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Nigeria Backs Move To End Nuclear Terrorism

By
BWN
-

Nigeria’s President Muhammadu Buhari has reaffirmed the nation’s support for movement against nuclear terrorism and all other forms of terrorism.

President Buhari at the just concluded 4th Nuclear Summit held in United States, said it was in the nation’s interest to support the global fight against the menace, having experienced the deadly activities of terrorists.

He pledged the country’s continued support to all multilateral efforts aimed at promoting a common approach and commitment to nuclear security at the highest level.

He said, “Nigeria accords high priority to all global efforts towards ending the proliferation of weapons of mass destruction and their means of delivery, including nuclear weapons.”

The President declared that, “Nuclear terrorism is one of the greatest threats to international security and preventing nuclear terrorism and all forms of terrorism around the globe is of concern to all of us.”

”To this end, Nigeria has strengthened the legal framework for fighting terrorism through the adoption in 2013 of an amendment to its Terrorism (Prevention) Act, ensuring the implementation of more robust counter-terrorism measures in the country,” he added.

He disclosed that to enhance nuclear security, Nigeria reinforced its cooperation with the International Atomic Energy Agency (IAEA), U.S. Department of State’s Partnership for Nuclear Security and the World Institute for Nuclear Security.

POWER & ENERGY JOBS | Amaiden Energy Nigeria Limited Fresh Job Recruitment (5 Positions)

By
BWN
-

Amaiden Energy Nigeria Limited (formerly Moody International Nigeria Limited) was established in 1996 as a partnership between Moody International Group and Nigerian investors. Since commencing operations in March 1997 the company continues to grow and exerts its presence in numerous Projects in the Nigeria Oil and Gas Industry.

We are recruiting to fill the following positions below:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

REAL ESTATE & CONSTRUCTION JOBS | Entry-level Business Development Officers at Adron Homes and Properties Limited

By
BWN
-
Adron Homes and properties is a leading Pan African Real Estate development company that provides the highest number of decent, accesisible, comfortable housing while achieving global housing standards. Our basic role at Adron Homes & Properties Limited is to secure suitable house for everyone, irrespective of social class, income level and all else. The world is a developing arena with continuous growth in population and it has become increasingly essential to devise very effective means of accommodation.

We are recruiting to fill the position of:

Job Title: Business Development Officer

Location: Lagos

Responsibilities

  • Identifies business opportunities by identifying prospects researching and analyzing sales options.
  • Sells products by establishing contact and developing relationships with prospects.
  • Maintains relationships with clients by providing support, information, and guidance; researching and recommending new opportunities; recommending profit and service improvements.
  • Identifies product improvements or new products by remaining current on industry trends, market activities, and competitors.
  • Contributes to team effort by accomplishing related results as needed.
  • Meeting Sales Goals, Creativity and Sales Planning.

Requirements

  • Candidate must have a minimum of OND in a related discipline
  • 1-3 years experience.
  • Candidate must be outspoken and able to communicate effectively.
  • Canditate should preferably live within Lekki Ajah and L/Island axis.

Application Closing Date
Not Specified.

Method of Application
Interested and qualified candidates should send their Application letter and CV’s to:Island3@adronhomesproperties.com

IT/TELECOMS JOBS | Software Developer – Experienced at Appzone Limited

By
BWN
-

AppZone is Africa’s leading provider of Integrated Banking and Payment software platforms and incidentally creator of BankOne; the world’s leading cloud infrastructure for Banking and Payment processing targeted at Small and Medium financial Institutions.

Our Mission is to provide technology that empowers people with unlimited access to quality financial services.

