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GT Bank Eyes N125billion Profit Before Tax in 2016

Guaranty Trust Bank, GTB, Plc said it is targeting profit before tax of N125 billion for its full year ended December 2016.

The lender also said it will also focus on the retail end of the market to optimize returns. The bank also said it hopes to be the best-run-bank in the banking industry within the year, while maintaining a very high standard of corporate governance and compliance to relevant laws and policies.

The Group Managing Director/CEO, Segun Agbaje, who spoke at a forum with business editors in Lagos, said the bank would focus on growing small and medium enterprises (SME) business by lowering cost of funds and maintaining margin.

He stated that GTB will also focus on increasing the contribution of its subsidiaries to Group’s PBT and optimizing revenue as well as minimizing cost of its subsidiaries.

Agbaje said: “We will grow risk assets of our institutional banking business and non-performing loans (NPL) below of below five percent.”

He added that the bank would leverage technological advancement to keep cost low. Reviewing 2015 full year financial result, the GTB boss said the bank achieved best in class shareholders return and asset deployment as post-tax Return on average Equity (ROaE) and Return on average Asset (ROaA) closed at 25.6 per cent and 4.1 per cent respectively.

Also, the bank recorded gross earnings of N301.9 billion, representing 8.4 per cent increase from N278.5 billion recorded in the previous year.

The bank’s profit before tax (PBT) and profit after tax (PAT) rose by 3.7 per cent and 5.3 per cent respectively. While the PBT rose to N120.7 billion from N116.4 billion, PAT moved from N94.4 billion in full year 2014 to N99.4 billion in the review period. The balance sheet result showed that GTB grew its total assets by 7.2 per cent from N2.36 trillion to N2.52 trillion. Loans and advances to customers stood at N1.37 trillion as against N1.28 trillion posted in the previous period in 2014.

 

Market Sustained More Bear Run Last Week over Abandoned Banking Stocks

The Nigerian equities market remained mostly in the Red Zone last week on the back of poor performance by banking stocks, in spite of the last two days rally in the green zone.
The Nigerian Stock Exchange, NSE, Banking Index shed 7.9 per cent as investors dumped bank stock in most days of the week to lock in profit. Besides, some investors reacted as Skye Bank announced profit warning, fueling speculations that regulatory headwinds and high loan impairments will continue to hinder banks’ ability to make profits.

Apart from the above, prices adjustments for dividends also contributed to the negative trading recorded last week. At the close of trades for the week, the NSE All-Share Index and market capitalization depreciated by 1.52 per cent to close at 25,507.09 and N8.774 trillion respectively.

Similarly, all other Indices finished lower during the week, with the exception of the NSE Premium Index, NSE Oil/Gas Index, NSE Lotus II and the NSE Industrial Goods Index that rose by 3.16 per cent, 2.06 per cent, 0.76 per cent, and 0.25 per cent respectively, while the NSE ASeM closed flat.

The market had opened the week in the red last Tuesday, dragged by negative sentiment towards banking (0.8 per cent) and industrial stocks (2.54 per cent) as mark down for dividend in both Guaranty Trust Bank Plc and Zenith Bank Plc led to a bearish close.

The benchmark NSE-ASI shed 2.40 per cent to end the session at 25,277.29 points, corresponding to a market capitalization of N8.69 trillion.

The market ended the week on a positive note last Friday as the NSE ASI jumped further by 0.79 per cent to close at 25,507.09 points, compared with the gain of 0.64 per cent recorded the prior day.

The appreciation recorded in the share prices of Access Bank Plc, FBN Holdings Plc, Dangote Cement Plc, Zenith Bank Plc and Oando Plc were mainly responsible for the gain recorded in the Index. Similarly, the market capitalization appreciated by 0.79 per cent to close at N8.77 trillion, compared with the depreciation of 0.64 per cent recorded the previous day to close at N8.70 trillion.

Union Bank Records N14billion Profit After Tax

Union Bank of Nigeria has posted a profit after tax of N14 billion as indicated in its audited results for the financial year ended 31 December, 2015.
The result represents a 29 per cent increase from the N11.1 billion recorded in 2014 and saw gross earnings for the bank up 8%; excluding gain on sale of subsidiaries, gross earnings up 11%.

