NSE Trading Resumes New Week in Bear Zone as Index Sheds 2.40%

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BWN

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March 30, 2016

FG Plans Self-sufficiency in Rice Production By 2018

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BWN

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March 30, 2016

Minister for Agriculture Audu Ogbeh, on Tuesday, March 29, said the Federal Government plans self-sufficiency in at the

He said: “We intend to achieve self-sufficiency in tomato paste by the end of this year and in rice, maize and soya beans by the end of 2018 as well as wheat by 2019.”

Ogbeh, the keynote speaker at the 64th birthday celebration of National Leader of the All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu , was represented by Minister of State Agriculture Heineken Lokpobiri.

Tinubu,speaking in the same vein said the future is bright for Nigerians with the APC government in place.

The ex- Lagos State Governor said with the commitment of the APC government and its governors to agriculture, the nation will never go hungry.

He said: “It is a commitment and this nation will not go hungry. Those who are thinking that our common sense revolution is not realizable should realize that they are the greedy ones. They are the ones that failed because they are always playing to the last.

“The future is brighter, Nigeria is better, our hope is brighter and our determination is stronger. We will make this country great”.

FG Earmarks N154.3billion Pension Payment For Retirees

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BWN

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March 30, 2016

A total of N154.3 billion has been voted for pension payments of Federal Government retirees, including monthly pensions, arrears of gratuities and Group Life Insurance Policy.

Out of this amount, the pension industry would receive N139.73 billion on pension payments, including monthly pensions, arrears and gratuities.

This was revealed in the 2016 Appropriation Bill passed by the National Assembly on March 23, 2016.

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.

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. Al;location to Department of State Security Service including arrears, got (N7.64 billion), Nigeria Intelligence Agency Pensions and dependants benefits receiced (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.

Market Capitalization Losses N214billion on First Trading Day

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BWN

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March 30, 2016

The Nigerian Stock Market resumed the new week with a staggering loss of N214 billion on Tuesday, March 29 as bear hold dominates trading.

Also, market turnover closes negative as volume declined by 28.80 per cent against 0.31 per cent downward recorded in the previous session.

At the end of the trading, FCMB Plc was target of investors with 60,200 million accounted for N46.838 million, Guaranty Trust Bank Plc followed with 34.706 million valued at N503.175 million, UBA Plc with 32.621 million worth N122.066 million, Unity Kapital Plc with 22.456 million at N11.228 million and FBN Holdings Plc with 21.715 million amounted to N70.660 million.

FG, States and Local Governments Owe DisCos N60billion

By

BWN

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March 30, 2016

The Association of Nigerian Electricity Distributors, ANEDS, on Tuesday, March 29, implored President Muhammadu Buhari to intervene so that the three tiers of government could pay the N60 billion electricity bill owed.

Executive Director of ANEDS, Sunday Oduntan, who spoke in Abuja, said the Nigerian Army is the highest debtor.

He lamented that the huge debt has started weighing the power firms down.

He said: “The total amount of debt owed power distribution companies (DisCos) by ministries, departments and agencies at both the federal, state and local government levels is about N60billion. As at December last year, the total debt was N58billion, but it has grown to about N60billion as we speak.

“A large part of this debt is owed by the military. The Nigerian Army takes pleasure in beating up our staff for unjust reasons and they don’t like to pay their bills. We won’t condone this anymore and we are going to take this case up with them, particularly the recent one that happened in Abeokuta.”

He said despite the fact that the Army is owing the DisCos over N15billion, its officials are usually brutalised whenever the power firms make attempt to enforce the collection of electricity bills.

“The Nigerian Army keep oppressing us and often times they feel they are above the law, but this shouldn’t be. In Abeokuta, they beat up one of our official for unjust reasons and the same same group of military men who did that have not paid their electricity bills since 2013,” Oduntan said.

“The team in Abeokuta, which is the 351 Artillery Brigade, was led by one Major Musa and we use this medium to urge President Buhari to call the soldiers to order. They must know that they are not above the law. The army alone owe DisCos over N15billion. They owe Benin Disco N2.3billion, Eko is owed N1.9billion, Ikeja N1.6billion, Jos N2billion, Kaduna N6.6billion, Kano N301million, Port Harcourt N1.3billion, and Yola-N435million.

Shareholders of Five Banks to Share N149billion Dividends for 2015

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BWN

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March 30, 2016

Shareholders of five banks will receive a total of N149 billion in dividends for the 2015 financial year despite the dismal state of capital market in 2015.

The Nigerian Stock Exchange (NSE) All-Share Index, which measures the aggregate performance of the market plunged by over 17 per cent in 2015 as a result of the economic headwinds.

Although five banks have sent profit warning to the market, other five banks that have announced their results have recommended dividends valued at N149 billion for their shareholders.

