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Security Agencies Plan To Attack Us – Group

By
BWN
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El- Zakzaky

Members of the Islamic Movement in Nigeria (IMN), a group most of whom were followers of the Shiite preacher, Sheikh Ibraheem Zakzaky has alleged that security agencies were planning to attack it before the start of Ramadan fast.

IMN alleged that security forces planned to justify their attack with a false claim that the group was in alliance with Boko Haram in its intended attack on some military formations and other government buildings.

The group in a statement signed by its President, Ibrahim Musa, denied the alliance, but said its name has appeared in an intelligence report of dubious veracity, suggesting that it is in a “strategic alliance” with Boko Haram to carry out the said attacks.

Ibrahim Musa in the statement said  alleged linkage with the militants was the handiwork of desperate security agencies.

He said, ”It would have ignored the “intelligence report,” but could not do so because it has been widely circulated within the intelligence community.”

IMN, said the statement, rejects every attempt to associate it with violence and other militant activities.

“Sheikh Ibraheem Zakzaky, our revered leader, has said it many times without number that: ‘Our weapon is positive reasoning, truth and good conduct. Guns are for the reckless and foolhardy only. We have been conducting our affairs peacefully, calling people to the truth for the last 36 years. So you cannot come overnight and attribute violence to us that we now resort to killing people. This is impossible. We save lives not kill them,” the group said.

The group also vowed never to depart from the teaching of Zakzaky despite provocation by the Federal Government and its security agents.

“We at this moment state categorically that there are no connections or any links whatsoever between the Islamic Movement in Nigeria and Boko Haram,” it added.

IThe statement read, “IMN in the first place is not the creation of any foreign security agencies, which is common with all the various terrorist groups globally.”

“It was borne out of the desire of Muslims to live according to the teachings of Islam, “IMN has been around at least in Nigeria for almost four decades now, with its various educational programmes now commonly known in many Nigerian villages, towns, and cities and with all its activities peacefully and transparently conducted,” explained IMN.

The group also rejected comparisons with Boko Haram, which it described as a terrorist organization and a creation of global imperialism with the goal of ruining Islam’s reputation and pointed to attacks on its members in Potiskum, Yobe State, as evidence of the gap between its beliefs and those of the Boko Haram.

“…It is the same so-called Boko Haram that bombed our brothers and sisters during an Ashura procession in Potiskum, Yobe state in 2014,  and also sent suicide bombers to the Arba’een trek along Kano –Zaria highway killing many innocent people, including women and children. It beats any sane imagination that IMN will now turn to the same group in what the intelligence agents term “strategic alliance.”

Islam, the IMN reiterated, is a religion of peace, an attribute that makes it illogical to ascribe violence to true Muslims.

The IMN added that it was in possession of information showing that the Inspector-General of Police, Mr. Solomon Arase; Director General of the Department of State Security (DSS), Lawan Musa Dura; and top shots of other security agencies held a meeting where they discussed how to crush IMN before the month of Ramadan.

In preparation for the grand onslaught on the IMN, claimed the group, some Muslim clerics have been commissioned by security agencies to ramp up their hate campaigns against the Shia sect in all their sermons.

“This treacherous act has already started in earnest in various mosques across the country. One of such Sheikhs on the payroll of the government was even heard saying to those around him, “leave them (Shiites), they will be finished off in the next two weeks,” the IMN alleged.

The group added that it will keep demanding the unconditional release of Zakzaky and that punishment be meted out to the military men that killed Zakzaky’s followers in Zaria last December.

“We still demand that our leader, Sheikh Ibraheem Zakzaky be released unconditionally since after over four months the authorities have failed to accuse him of committing any crime,” the IMN concluded.

MasterCard Launches IQ Series to Minimize Fraud

By
BWN
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Mastercard Logo, Launches IQ Series

MasterCard has launched the IQ Series, at its Global Risk Leadership Conference held in Dubai on Monday. The third in the series, this new product is designed to reinforce MasterCard’s commitment towards a secure cashless environment and superior experience through secure and innovative solutions.

In a press release made available to Bizwatchnigeria.ng, MasterCard stated that the IQ Series would harness real-time insights and intelligence.

MasterCard IQ Series’ suite of solutions empower card issuers and merchants to authorize transactions with increased accuracy and limit fraudulent activity. It is now available to financial institutions, businesses and merchants across the Middle East and Africa.