Profit before tax for the bank, was ₦18.1bn (₦20.7bn in 2014 including gain on sale of subsidiaries); excluding gain on sale of subsidiaries, is₦14.6bn (₦14.4bn in 2014).

The bank’s balance sheet showed a more diversified income streams: with securities trading contributing 4.3 per cent of gross earnings vs 2% in 2014; 84%growth in E-business income, with almost 400% increase in Point of Sale terminal fees and 134% increase in card fees.
Chief Executive Officer,Emeka Emuwa, who commented on the bank’s 2015 results, said: “2015 was a challenging year across board, with significant operational and economic headwinds.”

Fidson Healthcare Posts 18% to N744million Net Profit Growth

Fidson Healthcare Plc grew net profit by 18 per cent to N744.38 million in 2015.

Key extracts of the audited report and accounts of Fidson Healthcare for the year ended December 31, 2015 showed that profit after tax rose from N631.83 million in 2014 to N744.38 million in 2015.

The board however took a cautious approach to dividend payout, reducing dividend per share from 15 kobo in 2014 to 5.0 kobo in 2015.

The company will distribute 10 per cent of net profit as cash dividends for the 2015 business year as against about 36 per cent distributed for the 2014 business year. Shareholders will receive a total of N75 million as cash dividends for 2015 as against N225 million paid for the previous year.

The report showed turnover of N8.21 billion in 2015 as against N9.72 billion in 2014. Profit before tax stood at N838.04 million in 2015 compared with N870.8 million in 2014. The company stated the decline in pre-tax profit was due to 29 per cent increase in finance cost from N554 million to N715 million due to the N2 billion fixed rate bond issued in November 2014.

The management of the company attributed the decline in top-line to challenges to sales and distribution faced during the first half of 2015 largely due to the general elections.

 

Forte Oil Set To Raise N100billion Fresh Capital to Boost Expansion Drive

Indigenous oil company, Forte Oil Plc, has unveiled plans to raise N100 billion fresh capital to expand its operations within Nigeria.

To this end, the directors of the company are seeking the approval of shareholders at the forthcoming annual general meeting to raise the funds.

According to the company, the N100 billion could be raise through a rights issue, bond or share offering, or global depository receipts.

The capital raising plan is coming less than a year after the company successfully attracted $200 million equity capital injection from Mercuria Energy to acquire 17 per cent in the company.

That equity capital contributed to the growth Forte Oil recorded in its profit for 2015 as it helped to reduce interest charges paid on bank borrowings.

Specifically, the directors are asking the shareholders to authorize them to “raise by way of a public offering, rights issue, any other methods they deem fit, additional equity and/or deb capital up to N100 billion through the issuance of shares, convertible securities or non-convertible securities, global depository receipts, medium term notes, loan notes, bonds and or any other instrument(s) whether as a standalone transaction or by way of a programme in such tranches, series or proportion, at such coupon or interest rates within such maturity periods at such dates and time and on such processes all of which shall be determined by the directors subject to all relevant regulatory approvals.”

 

 

CBN Allocates $921million to 17 Commercial Banks in One Month

Bank returns on foreign exchange utilization bought from the Central Bank of Nigeria has shown that it allocated $921,352,549 to 17 commercial banks in the country in March in order to meet the foreign exchange demand of their customers.

The computation, according to Thisday, did not capture total returns of all commercial and merchant banks in country.

Forex allocations in the month of March ranged from fuel, machinery and pharmaceuticals imports, all the way down to school fees and personal travelling allowances.

Allocations for the payment of tuition fees overseas were the most numerous items. Also, other invisibles such as business and personal travel allowances, repatriation of capital, and divestments by foreign portfolio investors from the equities and bond markets accounted for a large chunk of forex purchases, in terms of volume.

Zenith Bank Plc got a total of $102,279,505 from the central bank, Guaranty Trust Bank Plc (GTBank) was allocated $102,565,144, Stanbic IBTC got $100,590,015, while Standard Chartered Bank of Nigeria got $69,088,105.