The banks are: Zenith Bank Plc, GTBank Plc, United Bank for Africa Plc, Access Bank Plc and Sterling Bank Plc. The five banks recorded growth in profit, hence the recommendation of dividends for shareholders. Zenith Bank Plc recommended the highest dividend of N56.5 billion, which is N1.80 per share. GTBank followed with N52 billion or N1.77 per share. UBA Plc is giving out N21.7 billion or 60 kobo per share. Shareholders of Access Bank Plc are to receive a total dividend of N16 billion or 55 kobo per share, while Sterling Bank Plc is giving out N2.6 billion.

A shareholder and member of Independent Shareholders Association of Nigeria (ISAN), Moses Igbrude, who spoke on the dividends, said the banks needed to be commended considering the challenging environment in which they operated.

“It is heartwarming and encouraging to note that some of the banks are making profit and rewarding shareholders with dividends.”

Inflation Drags Nigeria’s Business Confidence Index Down to 12-month Low

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BWN

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March 30, 2016

As Nigeria’s inflationary pressures intensified in the month of March, all five parameters of the Sales Managers Index were dragged to a 12-month low.

According to a new set of data released on Monday by the London-based World Economics Nigeria’s Business Confidence Index down for the seventh consecutive month, reaching the lowest level in a year.

Businesses in the survey commented on poor consumer demand, rising unemployment, high inflation, lower oil prices and difficult exchange rate conditions.

The Market Growth Index measured by the report also showed fifth consecutive decline and the lowest since March 2015.
The Product Sales Index falls first time in 12 months as managers point to general rise in prices charged for products and services.

At the employment level in the first quarter of 2016, the staffing index fell below the 50.0 no-change mark for the first time, as companies comment on staff rationing as part of cost-cutting measures at lower level of employment.
Meanwhile, the United States said on Monday it would press Nigeria in talks this week to adopt a more flexible foreign exchange rate to boost growth and investment in Africa’s largest economy.

The US Assistant Secretary of State for Africa, Linda Thomas-Greenfield, told an audience at the U.S. Institute of Peace that Nigeria should ensure that the value of the naira currency versus the U.S. dollar was “more realistic.”

“While most people complain about the possibility of there being a devaluation, people are already operating on a devalued currency, and the only people who are not, are people who are doing it officially,” Reuters quoted Thomas-Greenfield to have said.

“Our recommendation is, and we will have discussions about it that they should look at the exchange rate and try to make the exchange rate more realistic to what the value of the naira is to the dollar,” she added.

Skye Bank Expects Lower Earnings on Impairment Charges

By

BWN

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March 30, 2016

Skye Bank Plc is expected to report a decline in profit for the financial year ended December 31, 2015.

In a profit warning notification to the capital market community, the management of Skye Bank Plc said the expected drop in performance is attributable to decision to recognize increased impairment on loans to sectors severely affected by the prevailing economic headwinds which are yet to abate, especially the lull in oil & gas and real estate sectors.
“While this cautious approach has been adopted, we have designed and commenced appropriate remedial processes to salvage the affected assets as soon as possible. Full details of the Group’s financial performance will be disclosed after regulatory approvals of the financial statements. We remain committed to our focus on supporting the growth of the retail and small and medium scale enterprise (SME) sectors amongst others,” the bank said.

Skye Bank explained that in 2015, it made substantial improvements to its risk management framework with a view to ensuring that its risk assets portfolio remain solid and of good quality.

“Our cost containment, internal efficiency and process improvement measures remain on track,” the bank added.
Skye Bank is the fifth financial institution informing investors to expect lower earnings for 2015 due to the challenging operating environment. FCMB Group, FBN Holdings Plc, Diamond Bank Plc, and Ecobank Transnational Incorporated have all notified the capital market community of the lower earnings.

Diamond Bank Announces the Demise of Victor Ezenwoko

By

BWN

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March 29, 2016

The management of Diamond Bank Plc has announced the passing away of one of its executive directors, Victor Ezenwoko.

Victor was in charge of its Lagos and West Businesses until his demise on Friday, 25 March 2016. He joined Diamond Bank in July 1997 as a start-up Branch Manager for Onitsha Bridgehead Branch and subsequently Branch Manager of Onitsha New Market Road Branch and Abuja Branch. Having made his mark in Branch Management, Victor was promoted to Regional Manager East. Between 2002 and 2003, he functioned as Group Head, Large Commercial Businesses (Head Office) and Group Head, Commercial Banking Lagos Island. He was appointed Executive Director in 2010.

Victor is survived by a wife and children.

Diamond Bank Rewards 300 Loyal Customers with N20,000 Cash-back

By

BWN

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March 29, 2016

Diamond Bank customers are in for a great time as the Bank is offering N20, 000 cash-back reward to users of its Visa debit card for transactions on POS or online stores during the Easter period.