“In today’s digital world, consumers are increasingly more aware about safety and convenience, therefore balancing the growing desire for greater security while maintaining the ease of making payments is important. Our IQ series leverages advanced technology and insights to help deliver consumers a convenient, uninterrupted checkout experience,” said Raghu Malhotra, MasterCard President for Middle East and Africa.

The initial two products developed under the series – Authorization IQ and Assurance IQ – were aimed at optimizing the payment authentication process, leading to fewer declines in legitimate transactions and creating more stable revenues for issuers and merchants.

In addition to hampering quality experience, false fraud assessments prove to be a financial burden, as is evidenced by a research which estimates that  the value of false transaction in the United States of America has declined to USD 118 billion per year – thirteen times more than total amount lost annually to actual card fraud (USD 9 billion), according to Javelin Strategy & Research.

Authorization IQ provided card issuers with relative behavioural insights on spending, such as total spending on an account compared to others in the country, spending in a particular segment, and frequency of card usage compared over an extended period of time.

Assurance IQ enabled the distribution of positive e-commerce data indicators between stakeholders. A balanced reputation assessment is achieved considering not only transactional risk indicators but also positive indicators better determining the authenticity of a transaction.

Both products supplement the need for a robust enhanced data exchange network between financial institutions, merchants, and issuers to understand the digital footprint and behaviour of accounts better.  The application of this data in real-time decisions is critical to drive an enhanced consumer experience in increased approval rates and lowered operational impact, without increasing the fraud loss exposure of our network stakeholders.

The MasterCard IQ Series complements the company’s existing multi-layered approach to safety and security across physical and digital payments with innovative solutions, like EMV/chip payment method for payments, SecureCode+ technology for online transactions, and MasterCard Digital Enablement Service (MDES).

“As the payments environment becomes dynamic and mirrors trends in new technology, MasterCard is dedicated to strengthening the security of transactions, and delivering greater peace of mind to its customers across the Middle East and Africa in its pursuit for a World Beyond Cash,” added Malhotra.

NSIA Income Rose To N26.35 Bn In 2015

By
BWN
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Nigerian Sovereign Investment Authority (NSIA), the agency managing the Sovereign Wealth Fund recorded 26.35 billion naira as income in 2015, it rose by N10.58 billion from N15.77 billion in 2014, the Managing Director, Mr. Uche Orji disclosed this in Abuja.

Orji said, the SWF total assets went up by 20 percent to N213.67 billion during the fiscal as against N177.83 billion in 2014, while investment income grew by 47 per cent from N3.94bn the previous year to N5.82 billion last year.

He described 2015 as a very challenging year for the fund as the operating environment was characterized by high volatility and global market uncertainties.

For instance, he said currency turmoil, dwindling oil prices and decelerating growth across markets created a difficult investment environment for the NSIA.

However, despite all these challenges, Orji said the fund continued to show resilience due to the fact that the management team had in the past taken steps to invest in various private equity investment funds.

Nigeria Sovereign Investment Authority manages of the nation’s Sovereign Wealth Fund which was established as independent agency by an Act of the National Assembly in May 2011 and was signed to law by the then President, Dr. Goodluck Ebele Jonathan same month and subsequently gazette on June 3 of the year.

Statutorily, it was set up to receive, manage and invest in a diversified portfolio of medium and long term, revenue of the Federal government, State government, Federal Capital Territory, Local government and Area Councils to prepare for the eventual depletion of Nigeria’s hydrocarbon resources for the development of critical infrastructure in Nigeria that would attract and support foreign investment, economic diversification, growth and job creation.

Since its creation, the young authority has quickly made progress and registered itself in the consciousness of the SWF global community.

Ilorin: The State of Harmony

By
BWN
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Ilorin is located in North Central Nigeria was founded in 1450 and is dominated by the Yorubas’, one of the three major Nigerian ethnic groups from South West, Nigeria. In spite of the large presence of the south-westerners, you will find that other ethnic groups especially of Hausa extraction call this quiet town home.

Officially known as the capital city of Kwara, it is a predominantly Muslim community and is a major destination that many Muslims from other parts of Nigeria who visit to learn the about Islam. The people are hospitable and warm and this is why it is tagged the ‘State of Harmony’. It is a choice destination to escape the buzz of Lagos and Abuja and has a population of 847,582. Jovago.com, Africa’s largest hotel booking portal unveils Ilorin, Nigeria’s state of harmony.

Top 3 destinations

Owu Falls

Owu Falls is arguably the biggest tourist attraction in Kwara state. It is 112 kilometers from Ilorin. The wonderful fact about this fall is that the water pours from about 330 ft and the hill from which the water falls from is about 120 metres.