Also, in the month under review, while First City Monument Bank was allocated a total of $64,171,254; First Bank of Nigeria Limited – $79,428,530; Access Bank – $69,149,137; Diamond Bank Plc -$77,911,934; United Bank of Africa Plc (UBA) – $40,930,338 and Union Bank of Nigeria – $47,403,725.

Also, Ecobank Nigeria reported total returns of $44,205,507 in March, Citibank Nigeria Limited – $31,019,298, Fidelity Bank Plc – $42,236,367, Sterling Bank – $21,081,525, Skye Bank Plc – $6,585,134, Wema Bank Plc -$10,554,233 and Unity Bank Plc – $5,303,622.

Diamond Bank recorded the highest allocation of foreign exchange from the CBN, last week’s returns published by the banks have shown.

Diamond Bank with an allotment of $20,084,368 for last week, was followed closely by Stanbic IBTC, which got $19,305,571 to come in second, while GTBank with $16,807,578 held the third slot.

Also, FCMB with $15,903,487 came in fourth last week, while Ecobank Limited which published returns of $15,352,404 occupied the fifth position.

FirstBank, on the other hand, reported returns of $14,903,487 to occupy the sixth place, just as Standard Chartered Bank with $14,629,570 held the seventh, while UBA with $13,551,412 was in the eight slot.

Access Bank with $12,432,960 returns on forex utilisation occupied the ninth position last week, Fidelity Bank came in tenth with $9,263,961.

“Refineries To Resume Operations This Month” – NNPC

The Nigerian National Petroleum Corporation, NNPC, has said refineries will resume refining crude oil for local consumption within this month to check the current fuel scarcity,

Two of the refineries, Port Harcourt and Kaduna, were shut simultaneously after the Bonny – Okrika and Escravos-Warri crude supply lines to Port Harcourt Kaduna refineries respectively suffered breaches.

The Group Executive Director/ Chief Operating Officer (COO), NNPC (Downstream), Henry Ikem Obih, who spoke to reporters after inspecting some petrol stations in Abuja on , said all the refineries were at various stages of resumption.
Obih also said the NNPC had taken delivery of four vessels of refined petrol that are at various stages of distribution across the country.

“We are working extremely hard to ensure that we eliminate the queues. What we have seen today is encouraging but we are still not there. We will be there when you go into a couple of filling stations and you are able to buy fuel and drive away,” he said.

The inspection by the COO covered major and independent retail outlets within the centre of Abuja. At A.Y.M Shafa located at Apo, Gudu Market, the team queried the station for not discharging the product from the truck.

“Electricity Accounts for 60% of Manufacturers’ Operational Costs” – UACN Boss

Managing Director, Gossy Natural Spring Water, a subsidiary of UACN, Folake Oshinyemi has said that electricity takes up a huge part of the total cost of operation of manufacturers.

She lamented that the firm spends between 40 and 60 per cent of its total costs on power generation, noting that it has impacted on the cost of the finished products.

“It’s ridiculous that the government wants us to pay for what we cannot claim to have used in a whole year. In the last one year, we have generated our own power in our factory in Ikogosi, Ekiti State.” Oshinyemi said.

“Here, we generate our power, tar our roads and are made to pay taxes and levies; now they are increasing tariffs for power that is not supplied to us. The government should, therefore, ensure that the electricity distribution companies (DisCos) and the generation companies (GenCos) are effectively supported to ensure adequate power supply,” she added.

On the effect of the foreign exchange policy, she said: “The forex policy has deeply affected our operations, but the truth is that as a nation, we badly managed our economy and our natural resources, especially oil. As we all know, the components of Gossy bottled water and the sachet water are all by-products of petrochemical products.

 

Spurs Draw at Liverpool Leaves Pochettino Frustrated

Tottenham Hotspur manager Mauricio Pochettino punched the Anfield turf in frustration at the final whistle after his side drew 1-1 with Liverpool in a Premier League match full of thrilling, attacking action on Saturday.

Philippe Coutinho put Liverpool ahead against title-chasing Tottenham with a superbly crafted goal after 51 minutes before Harry Kane equalised for Spurs 12 minutes later with a stunning low shot on the turn.

The result lifted Spurs on to 62 points with six matches to play, four behind leaders Leicester City who are at home to Southampton on Sunday.