We are recruiting to fill the position below:

Job Title: Software Developer – Experienced

Location: Lagos
Job type: Full time

Job Description

  • Modelling, Design, Implementation/Development of Software Products and Solutions with a Software Development Team.
  • Articulation of Deployment Procedure Documents.
  • Deployment & Integration of Developed or Packaged Solutions in Production Environments or Live Service Systems.
  • Provision of Technical Support (bug fixing, functional extensions or documentation) for deployed Solutions.
  • Develop, test, debug, implement and maintain applications for documentation and meetings management.
  • Develop, test, debug, implement and maintain applications using the standard Web-based and client server development frameworks and technologies ASP.NET, C#, C++, MS SQL Server.
  • Develop, test, debug and implement applications using standard development methodology and tools Scrum, Agile, TFS.
  • Develop applications with optimized code within the .NET framework using ORM tools such as NHibernate to carry out database transactions efficiently.
  • Carry out all required testing and quality assurance and ensure that deliverables meet software requirements based on agreed timeframes and milestones.
  • Provide assistance, training to the end users and write comprehensive technical documentation using the standard tools TFS and ensure that the application code is described clearly.

Qualification and Requirements

  • Minimum of B.Sc/HND in computer science, computer engineering or any other related field.
  • At least 3 years related work experience.
  • Must possess the ability to use ASP.NET, C#, C++, MS SQL Server.
  • Must have a passion for the Information Technology Industry.
  • Must possess the ability to learn with speed and ease.

Application Closing Date
25th April, 2016.

How to Apply
Interested and qualified candidates should send their Application letter and CV’s to:careers@appzonegroup.com

POLITICS & GOVERNMENT JOBS | Information Specialists at the U.S. Consulate

By
BWN
-

The U.S. Consulate in Lagos is seeking to employ suitable and qualified candidate for the position in the Public Affairs Section (PAS):

Job Title: Information Specialist, FSN-11/FP-04*

Location: Lagos
Work Hours: Full-Time; 40 hours/week

Basic Function of the Position

  • The incumbent serves as principal media advisor/liaison to U.S. Mission Nigeria on the electronic media within seventeen states that comprise the consular district of the U.S. Consulate General Lagos.
  • This position advises Mission management on appropriate reactions/responses to media stories and is always available to coordinate urgent press matters.
  • S/he coordinates placement of U.S. Mission Nigeria and Department of State media products with electronic media in the district.
  • Serves as point of contact for and manager of electronic media interviews conducted with U.S. Mission personnel and organizes training for journalists within the consulate district.

Position Requirements
Note: All applicants Must address each required qualification listed below with specific information supporting each item. Failure to do so may result in a determination that the applicant is not qualified.

  • University degree in Mass Communication, Political Science, Liberal Arts or Broadcast Communication is required.
  • Minimum of three (3) years progressively responsible experience as producer or program manager in radio and television is required.
  • Level IV (Fluent) Speaking /Reading/Writing in English is required. Language proficiency will be tested. Level IV (Fluent) in either Yoruba or Igbo is required.
  • Must have thorough knowledge of the bilateral relationships and public diplomacy themes.
  • Knowledge of current development in the media sector, including social networking and various messaging system is required.
  • Ability to type, draft, edit, supervise and communicate effectively is required.

Hiring Preference Selection Process
When qualified, applicants in the following hiring preference categories are extended a hiring preference in the order listed below. Therefore, it is essential that these applicants accurately describe their status on the application. Failure to do so may result in a determination that the applicant is not eligible for a hiring preference.

Additional Selection Criteria

  • Management will consider nepotism/conflict of interest, budget, and residency status in determining successful candidacy.
  • Current employees serving a probationary period are not eligible to apply.
  • Current Ordinarily Resident employees with an Overall Summary Rating of Needs Improvement or Unsatisfactory on their most recent Employee Performance Report are not eligible to apply.
  • Currently employed U.S. Citizen EFMs who hold a Family Member Appointment (FMA) are ineligible to apply for advertised positions within the first 90 calendar days of their employment.
  • Currently employed NORs hired under a Personal Services Agreement (PSA) are ineligible to apply for advertised positions within the first 90 calendar days of their employment unless currently hired into a position with a When Actually Employed (WAE) work schedule.
  • Candidates who are EFMs, USEFMs, AEFMs, or MOHs must have at least one year remaining on their sponsor’s tour of duty to be considered eligible to apply for this position.