The offer opens from March 23 to April 8, 2016, and extends to only debit card transactions on POS and online stores within Nigeria. Seventy five winners will emerge every week with a total of 300 winners expected to emerge at the end of the promotion.

To qualify for the bumper reward, a debit card user would have to carry out at least five transactions in a week with a cumulative minimum spend of N30,000. Debit card holders who carry out POS/WEB transactions for the first time within the period of the promotion will be given priority.

Winners will be credited with a cash-back of the maximum amount they spent on a single transaction within the week with the maximum amount pegged at N20,000.

Diamond Bank has carved a niche as a technology driven bank. The Diamond Debit Card is accepted for payment at millions of merchant locations worldwide with up to 35 percent discount at partner merchant outlets. It also provides added protection and security on customers’ online transactions.

ABL All Star Weekend Sold Out: 2baba, Davido, Emma Nyra, M.I, Sound Sultan & More in Attendance

By

BWN

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March 29, 2016

This year’s Easter celebration will go down memory lane as the African Basketball League hosted fun lovers to an All Star Game at Landmark Centre.

The ABL celebrity game was a match up of Veterans Vs Nigerian Celebrities with Sound Sultan, Ikechukwu, Ghost, Jimmie and Tee Billz making the starting five. The game ended in favour of the veterans with Ghost of ‘’Show Dem Camp’’ named MVP of the day.

Mark Hill of Lagos Islanders was presented with cash reward of a 1000 U.S dollars by Cruz Vodka as the Most Valuable Player for the All Star Game between Africans Vs Americans , the game ended in favour of the Americans 145-125.

The kids were not left behind as they a had a nice time at the ABL Junior training camp.

Tuface Idibia ,Davido, M.I, Emma Nyra, Victoria Kimani, Asika, Koker of Chocolate City, Ehiz, Bracket, Phyno, Kemi Adetiba,Reekado Banks and others were there to show support to the ABL .

The ABL is proudly supported by MTV Base, Union Bank, Wakanow, Cornerstone Insurance, THE BEAT 99.9FM , Pulse.ng, Cruz Vodka and the Lagos State Government.

Fayose Verbally Attacked Muslim Cleric

By

BWN

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March 29, 2016

Governor Ayo Fayose of Ekiti State verbally attacked fiery Muslim preacher, Sheikh Muhydeen Ajani Bello, at a prayer session in Ado-Ekiti.

The cleric had courted the governor’s venom by urging him to show more decorum in his public utterances.

The altercation took place at the weekend during a prayer conference and award ceremony organised by the Southwest branch of the Ansar-ud-Deen Muslim Society of Nigeria.

The Governor was in attendance at the event, which had as highlights prayers for the country and the honouring of deserving Muslims with awards, when the outspoken preacher offered his advice.

Those at the event said the preacher told Fayose that as the number one citizen of the state, he needs to be more cautious in his public utterances.

The unsolicited advice apparently did not sit well with the governor, they said, as he responded with abusive words at the preacher, who attempted to reply him but was restrained by some of the elders in attendance. His microphone was disabled.

The elders also appealed to the governor to leave the venue, having already performed his role, but he bluntly refused, an action that led to a three-hour disruption of the programme.

The governor subsequently left the event, which ended on Monday morning. Attempts to interview the cleric, who was present until Sunday, proved abortive.

Mr. Lere Olayinka, Special Assistant to Fayose on New Media, expressed the view that the cleric deserved the insults the governor drenched him in.

Glendora & FEDEX Red Star Express Partner Over Distribution of King’s College History Book

By

BWN

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March 29, 2016

The King’s College Old Boys’ Association Centenary Committee recently signed agreements with Glendora International Limited and FedEx Red Star Express, to distribute copies of the history of King’s College, titled ‘Floreat Collegium 100 Years of King’s College, Lagos’. This contract took place recently in Lagos.

The Contract permits Glendora to handle the sales and distribution of the books, while FedEx Red Star Express handles the delivery of the books to interested buyers nationwide.

This means the books are now available at all Glendora Bookshops at Jazzhole,168 Awolowo Road, Ikoyi, Ikeja City Mall, MM2 & Muritala Mohammed International Airport, Eko Hotel, Victoria Island, Lagos, Nnamdi Azikiwe International Airport, Abuja. Arrangements have also been concluded with FedEx Red Star Express to provide information and distribute copies of the book through all 165 outlets nationwide.

According to Chairman Centenary Publication, Prince Tola Sotinwa, “The book is of deep historical value not only to past and present staff and students of King’s College, but to all Nigerians. So significant have the achievements of the College been throughout its existence, that in 2009, the United Nations Educational Scientific and Cultural Organisation (UNESCO), thought it fit to celebrate the Centenary of King’s College, Lagos. The celebration was flagged off at the UNESCO’s 34^th General Assembly held in Paris, France in 2007 and was the first time a secondary school in Africa would be so honoured. In affirmation of the primacy of place of the institution, the 100^th Foundation Day Lecture was delivered at the Tafawa Balewa Square, Lagos Campus of the College by the then Director General of UNESCO, Mr. Koichiro Matsuura”.