But whether Tottenham dropped two points in the title race, gained one or maintained the status quo of remaining five points behind the Foxes will not be clear until after Leicester play.

Spurs have a dreadful record at Anfield, winning only six of their 73 league matches there, and normally a 1-1 draw there would be considered a good result.

But Pochettino told Sky Sports: “The first half was equal but the feeling after the game is that we missed two points. I am happy and very pleased with the performance.

“It is difficult to come to Liverpool and get the three points. It was maybe difficult to score the second goal but we played to win and in football sometimes you can’t win every game.”

Pochettino will now be hoping his former club Southampton can do Spurs a favour by beating Leicester, who will move seven points clear of Spurs if they win.

Spurs also came under pressure from their arch-rivals Arsenal who beat Watford 4-0. They stay third but have narrowed the gap on Spurs to four points and have a game in hand.

Kane, the Premier League’s top scorer, took his tally to 22 league goals for the season — the most by a Spurs player since Gary Lineker scored 28 in 1991-2.

But that provided little consolation for Kane.

“I think we are a tad disappointed. We wanted to come here and win and get the three points to chase the leaders. We got the goal back at 1-0 down and it is a shame we didn’t get the second.

“We are fighting for the Premier League, we will watch the Leicester game tomorrow and hope Southampton can get a result and do us a favour. We have done what we can do.”

Liverpool manager Juergen Klopp, whose team remain ninth, said: “You cannot be satisfied after a draw, there were two world-class goals scored. First half was a stop-and-go game, we were brilliant at go, then stopped in concentration.

“It was an open and wild game, but we could have won it.”

Ronaldo Goal Hands Barca First Defeat in a Year

Cristiano Ronaldo struck late to give Real Madrid a 2-1 victory in the ‘Clasico’ and ruin Barcelona’s 39-game unbeaten run in a tense game overshadowed by debatable refereeing decisions on Saturday.

Gerard Pique headed in a corner to give La Liga leaders Barcelona a deserved lead after 56 minutes but Karim Benzema’s acrobatic volley levelled for the visitors who were lucky to avoid conceding a penalty in the first half.

Real captain Sergio Ramos was also fortunate to escape with a yellow card from referee Alejandro Jose Hernandez in the second half although the defender was eventually sent off in the 83rd minute.

Hernandez also ruled out a headed goal by Gareth Bale.

Barcelona failed to capitalise on their numerical advantage in the closing stages and went 2-1 behind in the 85th minute when Ronaldo chested down a high cross from Bale and fired the ball in at the near post.

“Winning here is a huge prize for all our players because they put in an enormous performance,” Real coach Zinedine Zidane told a news conference after handing Barca their first defeat in any competition since February 2015.

“I’m very happy because it’s not easy to win here, few teams win here.”

Barcelona have 76 points with seven matches to play, seven ahead of third-placed Real. Atletico Madrid are six points off the pace after Antoine Griezmann hit two goals in their 5-1 rout of Real Betis.

Fernando Torres, Juanfran and Thomas Partey also netted for Atletico.

Real’s win was their first in the league at the Nou Camp since 2012. It was also Barca’s first home defeat since they were beaten 1-0 by Malaga in February 2015.

RAMPANT START

“It’s painful to lose at home but it had to happen some day,” said coach Luis Enrique.

“I’m happy with the attitude of our players if not the result. We could have won, or drawn, but Madrid were effective at the end.”

Barca made a rampant start and Luis Suarez missed a glaring chance in the 10th minute.

They could also have had a penalty midway through the first half when Lionel Messi fell over Ramos’ trailing leg after a mazy run into the box.

Despite Barca’s dominance they needed a corner to find a way through, Pique escaping marker Pepe to head in at the near post.

Real responded in the 62nd minute when Marcelo weaved his way into the area from the left and gave the ball to Toni Kroos whose deflected shot sat up for Benzema to athletically score his 21st league goal of the season.

Elsewhere, Valencia were beaten 2-1 at mid-table Las Palmas in coach Pako Ayestaran’s first game in charge since succeeding the sacked Gary Neville.