National Museum, Esie

The Esie National Museum, was set up in 1945 which makes it the oldest museum in Nigeria. The museum holds about 1,500 soapstones whose source is unknown till today. The stones were discovered in 1933 and the museum’s purpose is to preserve these stones. The stones are images of children, men, women and animals.

Sobi Hills

Sobi hills is 394 metres above sea level. Its lush green vegetation and spectacular landscape makes it a premium destination in Ilorin. There are different points from which water gushes out to the delight of visitors. The hills derives its name from the town of Sobi.

Hotel

Ilorin offers a mix of urban and rural life. Many of the hotels are in the city centre and these hotels are quite suitable for everyone no matter their taste. There are over 140 hotels on Jovago.com which you can select. Some of the hotels include Kwara Hotel, Princess luxury hotel, Sity Inn, and Fairyland hotel ltd. You also get as much as 15% discount if you use the these hotel booking portal.

Shop

Kwara Mall where Shoprite domiciles is the biggest and best place to shop in the city. Other spots you can shop are Adisco shopping mall, Ramond Best boutique, Silvertex boutique, and Kalia Ventures.

Unwind

Most of the restaurants are located in Ilorin. One of many classy restaurants isChronicles Restaurant situated along Ahmadu Bello way, Ilorin, Kwara state. You can also walk into Yinkus Canteen, Lox Chaws, and T and K restaurants to have a taste of Ilorin cuisine or take a stroll by the Niger river running through the city.

Fun fact

His Royal Highness, Ibrahim Sulu Gambari is the 11th Emir of Ilorin emirate. He has spent 20 years on the throne of his father since 1995.  

Nigeria May Sue Turkish Airlines For Disrespect

By
BWN
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Nigeria’s Attorney General and Minister of Justice, Abubakar Malami has threatened to prosecute the Turkish Airlines for disrespecting the Consumer Protection Council CPC.

Minister of Justice issued a 21-day ultimatum to the international airline to respond appropriately to the request of the CPC or be prosecuted.

The consumer protector had requested from the international airline a detailed report of what happened on 20, 2015 when travelers it flew into Abuja from various locations could not locate their luggage on landing at the airport.

Passengers on the said flight, some of whom traveled with minors, complained about hardship they were subjected to by the airline to retrieve their luggage.

However, rather than providing a detailed report, the airline, according to the council, supplied information that were not useful and could not aid its investigation on the alleged abuse.

Based on the council’s request, the Director of Public Prosecution ordered that the airline should comply with the CPC’s request within 21 days or face prosecution.

 

NNPC To Explain $4.1Bn Revenue To NRGI

By
BWN
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Nigerian National Petroleum Corporation (NNPC) has offered to explain the 4.1 billion dollars of oil revenues it was accused of retaining by an international watchdog, Natural Resource Governance Institute (NRGI) last week.

According to a statement posted on NRGI’s website, the NNPC offered to hold talks with the international watchdog to explain the retained oil revenue.

The statement read, “NNPC has invited NRGI to meetings where it will clarify its position. NRGI appreciates NNPC’s open doors and willingness to engage, and will post further updates based on these discussions.”

President Muhammadu Buhari last year fired senior staff of the state owned oil company, NNPC and approved a revamp of its structure last month.

NRGI had alleged in published report last week that NNPC withheld around two third of the $6.3 billion ($4.1 billion) of oil proceeds in the second half of 2015.

The international watchdog said, that was an increase of 12 percent from the proportion kept under the administration led by Buhari’s predecessor, Goodluck Jonathan, in 2013 and 2014.

NNPC had previously responded that such accusations failed to account for its costs.

The constitution required NNPC to remit oil revenue to a central purse and money would then be paid back based on a budget approved by National Assmebly, but the act establishing the company allows it to cover costs before remitting funds to the government.

 

Nigeria’s auditor-general and the Revenue Mobilization Allocation and Fiscal Commission both said NNPC failed to remit billions of dollars to the public purse during the Jonathan era.

The NRGI report said that, until there are agreed rules on how much money NNPC could keep and how it must spend the money, it would continue to “leak” out of the system.

“NNPC spending on this scale raises questions about fiscal responsibility, especially at a time when public finances are stretched and the federal government is looking to fund more of its budget with debt,” the report said.

The watchdog praised Buhari’s work to reform oil sales, notably efforts to cut out “passive, well-connected middlemen”, and reforms of crude for oil product swap deals that have been replaced with revised agreements directly with oil refineries.