Salary
Or Ordinarily Resident (OR) – N10,948,692 p.a. (Starting basic salary) Position Grade: FSN-11
In addition to the basic salary, all allowances will be paid in accordance with the Mission Local Compensation Plan.
Nor – Not-Ordinarily Resident – AEFM – US$63,632 p.a. EFM/MOH – US$54,610 (Starting Salary) p.a. Position Grade: FP-04*

Application Closing Date
18th April, 2016

How To Apply
Interested applicants for this position MUST submit the following, or the application will not be considered:

  • Application for US Federal Employment (DS-174); or a current resume or curriculum vitae that provides the same information as a DS-174; plus,
  • Candidates who claim U.S. Veterans preference must provide a copy of their Form DD-214 with their application.
  • Any other documentation such as degrees or diplomas earned and NYSC Certificates/exemptions or awards.
  • A type-written and signed application letter specifically applying for this position, and addressing the minimum requirements as advertised. Please reference the job title and announcement number on the application letter.
  • Limit all electronic (e-mail) submissions to one entry/e-mail not larger than 5MB.
  • Please submit attachments in PDF and Word formats, not pictures.
  • E-mails received without the appropriate subject line and incomplete applications will not be considered.

Submit Application to: abujahr@usaid.gov

Point of Contact: Tel: 09-461-400009-461-4000 Ext 4261

Click here to download Application Form for Employment as a Locally Employed Staff or Family Member (DS-174) (PDF 1.78 MB)

Click here to download the Instructions for Completing DS-174 (PDF 2.40 MB)

Note:

  • Mailed (paper/hard copies) applications will NOT be accepted.
  • All not ordinarily resident applicants must have the required work and residency permits to be eligible for Consideration. A U.S. Citizen EFM does not have to be residing in country to be considered, but the sponsoring officer under chief of mission (com) authority does have to Be assigned officially to post.

NSE Index Sheds 0.62% as Equities Trading Swings South

By
BWN
-

Transactions on the Nigerian Stock Exchange, NSE, closed on a bearish note on Monday, April 4, as the All-Share Index and Market Capitalization depreciated by 0.62% to close the day at 25,349.07 points and N8.72 trillion respectively, compared to the gain of 0.8% achieved on Friday to close at 25,507.09 points and N8.8 trillion respectively.

Also, a total of 242.69 million shares worth N1.65 billion were traded in 3,213 deals by investors on the floor of The Exchange in contrast to a total of 211.3 million shares valued at N1 billion that exchanged hands last Friday in 2,377 deals.

Trading in the Top Three Equities according to volume on Monday, were FCMB Group Plc, which sold 48.4 million shares worth N45.02 million, Fidelity Bank Plc accounted for 28.3 million shares worth N37.3 million, while Guaranty Trust Bank Plc exchanged 24.97 million shares amounting to N353.3 million.

Nestle Nigeria Plc topped the day’s price losers, declining N10 to close at N690 per share, while Nigerian Breweries Plc followed, dropping N3.78 to close at N102.61 per share as Ashaka Cement Plc lost N2.22 to close at N20.58 per share. WAPCO Plc and Okomuoil Plc also fell by N1.51 and N1.49 respectively to close at N75 and N28.36 respectively.

On the other hand, Seplat Petroleum Plc led the day’s price gainers as it added N6.05 to close at N306.05 per share, whereas Total Oil Plc gained N3.78 to close at N157.6 per share. Dangote Cement also advanced by N1 to close at N172 per share while Custodian and Allied Plc. (CUSTODYINS) and Etranzact Plc increased by 18 kobo and 13 kobo each to close at N3.9 and N2.8 per share, respectively.