Rodrigo put the visitors ahead after two minutes but a

penalty from Jonathan Viera and an own goal by defender Shkodran Mustafi handed 15th-placed Valencia a fourth straight defeat.

Sublime Ribery Volley Keeps Bayern on Title Course

Bayern Munich winger Franck Ribery scored a sensational volley to lead the German champions to a 1-0 win over Eintracht Frankfurt on Saturday that kept them five points clear at the top of the Bundesliga with six matches left.

Second-placed Borussia Dortmund, who face Liverpool in the Europa League next week, secured a Champions League spot for next season, staging a late rally to beat Werder Bremen 3-2 thanks to substitute Adrian Ramos’ 82nd minute winner and make sure of a top three finish.

Frenchman Ribery, who has missed most of the season due to injury, took off at the edge of the box and sent his mid-air volley past Lukas Hradecky in the 20th minute after the keeper had initially saved a shot from Mario Goetze.

It was the 32-year-old’s second goal of the campaign after being sidelined for eight months with an ankle problem and then suffering another injury that kept him out until last month.

Their win also set a Bundesliga record for the longest clean sheet against one team, with Frankfurt having failed to net in their last 757 minutes against them and their last goal against Bayern dating back to 2011.

“We started really well and had a lot of good plays. Not only Franck’s amazing goal,” said Bayern coach Pep Guardiola, whose team face Benfica in the Champions League quarter-finals next week.

“It would have been easier if we had scored a second goal.”

Bayern, however, found little resistance from Eintracht and Xabi Alonso rattled the crossbar with a free kick as the hosts enjoyed close to 70 percent possession.

The treble-chasing Bavarians, who face Benfica in the Champions League quarter-finals next week, are on 72 points with Borussia Dortmund, who host Werder Bremen later on Saturday, on 64.

Dortmund top scorer Pierre-Emerick Aubameyang notched his 23rd goal of the campaign to put the hosts ahead in the 53rd but two goals in five minutes from Werder, without injured forward Claudio Pizarro, put them unexpectedly on the backfoot.

Japan international Shinji Kagawa grabbed the equaliser in the 77th, while Ramos, who came on in the 80th, secured the win with a diving header two minutes later to open up a 22-point gap with fourth-placed Bayer Leverkusen with six matches left.

Hertha Berlin, third on 48, are in action at Borussia Moenchengladbach on Sunday. The top three teams qualify for the Champions League group stage with the fourth going into the qualifying rounds.

Schalke 04 failed to climb back into Champions League contention, suffering a 3-0 loss at promoted Ingolstadt to drop to sixth on 44 points.

Argentine Pablo de Blasis struck twice as Mainz 05 battled past Augsburg 4-2 to reclaim fifth spot.

Hamburg SV took a big step towards securing their top- flight status, crushing bottom-placed Hanover 96 3-0 to move them into 10th place on 34, seven points above the relegation zone.

British Doctor Alleges He Doped 150 Sportsmen

UK Anti-Doping (UKAD) said it was “deeply concerned and shocked” by a Sunday Times report in which a British doctor alleged he had prescribed banned performance-enhancing drugs to 150 sportsmen including several Premier League footballers.

The paper said Dr Mark Bonar claimed his “clients” included an England cricketer, British Tour de France cyclists, a British boxing champion, tennis players and martial arts competitors as well as footballers.

In the past six years he had treated more than 150 sportsmen from the UK and abroad with banned substances such as erythropoietin (EPO), steroids and human growth hormone, and the performance improvements were “phenomenal”, the report added.

The Sunday Times said that during a series of meetings with undercover reporters, Bonar had spoken about sportsmen he had treated. The newspaper also sent a sportsman to Bonar’s clinic, who recorded his appointments with a hidden camera.

Neither the newspaper nor Reuters was able to substantiate the claims made by the doctor.

UKAD chief executive Nicole Sapstead said the body had been aware of allegations against Bonar after a sportsperson approached them two years ago but had not been able to act upon them because he was not affiliated to any particular sport.

“Under current legislation, UKAD has the power only to investigate athletes and entourage (including medics) who are themselves governed by a sport,” she said.