 

Easter Break Impacts Nigeria’s Stocks, Index Drops 1.52%

By
BWN
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Trading on the Nigerian Stock Exchange last week was brief as the Federal Government declared March 28, 2016 public holiday to mark Easter celebration.

This development impacted on the market slightly as a turnover of 1.262 billion shares worth N6.427 billion in 12,274 deals were traded during the review week by investors compared to a total of 1.552 billion shares valued at N10.453 billion that exchanged in the previous week in 14,994 deals.

Consequently, the NSE All-Share Index and market capitalization depreciated by 1.52% to close the week at 25,507.09 and N8.774 trillion respectively.

The financial services sector (measured by volume) led the activity chart with 1.022 billion shares valued at N3.734 billion traded in 8,227 deals; thereby contributing 80.95 percent and 58.11 percent to the total equity turnover volume and value respectively.

The agriculture sector followed with 105.069 million shares worth N129.307 million in 155 deals. The third place was occupied by the conglomerates with a turnover of 40.758 million shares worth N58.455 million in 361 deals.

Twenty-four equities appreciated in price during the week, higher than 22 in the previous week while 37 equities depreciated in price, lower than 38 equities of the previous week, while one hundred and twenty eight (128) equities remained unchanged lower than one hundred and twenty nine (129) equities recorded in the previous week

Trading in the top three equities namely – FCMB Group Plc, Sterling Bank Plc and Livestock Feeds Plc (measured by volume) accounted for 382.145 million shares worth N424.424 million in 1,019 deals, contributing 30.27 percent and 6.60 percent to the total equity turnover volume and value respectively.

Also traded during the week were a total of 25,738 units of Exchange Traded Products (ETPs) valued at N522,245 executed in 39 deals compared with a total of 118,976 units valued at N1.267 million transacted in the previous week in 20 deals.

A total of 22,030 units of Federal and State Government Bonds valued at N25.368 million were traded in eight deals compared to a total of 91,918 units of Federal Government Bonds valued at N100.479 million transacted in the previous week in seven deals.

NCC Wants Protection For Telcom Sites

By
BWN
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Nigerian Telecommunications Commission has called on government to ensure adequate protection for infrastructures put in place by telecommunication companies at their sites.

The Executive Vice Chairman of the Commission, Professor Umaru Danbatta appealed to both States and Local governments in the South-East to put an end to the high rate of vandalisation of telecommunication infrastructure put in place within the region by service providers.

Prof. Danbatta said, “There are reports that incidence of vandalisation of telecom infrastructure is very high in the South-East.

“This is (another) opportunity to call on the state, local governments and communities in the South-East to support the NCC by easing the right of way for the provision of telecom infrastructure, and be vigilant over such infrastructure,” he added.

He further appealed to the state governments in the region to stop multiple taxation of telecommunication operators and help the companies to ease the process of deployment of infrastructure.

Mr. Danbatta noted the “several issues confronting telecom consumers in Nigeria,” including drop calls, unsolicited text messages, billing complaints, automatic data subscriptions, Internet speed, location of masts among others, some of which he said was beyond the commission’s control.

He said, ”Some of the issues are beyond the control of the commission,” and others arise from “day to day usage by millions of subscribers across the national geographical spread.”

He identify poor power situation in the country as one issue that has affected telecommunication services in the country, the need to duplicate mobile base stations, including masts, towers, generating sets and other facilities were some other challenges in the provision of telecoms services.

Army Arrests One Of Boko Haram’s Top Men

By
BWN
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Brig. Gen Rabe Abubakar Defense Spokesperson

Nigerian army has arrested Ansaru Al-Barnawi, leader of Islamist militant group, a splinter faction of Boko Haram, accused of kidnapping and killing Westerners.

Defense spokesman, Brigadier General Rabe Abubakar said al-Barnawi was arrested in Lokoja, the capital of the central state of Kogi at the weekend. “We have made that giant stride,” said Abubakar.

He said, “I can confirm that he (Al-barnawi) is in custody. It is a product of the existing synergy among the security agencies which led to this breakthrough in the war on terror. We have just confirmed that he has been nabbed and he is with the relevant agencies and as time goes, people would know how this kind of person was nabbed.”

”He has been arrested and he is with the relevant agencies and he is cooperating with giving information. He is the second-in-command as far as the Boko Haram hierarchy is concerned. So their days are numbered by the grace of God”, he added.

In 2012 the U.S. State Department named Ansaru leader Khalid al-Barnawi one of three Nigerian militants blacklisted for ties to Boko Haram and al-Qaeda’s north African wing.