Nigeria’s Aviation Industry Scores 96% in ICAO Security Audit

By
BWN
-
FEC Approves ₦10bn For Aviation Projects

Nigeria scored 96 percent in Security Audit in the just concluded Universal Safety Oversight Audit Programme, USOAP, conducted by officials of the International Civil Organization, ICAO, on the country’s aviation industry.

The president of the ICAO Council, Bernard Aliu, who made this known at a dinner in Abuja Monday night, April 4, said the Safety Audit score would be ready in less than 90 days. He said the ICAO was willing to support Nigeria to improve in areas she didn’t done well.

Aliu also said the Nigerian college of Aviation Technology (NCAT) would be repositioned as a West African aviation training centre.

“In the area of capacity building, we are working hard. We are working with the aviation college in Zaria to translate it into a regional training centre with ICAO seal as a regional training centre of excellence. I am hopeful that it will be achieved,” he said.

 

African Oil Producers Map Out Survival Options Amid Dwindling Oil Prices

By
BWN
-

As a result of the volatility in the global oil market, the 18 member countries of African Petroleum Producers Association are considering strategies to stay afloat.

Over the periods that oil prices have plunged and revenues from sales by producers decreased, the budgets of a number of Africa’s top oil producers like Nigeria have been significantly impaired.

Analysts have however observed that most of these nations have either dropped their expenditure profiles because they would not have sufficient fiscal buffers to cope with the slump in oil prices.

 

Nonetheless, 18 African oil producing countries under the aegis the African Petroleum Producers Association (APPA) have from their meeting at the last African Petroleum Congress and Exhibition (CAPE-VI) in Abuja, agreed to follow through 25 strategic goals they consider good enough to keep them up while the uncertainty in oil prices lasts.

They made these decisions from the 11 sessions of the meeting. The choices they adopted were all extracted from deliberations that assessed the impact of the price volatility vis-à-vis future price predictions; processes needed to enhance attractiveness, good governance and transparency in operating within Africa; partnerships in Africa’s oil and gas sector; funding sources for oil and gas operations and projects; expansion of the business focuses of indigenous African operators, as well as value addition in production through local content laws, amongst others.

According to the communique which contained the 25 goals that these countries have agreed to pursue, APPA members have indicated that in trying to make its hydrocarbon resources work for its people and economy, they would now be focusing their efforts on value addition rather than production volumes as it is often the case.

They also said that in seeking to achieve this, they would task their respective governments to work harder for more investments to flow into the continent’s oil and gas industry especially with the current competitive conditions in the global oil industry, by deliberately setting up conducive climates for investments.

Apart from opening up more favorable conditions for investments, APPA members would also build credible partnerships across board which they said would enable them focus on flexibility rather than contractual commitments in the industry.

They equally want their regulatory frameworks to be fit for purpose, while extant controls and limit to ineffective bureaucratic procedures including permits and consents should be pursued to increase the sanity quotient of the industry in Africa.

 

 

“Airlines’ Revenue Dwindling Amid Soaring Operational Cost” – NCAA

By
BWN
-
The cost of providing safe and standard air transport services has remained on the increase amidst declining revenue to the airlines, the Nigeria Civil Aviation Authority, NCAA, has revealed.
The Director General of the NCAA, Mukhtar Usman who disclosed this said in the last two and a half decades, revenue flow to airlines globally has dropped substantially owing largely to discontinued state funding, sustained deregulation/liberalization, privatization and intense competition.

In addition, the chief regulator said human and cargo traffic at many airports have also reduced with declining purchasing power of passengers and shippers.

Usman stated this in his paper titled, “The Acts of Promoting a Sustainable Air Transport Economy While Maintaining High Level of Aviation Safety Standards,” delivered at the Airport Business Summit and Expo in Abuja where he also sought ample protection for the regulatory agency against political interference.

The Director-General also observed that aviation fuel known as Jet A1 also constitutes challenge to the airlines taking as much as 40-50 per cent of their operation costs.

He said beside the high cost of operations, there has been steady devaluation of naira in which the airlines’ income is mostly denominated while their major expenses are dollar-based.