UKAD had considered informing the General Medical Council, which overseas medical practitioners in Britain, but decided the evidence they had was insufficient for such a referral, Sapstead added.

UKAD chairman David Kenworthy said an independent review would be conducted into the issues raised by the report.

“They will be asked to look at the way the information supplied by the sportsperson was handled and whether proper procedures were followed,” he said.

“They will also be asked to make any recommendations to improve the way in which intelligence is dealt with in the future so that UKAD can be as effective as possible in keeping sport clean.”

The news is likely to cast a further shadow on the sporting world ahead of the Rio Olympics.

Russia was suspended from international track and field last year following a report exposing widespread cheating and corruption among its athletes.

The country faces a ban from the Olympics unless Russia can prove to the World Anti-Doping Agency and the IAAF governing body that it has met a series of conditions regarding its anti-doping operations.

Azarenka Demolishes Kuznetsova for Third Miami Open Title

Victoria Azarenka celebrates after her match against Svetlana Kuznetsova

Victoria Azarenka kept up a banner year when she beat Svetlana Kuznetsova 6-3 6-2 to win the Miami Open in Florida on Saturday.

Azarenka punished her Russian opponent’s weak serve to wrap up the final in 80 minutes in relentless humidity under a searing sun in the early afternoon encounter on the Key Biscayne hardcourt.

The 13th seed finished off Kuznetsova with a powerful backhand groundstroke for the 20th title of her career, and her third of the year, after winning previously in Indian Wells and Brisbane.

It is the third Miami title for the 26-year-old from Belarus and the first time she has won the same tournament more than twice.

She is also the first woman to win the Indian Wells and Miami tournaments back-to-back since Kim Clijsters in 2005.

“This just gives me even more inspiration and motivation to keep working harder,” Azarenka said in a courtside interview.

“I’m very happy that all the work that I’ve been putting in is paying off. It’s such a great opportunity to play the whole month so consistent.”

Azarenka seems to be returning to the form that took her to the top of the world rankings four years ago, before she was sidetracked by injury and personal problems.

She beat Serena Williams in the final at Indian Wells two weeks ago, and on Saturday never gave Kuznetsova a chance.

She pounced on Kuznetsova’s second serve, breaking the Russian five times in the first set alone.

Azarenka also had her serving problems, however. She was broken three times in the first set but settled down in the second to hold throughout.

“It was pretty tough conditions with being so hot,” she said.

“It didn’t seem too windy but it was really difficult to serve because the ball was flying too much. I really took my opportunities, stepped into the net a lot.”

A long week perhaps caught up with Kuznetsova in the final, after she battled through three sets in four of the five matches she won to get to the final.

Along the way, she beat world number one Serena Williams.

But Kuznetsova was outclassed by Azarenka, whose sights will soon turn to the clay court season and the French Open.

“I think my game suits pretty well for the clay court season,” said the two-times Australian Open champion.

“I’ve been in the semis of the French Open. I’m ready to take that second step.”

Naira Jumps By 0.3% Against Dollar At Parallel Market

The Naira on Friday, April 1, exchanged at N321 to the dollar, an increase of 0.3 per cent at the parallel market.

The Naira gained N1 from its previous value of N322.

However, the Naira depreciated against the Pound Sterling and the Euro as it traded for N457 and N357 respectively, from N448 and N355 it had exchanged previously.

Meanwhile the official interbank rate remained at N197 to the dollar.

Traders at the market expressed optimism that the Naira would appreciate further over the weekend as trading activities unwind.

 

 

Highly Capitalized Stocks Drive NSE Index Up By 0.79%

Transactions on the floor of the Nigerian Stock Exchange, NSE, on Friday, April 1, traveled further North by 0.79 per cent due to gains achieved by some highly capitalized stocks.

The All-Share Index gained 200.87 points, representing 0.79 per cent growth to close at 25,507.09 points against 25,306.22 posted on Thursday.

Likewise, the market capitalisation inched N69.09 billion or 0.79 per cent to close at N8.773 trillion compared to the N8.704 trillion on Thursday.

Dangote Cement recorded the highest price gain to lead the gainers’ table, growing by N3.20 to close at N171 per shared. It was trailed by PZ with 79k to close at N23.50, while ETI garnered 69k to close at N15.20 per share.