He also said some Boko Haram fighters had surrendered to Nigerian troops.

The administration of President Muhammadu Buhari has made it a priority of his government to defeat Islamist militancy in Africa’s most populace nation, which also has the continent’s biggest economy.

 

Parliament To Debate Zuma’s Impeachment – Speaker

By
BWN
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Speaker of South Africa’s National Assembly, Baleka Mbete has said the parliament would debate the impeachment motion to impeach President Jacob Zuma on Tuesday.

The impeachment motion was tabled by an opposition party law maker.

A ruling by South Africa’s top court on Thursday held that Zuma had failed to uphold the constitution by ignoring instructions to pay back some of the $16 million in state funds spent on renovations of his sprawling residence at Nkandla.

“The judgement makes sound, balanced and critical findings,” the speaker said.

 

SHIPPING & PORT SERVICES JOBS | Maersk Liner Graduate Programme (MLGP) 2016

By
BWN
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Maersk Line is the world’s largest container shipping company, known for reliable, flexible and eco-efficient services. We provide ocean transportation in all parts of the world. We serve our customers through 374 offices in 116 countries. We employ 7,000 seafarers and 25,000 land-based employees and operate 580 container vessels. We market our services through the following brands: Maersk Line, Safmarine, MCC Transport (Intra-Asia), Seago Line (Intra-Europe), Mercosul (Brazil), and SeaLand (From 2015 Intra- Americas).

Maersk Line is part of the Maersk Group, headquartered in Copenhagen, Denmark. The Group employs about 88,900 people in around 135 countries.

We currently seek application from suitably qualified candidates to fill the position below:

Job Title: Maersk Liner Graduate Programme (MLGP) 2016 – Commercial

Ref.: ML-101157
Location: Lagos

Job Descriptions

  • Do you want to join an industry with a profound impact on the lives of millions of people globally?
  • Do you want to kick start your career in a fast track graduate programme, take on high-impact assignments and challenges and make a difference in a global arena?
  • If you thrive working with others, have a can-do attitude and have the ambition and passion to excel, the Maersk Line Graduate Programme (MLGP) can offer you the perfect opportunity to build a long-term, varied and meaningful career in an international environment.
  • The MLGP – Commercial is designed to provide a structured, accelerated and ambitious graduate development programme for bright and dynamic professionals across a range of Commerical disciplines.
  • The programme will support and challenge you through learning and talent practices to ensure that developmental opportunities are maximised to the benefit of both the participants and the company.

Key Responsibilities

  • You will join a team of colleagues who have robust functional acumen, strong insight, informed opinions and passion for the dynamics behind global trade.
  • Together you will collaborate in executing strategies and reaching the business objectives of your assigned department.
  • You will take part in four seminars across Asia, Europe and North America, where you will receive knowledge and business insights into the Shipping Industry.
  • The seminars will challenge and inspire you to enhance your personal competences, and deploy them in your rotational assignments.
  • You will steer your career. We provide you with a framework of business insights and developmental support.
  • With continual support from your manager and HR, we empower you to be the captain of your career by delivering, learning and reflecting on your own development.

Requirements
Who we are looking for:

  • Master’s level education in Business or related discipline with a maximum of 3 years’ commercial work experience after graduation in parallel with education or between degrees.
  • Ambitious individual with a passion and drive to excel.
  • An international mind-set and excellent command of English (both spoken and written).
  • A pragmatic and holistic thinker.
  • Resourceful and flexible with strong capabilities to prioritise, optimise and perform in a high-paced environment.
  • Strong desire to pursue a long-term career within the commercial part of the business.
  • International mobility and travels are expected.

We Offer
A challenging and rewarding opportunity where we will provide you with the framework to build a long-term career in the global trade and transportation industry. During the Graduate Programme, you will have vast opportunities and be part of a truly international group of passionate and ambitious professionals. Together you will:

  • Build your knowledge from working with world-class experts within the shipping and business fields, in your rotational assignments and in the four global MLGP seminars.
  • Build a global network that you can leverage in your future interactions to enable collaboration and career.
  • Be significantly exposed to high-level leaders to ensure that theoretical insights are continuously linked to concrete business challenges.
  • Become part of a diverse team where we play to win and ‘we’ always comes before ‘I’.

Application Closing Date
15th May, 2016.