Nigeria’s Sovereign Wealth Fund Generates N26.3billion Income

By
BWN
-

The Nigeria Sovereign Investment Authority, NSIA, managers of Nigeria’s Sovereign Wealth Funds, SWF, has said it generated N26.3 billion income in 2015, a 67 per cent increase over N15.77 billion total comprehensive income declared in 2015.

The Fund’s total assets for the period grew by 20 per cent to N213.66 billion, while its investment income stood at N5.8 billion during the one year period.

According to the Authority in a statement, $250 million of additional capital was approved for allocation to it in 2015, saying that the fund will be invested within the new fiscal year using the existing deployment ratio of 40 per cent in Infrastructure Fund, 40 per cent in Future Generations Fund and 20 per cent in Stabilization Fund.

The Authority disclosed that it on-boarded five Private Equity (PE) fund managers during the year, adding that four of the PEs are Nigerian-based, thereby bringing its total commitments to PE fund managers to 24.

Within the year, it also fostered its infrastructure intervention framework through co-investments collaborations with other institutional investors.

MD/CEO, NSIA, Uche Orji, who commented on the result said despite the harsh and volatile market environment in 2015 which saw many significant endowments and SWFs suffering losses, NSIA maintained a flat absolute performance thereby protecting its capital.

“The NSIA made fewer, but more strategic investments in 2015. More importantly, NSIA has invested in various private equity investment funds to tap into the high-growth sectors across Sub-Saharan Africa. These represent NSIA’s commitment to invest in alternative assets that offer superior performance and are less correlated to broader public equity market volatility,” he said.

 

FG Votes N14.69billion for Group Life Insurance in 2016 Budget

By
BWN
-

The Federal Government has allocated N14.69 billion for group life for its Ministries, Departments and Agencies (MDAs) in the 2016 Appropriation Bill passed by the National Assembly.

The insurance industry on its part would receive N14.69 billion earmarked for Group life for Ministries, Departments and Agencies (MDAs) of the Federal Government, including Department of State Security Service (DSS), Insurance of Sensitive Assets and Corpers.

The N14.69 billion for group life Insurance policy was part of the total of N154.3 billion voted for pension payments of Federal Government retirees, including monthly pensions and arrears of gratuities. Out of the N154.3 billion, the pension industry would receive N139.73 billion on pension payments, including monthly pensions, arrears and gratuities.

A breakdown of the budget showed that the military alone would receive N59.8 billion for payment of pensions and gratuities. It also showed that N7.41 billion was earmarked for Police Pension, while Customs, Immigration and Prisons Pension got N8.42 billion.

Allocation to Department of State Security Service including arrears, got (N7.64 billion), Nigeria Intelligence Agency Pensions and dependants’ benefits received (N3.7 billion).

Meanwhile, N26.75 billion was budgeted for Parastatals Pension and Railway Pensions, while pre-1996 Nigeria Railway Corporation Pension got N2.25 billion. The budget showed that N3.52 billion was earmarked for expected retirees in 2016, while N4.3 billion was earmarked for death benefits and N14.34 billion for Universities’ Pensions, including Arrears.

Office of the Head of the Civil Service (Civilian Pension), received N28.39 billion for Pensions and N2.3 billion for Gratuities, while benefits of Retired Heads of the Civil Service of the Federation and Federal Permanent Secretaries stand at N2.59 billion. Under the Service-Wide votes, N3 billion was earmarked for payment of Arrears of PAYG Pension DPR, N27.4 billion for payment of Arrears of 33 per cent increase in Pension Rates and N500 million for payment of outstanding Death Benefit to Civil.

 

Nigeria’s Epileptic Power Supply Worsens over Gas Shortage

By
BWN
-

The epileptic power supply in Nigeria has persisted as pipeline vandalism continues to contribute the perennial shortage of gas to thermal power plants.