Unilever chalked up 50k to close at N29.50 and Oando appreciated by 40k to close at N4.58 per share.

On the other hand, Guinness topped the laggards’ chart with a loss of N4.50 to close at N100 per share. 7UP dipped N1 to close at N154, while Stanbic IBTC shed 75k to close at N14.25 per share.

Nigerian Breweries dropped 61k to close at N106.39 and Lafarge Africa lost 49k to close at N76.51 per share.

However, the volume of shares traded closed lower with a total of 211.31 million shares valued at N1.01 billion transacted in 2,377 deals.This was against 264.04 million shares worth N1.94 million achieved in 3,298 deals on Thursday.

 

 

NCC Bemoans Multiple Taxation, Levies On Telecoms Firms

The Nigerian Communications Commission, NCC, has expressed concern over multiple taxations imposed on telecommunications firms in Nigeria.

The Executive Vice Chairman of NCC, Garba Umaru, made the observation in a message to the Special Day of the commission at the ongoing 27th Enugu International Trade Fair in Enugu on Friday, April 1.

Umaru said the service providers are suffering untold hardship in the country as a result of imposition of taxes and levies.

“Apart from the taxes and levies, the service providers are further burdened with regulations that restrict right of way to deploy or expand services.

“Even when the service providers are willing to make services available, we as members of government at various levels and communities put bottlenecks on their way.

He said that for the service providers to make services available to consumers, they have to build base stations, masts, towers, which were challenges they faced.

The NCC boss said that the commission had continued to engage states in the South-East to discourage multiple taxations and regulations.

Umaru expressed regrets that vandalising telecom infrastructure was very high in the South-East of the country which also contributed to the challenges faced by service providers.

 

 

 

 

“INEC Did Not Disqualify PDP Candidate in Rivers Poll Rerun” – REC

The Independent National Electoral Commission, INEC, on Friday, April 1,stated that it did not disqualify, Tonye Alalibo, PDP candidate for Akuku-Toru Constituency 11, from participating in re-run election in Rivers.

The Resident Electoral Commissioner in the state, Aniedi Ikoiwak, told the News Agency of Nigeria (NAN) in Port Harcourt that judgment of election tribunal and Court of Appeal excluded the party and its candidate from participating in the election.

Ikoiwak explained that two days to the re-run, the commission wrote to the state chapter of PDP informing it that the party and its candidate had been excluded in the election.

He said: “The decision was taken by the commission in compliance with the judgment of the tribunal and that of the Court of Appeal.”

The commissioner said insinuations that the commission deliberately disqualified the candidate was false and baseless.

 

 

 

 

 

NDIC Invites Depositors of Liquidated Enugu Banks To Claim N60million

The Nigeria Deposit Insurance Corporation, NDIC, has called on depositors of liquidated banks in Enugu State to come forward and claim their money.

A breakdown showed unclaimed depositors’ fund of N17.02m from three micro finance banks, as well as N43.68m for depositors in the closed Havard Trust Savings and Loans. Managing Director/ Chief Executive of NDIC, Umaru Ibrahim, made the call at the ongoing 27th Enugu International Trade Fair.

Ibrahim, who was represented by Mr. Nicholas Ayuba Ibrahim, urged depositors who have funds in liquidated banks “to endeavour to file their claims with the corporation for immediate payment.”

“I wish to use this opportunity to call on depositors of the three MFBs here in Enugu, whose licences were revoked recently to, as a matter of urgency, come forward and file claims for payment of their deposits.

“Of the total insured deposit, amounting to N75.49 million for the three MFBs, N58.47m has been paid, leaving a balance of N17.02m.

“Furthermore, depositors of the closed Havard Trust Savings and Loans, also in Enugu, are advised to file their claims as N37.96m only has been paid to some of them to date out of the insured sum of N81.64m, leaving an outstanding balance of N43.68m.”

The NDIC boss equally cautioned Nigerians against patronising ‘wonder banks,’ which he said “offer mouthwatering interest rates to dupe unsuspecting members of the public of their hard earned incomes in the name of investments.

