who made this known when the firm hosted insurance brokers in Lagos, said the firm has been consistent in paying claims and would continue to meet its claims responsibilities.

He also said the firm has been transformed and is set to be amongst top ten insurance firms in the country.

He said: “Part of the transformation going on in the firm is leveraging on electronic platforms to deepen its operations. The firm would soon engage more hands to drive its operations, even as plans are in top gear to open more branches.

“The firm has paid over N300 million claims in the past three years and has continued to make profits within the same period. We intend to further boost insurance penetration by ensuring that appropriate insurance products are made available to meet the needs of the insuring public.”

He hailed brokers’ support to the firm and pledged to enhance the relationship.

 

FG Extends Port Concession Agreements With Terminal Operators

By
BWN
-

The Federal Government has extended its concession agreements with some of the terminal operators due to their improved level of investments.

It was learnt that one of the affected concessionaires, is at Tin-Can Island Port, Apapa, Lagos.

The Managing Director, Nigerian Ports Authority, NPA, Habib Abdullahi confirmed the extension granted some of the terminal operators.

Abdulalahi, who spoke while receiving the Director-General, Infrastructure Concession and Regulatory Commission (ICRC), Aminu Diko in his office, last week did not name the beneficiary firms

He, however, praised the Commission for being alive to its responsibility, saying he would give it the opportunity to get first-hand information on the challenges of port concession and listen to observations from concessionaires.
While assuring the ICRC of cooperation, he directed the Monitoring and Compliance Division of NPA to submit a copy of its quarterly reports to the ICRC.

Abdullahi announced that a Public-Private-Partnership department would be established in NPA to cater for investors’ interests at the seaports.

CBN Targets N200 Per dollar At Parallel Market

By
BWN
-
Naira unaffected by Trump’s victory

The Central Bank of Nigeria, CBN, is aiming at getting the naira to N200 per dollar exchange at the parallel market.

The naira, which traded at N330 to dollar in the parallel market on Friday, is expected to surge speedily, as the impact of the CBN’s measures to stabilize the currency volatility in the parallel market begin to materialize.

President, Association of Bureau De Change Operators of Nigeria, ABCON, said the N330 rate in the parallel market is an improvement from last week’s rate when the naira exchanged for N391 to dollar.

According to a top source in the apex Bank: “The aim of CBN is to ensure that the divergence between the official and parallel rate does not exceed N3, so we are looking at a parallel market rate of N200/$ because the downward trend in the pressure on the naira will be sustained.”

“The CBN has the capacity to sustain the downward pressure and will deploy further currency management initiatives, while capitalising on fiscal policies of the federal government to remain in support of non-devaluation of the Naira. The current stand of the federal government on Nigeria’s legal tender is Non-Devaluation.”

“It will be unwise for anybody to be hoarding dollars because we can assure you that naira appreciation is going to trend upwards going forward.”

LADOL Partners With Samsung Heavy Industries for Ship Building

By
BWN
-
The Oceanex Connaigra, launch from the Shipbuilding Hall at Flensburger Shipyard. (CNW Group/OCEANEX INC.)
Lagos based Deep Offshore Logistics, LADOL and Samsung Heavy Industries have kicked off full fabrication and construction of ships in Nigeria.
The joint venture agreement between the two companies saw them investing a whopping $400 million, about N8 billion, in a vessel fabrication and integration yard in Nigeria.

It also has plans to inject another $200 million in the yard in the next few months.

LADOL Managing Director, Amy Jadesimi, who disclosed these while conducting officials of the Nigerian Customs Service on a facility tour, noted that though LADOL went into local fabrication of Floating Production Storage and Offloading (FPSO) integration and conversion in 2015, it has gone into ship building after the joint agreement it had with Samsung Heavy Industry.

She said with this, shipping companies now have the opportunity of having their vessels built completely in Nigeria and will not have to ship them from parts to Europe and America.

Naira Slides Against Dollar At Parallel Market after Impressive Rally

By
BWN
-

The Naira closed the week in an abysmal performance against the dollar at the parallel market closing at N320 on Friday, February 26.

The Naira lost N10 to a dollar from N310 exchanged on Thursday.

At the official market, the Nigerian currency closed at N197 to the dollar.

However, the Naira to the Pounds in the same market traded at N435 as against the N450 traded a day before.

The Naira gained N15 to the Pounds.

It also leaped by N10 against the Euro, exchanging at N360 from the N370 sold on Thursday.

Traders in the parallel market were optimistic that the Naira would gain further by next week. (NAN)

“Oliseh’s Resignation A Shock to NFF” – Spokesman

By
BWN
-

 

An Assistant Director of Communications in the Nigeria Football Federation, NFF, Ademola Olajire, on Saturday, February 27, said that the resignation of the Super Eagles Coach, Sunday Oliseh, was a shock to the body.
Following Oliseh’s resignation, the NFF announced the former coach of the Super Eagles Samson Siasia as interim manager in his place.
Olajire, told NAN on telephone that the impression Oliseh gave in the course of the week was that he was preparing for the next match against Egypt.
“His resignation was a surprise. There is no way we could have known, and he gave us little premonition about his resignation; we did not see it coming.
“All through the week, Oliseh kept on talking about meeting the Super Eagles players in Europe and assessing their form and all sorts; that is all we got from him. “After his You Tube error, he called everybody, including the NFF and apologised for the misbehaviour and promised it will never happen again.”
“Now that Oliseh has resigned it was a surprise to us, but to bridge the gap, Siasia has been appointed to take charge with Amunike assisting him,’’ he said.
1...3,0573,0583,059...3,136Page 3,058 of 3,136

Recent Posts