How to Apply
Interested and qualified candidates should APPLY

SCIENCE AND TECHNOLOGY JOBS | GE Nigeria Fresh Job Recruitment (5 Positions)

By
BWN
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GE is an advanced technology, services and capital company with the scale, resources and expertise to take on the world’s toughest challenges. Dedicated to innovation in the areas of energy, health, transportation and infrastructure, we’re committed to leadership, integrity, partnership and human progress. GE businesses ranging from Aviation, Capital, Oil & Gas, Energy Management, Power and Water, Healthcare, Transportation and Home & Business Solutions have operations on the African continent. Major locations include Angola, Ghana, Kenya, Nigeria and South Africa.

Over 1300 employees are working in the region, creating local partnerships and providing solutions & services that supports Africa’s infrastructure and sustainable growth. We are also dedicated to knowledge transfer, whether it is providing technical expertise to customers by hosting customer summits, to developing young local talent through unique programs such as the Early Career Development Program.

We are recruiting to fill the following positions:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

MEDIA JOBS | Facebook Nigeria Fresh Job Recruitment 2016

By
BWN
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Facebook’s mission is to give people the power to share and make the world more open and connected. Approximately 1.5 billion people and growing are using the service in over 100 languages. 83% of the people on Facebook are from outside North America and we continue to expand internationally.

We are recruiting to fill the position below:

Job Title: Growth Manager (Facebook)

Location: Nigeria

Job Information

  • Facebook is seeking a Growth Manager who is obsessed with technology, social media and business strategy. The ideal candidate will have experience in the consumer Internet and mobile space. As a Growth Manager for Nigeria you will lead Facebook to its full potential in the local market.
  • With a deep understanding of the local competitive and product landscape, you will determine product gaps, identify growth opportunities, drive execution of growth initiatives, and add value to the Facebook user experience. Come join our team and help us connect the people in Nigeria!

Responsibilities

  • Provide market insights – identify and monitor strengths, weaknesses, opportunities and threats relevant for Facebook’s adoption in Nigeria
  • Explore, Identify and Evaluate strategic growth opportunities
  • Ensure product is fully functional and well adapted to be successful in Nigeria
  • Partner with the Analytics organization to validate key findings with data
  • Escalate to and drive solutions with product management for identified market specific product issues and gaps
  • Design and execute a continuous testing plan for important end-to-end flows
  • Track progress on market specific product improvements and measure impact
  • Integrate usability studies, research and market analysis into market specific product reviews
  • Understand Facebook’s strategic and competitive position in Nigeria and work to improve it
  • Maximize efficiency in a constantly evolving environment where the process is fluid and creative solutions are the norm.

Requirements

  • 2+ years product development and/or testing experience
  • Strong problem solving and analytical skills
  • Extensive knowledge of online and mobile business models and Internet/consumer technology
  • Creative, resourceful, detail-oriented, highly organized
  • Self-driven, comfortable with a fast-paced, always-on, highly ambiguous start-up environment
  • Exceptional communications and interpersonal skills in the primary market language and English
  • Good project/product management skills and the ability to work to tight deadlines
  • Understanding of the technical architecture of complex and highly scalable web and mobile applications
  • BA/BS in Computer Science, Engineering or related Technical field or equivalent working experience
  • Experience with social products, technologies and platforms is strongly desired
  • Experience working in startups / successful entrepreneurial adventures and/or working in a global company/environment highly desired

Application Closing Date
8th April, 2016.

How to Apply
Interested and qualified candidate should send a short Cover Letter and Resume to:i18njobs@fb.com

POWER & ENERGY JOBS | WTS Energy Fresh Job Recruitment (6 positions)

By
BWN
-

WTS Energy provides recruitment and manpower services for the global oil and gas and energy industries. We supply engineers and consultants to our clients’ projects and operations, and perform employment outsourcing services such as workforce management in oil and gas regions around the world. WTS Energy operates globally with offices in 14 countries and is operational in over 50 countries.

We are recruiting to fill the following vacant positions:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

Nigeria Loses $30billion Annually To Neglect of Petrochemical Industry

By
BWN
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The failure of the federal government to utilize its refiner­ies to full capacity has led to the deterioration of the petrochemicals industry, making the country to lose over $29.7 billion annually in revenue.

Petrochemical products, like olefins (ethylene, propylene, bu­tadiene) and aromatics (benzene, toluene, xylene) are used in end-user markets such as paints, plas­tics, explosives and fertilizers sub-sectors.

It was gathered that Nigeria’s failure to develop its petrochemi­cal plants is largely the reason manufacturing companies are depending on imports for over 80 per cent of their raw materi­als worth over $10 billion (about N2 trillion at the rate of N200 to a dollar) yearly.