 

Upsurge in Shopping Malls will Boost Nigerian Economy – Ibukun Efuntayo & Co

Lagos City mall

Against the backdrop of an increase in the number of shopping malls in the country in recent times, one of Nigeria’s foremost real estate companies and Manager of the Lagos City Mall, Ibukun Efuntayo & Co has said the increase was good for the Nigerian economy.

Since the beginning of this year, more than five upscale shopping malls have opened shops in the country while some existing ones are expanding their outlets across the length and breadth of the country.

For instance, Shoprite, a leading South Africa mass retail supermarket, has been opening more outlets in the country, following its successful debut in Lekki, Lagos in 2005 while Spar, another hypermarket, which also begun operations in the country in the 2000s has also recently opened a new outlet in the Ilupeju area of Lagos to enhance shopping experience of Nigerians among others.

Speaking in an interview in Lagos, Mr. Emmanuel Efuntayo, Chief Executive Officer, Ibukun Efuntayo & Co said the coming of the new malls signposts positive investor confidence in Nigeria’s economy. He stated that as much as the malls provided convenient shopping experience to shoppers, it will also provide job opportunities for Nigerians and boost government tax revenues.

He attributed the rise in number of shopping malls in the country to changing lifestyle as more people find it more convenient to purchase all their needs in one shop than go from shop to shop.

“The coming of these malls is good for our economy. It goes on to show that our economy is developing and that we have the population that can support these malls. Shopping malls provide that convenience where shoppers can buy all that they want under the same roof while being entertained at the same time, so it’s good especially for those upwardly mobile people. Beside all these benefits, the malls provide direct employment to thousands of Nigerians and that is a good development,” Mr. Efuntayo said.

The Chief Executive Officer also hinted that the Lagos City Mall was poised to continue to offer quality shopping experience to visitors at the mall. He described the Lagos City Mall as a one-stop shopping and entertainment centre where friends and families can visit to unwind. Apart from the quality experience offered by the mall, he said the mall was strategically located for shopping comfort.

“At the Lagos City Mall, we have the advantage of accessibility both for people living on the Island and on the Mainland. It is easier to connect and exit. We have a generous car park and adequate security for shoppers and their properties. The Lagos City Mall is just a few meters away from the Onikan Police Station which guarantees the security of mall visitors and tenants alike,” he said.

He added that a top of the class restaurant would open in the mall in a few weeks to complement the other eateries and pubs that offer quality services to upwardly mobile people who live on the Lagos Mainland but work on the Island to get adequate refreshment while waiting for traffic to ease before going home.

He urged visitors and residents of Lagos to patronize the mall for their lifestyle shopping and entertainment. He said the mall will create more fun and social hub for the upscale south west of Ikoyi, Victoria Island and Lagos Island.

Borno Invests N30bn In Agriculture – Shettima

Borno State Governor, Kashim Shettima has disclosed that his administration has expended over thirty billion naira to promote agricultural production in the state.

The pointed out that agriculture held the key to job creation in the state and also a solution to the Boko Haram menace in the area.

He said, “Agriculture offers opportunity to our people in productive venture and it (we) has to be in the whole value chain of agricultural production process.”

Governor said, ”We have investment worth over N30 billion in agricultural machinery and the whole mantra is for an increase in yield. In Nigeria, we produce five tonnes of tomato per hectare, in England, they produce 50 tonnes per hectare.”

He further explained that a cow in Nigeria produces one litre of milk per day, while a cow in Germany would produced 40 to 60 litres per day.

“So, the whole mantra is to increase yield and we have to invest in modern technology, improve seed varieties, fertiliser and other modern agricultural practices. We have over 50 combined harvesters, we have 700 planters, right now, we have about 600 rice mills”, he revealed.

Governor Shettima also revealed that the state government had established 10 industries, including a tomato processing plant as part of initiatives to take advantage of the core value chain in the agricultural production process.

He said, the plants would take advantage of the huge quantum of tomato and other raw materials produced in the state and its environs.

He further disclosed that the state had also invested in poultry production that would be used to implement the government’s school feeding programme.

“We just imported 3,000 units of Anglo-Sahelian goats from Niger and Chad that are superior to our local varieties and we are buying 100 Kalahari South African goats.”

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