This is coming as the System and Market Operation Departments of the Transmission Company of Nigeria, TCN, on Monday, April 4, explained why Nigeria’s current electricity generation has remained quite low in recent weeks, blaming the situation on gas shortages to the generation plants in the southern part of the country.

TCN also explained that each time the country’s electricity generation falls below 3,500 megawatts (MW), there will be little power in the dedicated spinning reserve, hence the possibility of transmission system collapse.

Findings revealed that recent attacks on crude oil and gas pipelines disrupted supply of feedstock to gas-fired power generating plants, which account for over 78 per cent of power supply in the country.

The situation had worsened last Thursday when the whole country was plunged into darkness due to a nationwide system collapse.

The Chief Executive Officer of one of the electricity distribution companies (Discos) on Monday, April 4, that during last Thursday’s system disturbance, the 11 distribution companies were only “on station supply” where they could not service their customers.

“When you are on station supply, there is no power to give to your customers. This is because some power plants went down due to non-supply of gas. The only power you get from the national grid when you are on station supply is what you will use to run your base radio. You can’t send it to customers,” the CEO, who opted not to be quoted, said.

He also blamed weak transmission network for the country’s current power woes, saying that only a super grid would solve the country’s transmission challenges.

 

 

 

 

Access Bank Seeks Shareholders’ Approval for $505million Debt Capital

By
BWN
-

Access Bank plc plans to seek shareholders’ approval this April to raise up to 100 billion naira ($505 million) in debt capital via a public offering or a private placement, the bank said on Monday, April 4.

The shareholder meeting on the proposed debt sale has been fixed for April 27.

Access Bank raised 41.7 billion naira last year through a rights issue to fund expansion of its branch network and lending. The amount raised was less than the 52.6 billion naira targeted, with analysts citing difficult market conditions.

 

IMF Cuts Nigeria’s Growth Forecast from 2.7% to 2.3% 

By
BWN
-

Following the raging economy crisis, the International Monetary Fund, IMF, said that it has again cut its growth forecast.

Africa’s largest economy has for a while battled substantial challenges from low crude prices.

The IMF, in its annual review of Nigeria’s economic situation, the IMF said that gross domestic product growth will slow to 2.3 per cent in 2016 from an estimated 2.7 per cent in 2015.

It added that Nigeria’s general government deficit will grow further after doubling to 3.7 per cent of Gross Domestic Product (GDP) last year.

The IMF executive board said Nigeria needed to urgently implement policies to safeguard fiscal sustainability, reduce external imbalances and advance structural reforms that promote more inclusive growth.

Naira Remains Stable at N321 Per Dollar at Parallel Market

By
BWN
-
Naira unaffected by Trump’s victory

The Naira on Monday, April 4, remained stable , exchanging at N321 to the Dollar at the parallel market.

According to the News Agency of Nigeria,  the nation’s currency has maintained this value since April 1.

The Naira, however, plunged against the Pound Sterling and Euro as it traded for N445 and 355 respectively, from N457 and N357 it traded last week.

Meanwhile, the Naira also sold for N197 to the Dollar at the official inter-bank rate.

Traders at the foreign exchange market said that activities at the market had yet to rebound after the weekend break.

LADOL, Nigerdock Expend $1billion on Ship Yard Facilities to Boost Productivity

By
BWN
-

Two major ship repair and fabrication yards in Nigeria, Lagos Deep Offshore Logistics Base, LADOL, and Nigerdock, have invested over $1.1billion to boost their productive capacity.

This development is in line with their mandate to meet the Local Content requirement in the fabrication and building of oil platforms for International Oil Companies (IOCs) and indigenous oil production and servicing firms.

The Chief Executive, LADOL, Amy Jadesimi, and the Group Executive Chairman, JAGAL Group, operators of Nigerdock, Anwar Jarmakani, who spoke separately on Monday, April 4, when they received the Controller-General, Nigerian Customs Service (NCS), Col Hameed Ali (rtd), said they have invested $600million and $500million respectively to improve on service delivery.