It is also the reason many manufacturers are going out of business since the Central Bank of Nigeria’s (CBN) forex restriction on 41 firms is hurting efforts to get its raw material.

In Nigeria and across the world, foam, plastic, paint and textile manufacturing companies depend on derivatives of petro­chemicals most of which are im­ported because the local industry has not received due attention.

Commenting on the viability of the petrochemical industry and how it can boost the economy, an expert in the Chemical Engineer­ing Department, University of Lagos (UNILAG), Abiola Kehinde, in a research document entitled, “Strategy for the Devel­opment of the Petrochemicals Industry in Nigeria,” disclosed that the Nigerian petrochemicals markets (excluding export of crude oil) was worth $14.03 bil­lion in 2008 with forecasts pro­jecting it could hit $29.7 billion by the end of 2015.

Abiola maintained that a re­structuring of the operation of Nigerian refineries, with greater private sector participation, was likely to increase the capacity utilisation of the refineries.

‘‘Once this is instituted, the cost structure of the Nigeria’s petrochemicals market would improve as crude oil is the main feedstock for the production of olefins and aromatics in Nige­ria,” he wrote.

North-East Entrepreneurs Lead in N10billion BOI’s Loan Requests

By
BWN
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The North-East region of Nigeria is leading with 1,300 applicants from young entrepreneurs seeking for loans to start or expand their businesses from the Bank of Industry, BOI.

BOI’s N10 billion Youth Entrepreneurship Support (YES) programme was launched in March, 2016 by the Minister of Industry, Trade and Investment, Okechukwu Enelamah, to complement the federal government’s efforts in addressing the problem of youth unemployment in the country.

The bank’s Acting Managing Director and Chief Executive, Waheed Olagunju, in a statement over the weekend, said the fact that the bank received more than 13,272 online applications as at 1st April, 2016 – two weeks after the scheme was launched which is in excess of the 10,000 applications that were projected to be filed in six weeks – was an indication of the wide acceptance of the YES programme amongst youths across the country as shown by the geo-political analysis of the applicants.

The second region with the highest applicants is the South West with 1,150, followed by the North -Central with 663. The North -West accounted for 634 of the applications while 526 were received from the South- South, with the South -East recording with 204, the lowest number recorded.

The BOI’s acting MD/ CEO further explained that considering the enthusiastic response to the YES scheme at this early stage, the bank and its 11 partnering enterprise development institutions were taking proactive steps to increase the number of the applicants that would attend the five-day capacity building sessions at eight centres in the six geo-political zones of the country.

He added that the fund size would also be increased to meet the increasing number of applicants that could potentially be transformed into becoming successful entrepreneurs in the required critical mass and ultimately turn employers of labour.

AMCON Seizes More Assets over Bad Debt

By
BWN
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The Asset Management Corporation of Nigeria, AMCON, has confiscated more assets from debtors reluctant to repay loans.

After futile effort to get debtors on the negotiating table, the corporation recently commenced enforcement actions against some of them.

Among the recent seizures, Daily Trust gathered was the assets of a Kogi-born billionaire and Chairman of A Group Properties, Abubakar Aliyu, who lost the asset of his company, including four of his properties in Abuja to the corporation.

AMCON also took on  Gbenga James and his Avian Specialities Limited. Mr James and his wife were picked up from their Ibadan residence by men of Economic and Financial Crimes Commission (EFCC) due to what it said was his disregard of AMCON’s demand notices for the non-performing loan of his company, a source close to the operations told Daily Trust.

The source, who craved anonymity said the corporation had now swung into a full loan recovery mode and more bad debtors would lose their properties soon

At the recent hearing at the House of Representatives, the total liability of the corporation were put at N6.6 trillion. The liabilities rose after AMCON bought banks’ bad loans worth N3.3tn and paid N1.7tn for them.

After several appeals to the bad debtors by the new Managing Director of the corporation, Ahmed Kuru, some of the debtors, especially the “big boys with big jets” have chosen their typical path of disregard to their obligations, thinking it is business as usual, the source said.

Findings also revealed that several other companies, most of which belong to notable personalities, have been taken over by AMCON.

“No Plan to Increase Petrol Pump Price” – PPPRA

By
BWN
-

The Petroleum Products Pricing Regulatory Agency, PPPRA, has said there was no plan to increase the official price of petrol in the country.

The Acting Executive Secretary of PPPRA, Sotonye Iyoyo, who disclosed this in a statement, said the agency would retain the retail prices of N86 for the NNPC, and N86.50 for the other marketing companies.

The PPPRA added that the pump price of Household Kerosene, HHK, would also remain unchanged from what it was in the last quarter.

The agency stated: “Therefore, marketers are advised to ensure that there is no price distortion in their respective retail outlets.”

It said it would continue to monitor the global oil market performances and make reasonable changes consistent with the newly-adopted price modulation principles.

It appealed to depot owners to strictly adhere to the prevailing truck-out policy made by the agency, to ensure that petroleum products got to their designated retail outlets nationwide, and warned that adequate sanctions awaited any depot-owner found to be hoarding products.

Manufacturing Index Leaps to 54.4%

By
BWN
-

According to the latest report for manufacturing Purchasing Managers’ Index, PMI, compiled by FBNQuest Research, an arm of FBN Merchant Bank Limited, the index saw a recovery from 50.6 in February to 54.4 for the month of March 2016.

Manufacturing PMI tracks operating environment of factories within a given period, usually one month, with information based on the responses of manufacturers to set questions on core variables in their businesses.

According to the research report only employment, one of the five sub-indices, was negative in March.

The strongest reading was 61 for output, up from 53 recorded in February. “We link the marked recovery in the output sub-index from 53 in February in part to a smaller improvement for stocks of purchases.”

Even at that it appeared that large sized manufacturers are still in difficulties as the favourable index was recorded among small and medium scale organizations.

“It was limited to small and medium-sized companies. For the large and more import dependent firms, there was actually a decrease in March”, the report stated.

Moreover, the analysts at FBNQuest said that access to foreign exchange did not improve in the month under survey, a situation which had been prevalent in the past six PMI reports. “In these circumstances, we would expect companies to turn to local inputs, where available. Small firms would normally take the lead in this process, given their greater flexibility in production”, the report stated.

According to FBNQuest analysts “the fact that the employment sub-index was below water for the fourth successive month tells us that respondents do not see a bright near term. “They have pushed up production because other factors allowed it but are not rushing to increase their payrolls.”

National accounts for fourth quarter 2015 showed that manufacturing expanded marginally by 0.4 per cent year-on-year, compared with the contraction of -1.8 per cent year-on-year in third quarter. “We caution that the first quarter tends to be the weakest for growth in the year, not least because of delays in the release of funds from the budget for capital spending.

“The agenda of the current administration is driven by its expansionary budget for 2016, which the Senate last week approved”. FBNQuest PMI is the first of such index in Nigeria, but the National Bureau of Statistics, NBS, has also taken up research on manufacturers PMI.

The index is a familiar data release at the start of the calendar month in developed markets such as the United States of America with the Institute of Supply Management, ISM, issuing its lead PMI, world’s oldest and most popular PMI. FBNQuest PMI is modeled after the ISM.

“International Oil Companies Agree To Sell Forex to Oil Marketers” – NNPC

By
BWN
-

The Nigerian National Petroleum Corporation, NNPC, on Sunday, April 3, revealed that a number of international oil companies, IOCs, in the upstream oil and gas sector have agreed to provide foreign exchange for oil marketing companies for the importation of premium motor spirit, also known as petrol.

Chief Operations Officer, in charge of Downstream at the NNPC, Henry Ikem-Obih, who spoke during a tour of petrol stations in Abuja,  stated that before the end of April, all the refineries would resume production and begin to contribute positively to improving the fuel scarcity currently facing the country.

Ikem-Obih identified paucity of foreign exchange (forex) as one of the major reasons for the scarcity witnessed across the country, stating that with the decision of upstream oil and gas companies to provide foreign exchange to oil marketers, there would be a significant improvement in the second quarter and beyond.

He said: “As you know, forex was one of the prime reasons we did not do well in the first quarter. Most marketers, who had allocation, could not import because they do not have forex.”

“The minister has worked very closely through his initiative with the upstream oil companies. So, we have a number of them on board to support local entities, that is, downstream companies.”

“They will help provide foreign exchange for them to import and meet their Petroleum Products Pricing Regulatory Agency, PPPRA, allocations. Through the CBN, NNPC would support importation of fuel in the second quarter.”

“These oil companies also would work with us, including the CBN. These combined efforts, we hope, would enable us meet a 100 per cent of import requirement for the second quarter.”

To resume local refining this month Speaking on the refineries, Ikem-Obih stated that all the refineries were at various stages of start-up, in terms of moving them closer to their optimal yield, while he expressed optimism that within the month of April, part of the fuel purchased by Nigerians from petrol stations would be produced locally from the refineries.

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