In response to Jadesimi’s welcome address, Ali, expressed excitement over the feats of the wholly indigenous owned facility which has so far attracted $600million in local content input. He said for an indigenous investor to take such bold step amid the risk in undertaking such ventures, the project must be appreciated by the Presidency.

“I have come and I have seen, they say ‘seeing is believing’. I will take the message to President Muhammadu Buhari whom I’m sure will be impressed if he gets to know what you are doing here. The President is interested, more so that you are the first people that are doing this kind of project in West Africa…and to say that your organisation is owned by Nigerians, it is amazing,” Ali said.

“With what you are doing here, I have no doubt that government will continue to support and encourage you. “Any government will be glad to support an entity such as this that will put us (Nigeria) at par with other industrially developed countries of the world.”

Jadesimi said the zone which has been developed into a world-class facility from a swamp, has so far generated about N16.9billion in revenue in the past 10 years.

“Over the years, we have done our best in terms of Customs revenue generation. So far, we have generated almost N16.9billion as Customs revenue,” she said, adding that more would come when the project is completed.”

 

NAHCO Records N538million Profit after Tax

By
BWN
-

The Nigerian Aviation Handling Company Plc, NAHCO, announced its profit after tax, PAT, for the period ended December 31, 2015 stood at N537.8 million.

The company’s result on the Nigerian Stock Exchange, NSE, showed that the profit after tax slid by 5.4 percent to N537.8 million from N568.6 million posted a year earlier.

Conversely, pretax profit scooped 3.6 per cent to N796.79 million from N769.45 million declared the corresponding period of 2014.

Similarly, revenue of NAHCO grew by five per cent to N8.5 billion 2015 as against N8.1 billion declared for the 2014 financial year.

The results showed that the Company weathered the unfavourable operating environment to post a result which analysts described as encouraging. The performance compares favourably and is above market average for publicly listed companies.

The company, on the basis of this result, is proposing a dividend of N324.8 million to its shareholders, amounting to 20 kobo per share.

 

Innoson Motors Mulls Local Engine Manufacturing in Next Five Years

By
BWN
-
Innoson Vehicle Manufacturing Company Limited, has unveiled plans for the commencement of vehicle engine manufacturing to achieve 100 per cent local content in the auto industry.
The Chairman of the Nigerian automobile company, Innocent Chukwuma, on Monday, April 4,  said the company will, in the next five years, commence production of the engines.
The firm is currently doing 60 per cent local content with the assembling of vehicle parts and the purchase of vehicle engines from foreign markets.

Chukwuma reiterated the comapny’s determination to make Nigeria one of the 20 top world‘s industrialized nations by 2020.

 

CBN To Pull Out N1trillion From Circulation to Stabilize Economy

By
BWN
-

In a desperate bid to stabilize the economy, the Central Bank of Nigeria, CBN,  has unveiled plans to withdraw up to N1 trillion from circulation

Already, N525 billion has been pulled out less than one week after the policy which seeks to tighten money supply, while additional N219 billion is slated to be pulled out next week

Banks’ treasury executives said they are preparing their treasury plans for more mop ups of about N300 billion.

The Central Bank Monetary Policy Rate was increased to 12 per cent from 11 per cent while Cash Reserve Requirement was hiked to 22.5 per cent from 20 per cent at its last meeting.

 

 

Lagos State Retirees Get N912million Pension in March

By
BWN
-

The Lagos State Government on Monday, April 4, said it had paid accrued pension rights of N912 million to 165 retirees majorly from Local Government and State Universal Basic Education Board for the month of March, 2016.

The State Commissioner for Establishments, Training and Pension, Akintola Benson Oke, who spoke at the 25th Retirement Benefit Bond Certificate presentation ceremony, said the regular monthly payment of accrued pension rights, being entitlements of retirees under the old pension scheme, underscore its importance to the Governor Ambode led administration.

Oke assured everyone present that the state government remaind committed to making the state a role model for other states to emulate in regards to the regular payment of retirees benefit.

 

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