Also speaking on behalf of FedEx Red Star, the Marketing Manager of the company, Mrs Ngozi Ochokwu, “We are glad to have been part of this. Red Star is committed to safe and proper delivery of goods, and in this case we will ensure the centenary books are properly handled till they get to interested buyers nationwide. We will make them available at all our outlets for easy purchase. With this partnership, we hope to support Glendora and Kings College Old Boys Association impressively.”

Red Star Express Plc, is a premium logistics solution provider in Nigeria in area of revenue, network coverage and market share in the domestic and international market. It enjoys a domestic strength of 169 offices in Nigeria, delivers to additional 1,500 communities, over 1400 highly trained personnel and over 500 vehicle fleet. It operates as the Nigerian licensee of FedEx, which is the world’s largest express transportation company, providing fast and reliable delivery to more than 220 countries and territories around the world.

‘Foreign Exchange Scarcity May Cause Massive Unemployment’

By

BWN

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March 29, 2016

The immediate past Anglican Bishop of the Diocese of Ife, Rt. Rev. Oluranti Odubogun, have noted that “if the Federal Government does not map out economic strategy to forestall further scarcity of forex, there is a grave danger of increase in unemployment as organisations will begin to lay off workers. This was stated at a news conference on the state nation in Lagos.

He also added, ” let the government provide Forex on the basis of needs that are genuine and imperative for incremental value to the economy. Categorization is also important.”

Odubogun, who is also a former business administrator, advised that the government could tap into the Forex it generates from other sources.

He also stressed that,“There are other sources through which foreign exchange is earned. If they are properly managed and harnessed, they could more than mitigate against the drop in direct oil sales,” he said.

“There are sources through which foreign exchange is earned in this country. There are services being provided, and there are other areas where government earn Forex,” he noted.

While backing the Central Bank of Nigeria’s policy banning importers of some 41 items from accessing Forex from the official window, Odubogun said that Forex would continue to be scarce until government created the conducive business environment that encouraged local production and exportation.

Following early last week, Banks have recorded near zero foreign currency deposit inflow from high net-worth individuals indicating that their domiciliary account customers are staying cautious on the reversal of foreign currency deposit ban by Central Bank of Nigeria.

Nurses Protest Over Unpaid Salaries In Ondo State

By

BWN

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March 29, 2016

Dr-Dayo-Adeyanju — Dr, Dayo Adeyanju, Ondo State Commissioner for Health

The aggrieved nurses have made the announcement on Monday they would not resume work until their outstanding salaries, entitlements and bonuses were fully paid by the State government shortly after a meeting called by the Chairman of the Ondo State Health Management Board (OSHMB), Niran Okunrinboye, which was almost disturbed by some of the protestors.

According to reports, One protesting nurse said that they would continue to strike and block the entrance to the facility until the State government pays their salaries and benefits. It was also reported that some of the health workers had supposedly ignored the”negotiating meeting” arranged by Mr . Okunrinboye.

It was also repported that, the visiting government team condemned the actions of the Account Manager of the hospital for defrauding the health workers but asked the nurses to resume work in the interest of sick patients.

“The government team was led by the Chairman of Ondo State Health Management Board, Niran Okunrinboye, and a Secretary from the Board, Ikuomola Ayotunde. Both of them expressed bitterness over the fraud,” the source said.

“The Chairman specifically described the actions of the Account Manager, who has been arrested, as ‘too wicked’ during this period of economic downturn.”

According to another protestor, she said, “They begged us to come back and start work at the hospital, but some of our leaders told them the stolen salaries must be refunded before anyone could be allowed to work freely inside the hospital.”

Another reported was also added that, the State government should find another way of paying the nurses’ salaries rather than attempting to recover the stolen funds from the Account Manager, Aminu Kamilu, who was arrested after running away with the nurses’ salaries.

The Account Manager, together with officers of Heritage Bank Plc, conspired to divert about N10m of health workers’ salaries into a personal account. Mr. Kamilu is currently in police custody in Akure.

A police source stated that the arrested Account Manager was already cooperating with the police and giving clues about other financial crimes that have been committed at the hospital.

The police officer also added that,“The accountant is cooperating with officers and is also giving us clues to other forms of corruption that have been done in the past at the facility”.

Wenger Certain of Future at Arsenal

By

BWN

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March 29, 2016

Arsene Wenger has “no doubt” he would still be the manager of Arsenal next season despite pressures from the club’s supporters to end his 20-year stay with the north London side.

A run of just two wins from their last nine games in all competitions has seen the Gunners knocked out of the Champions League last-16 for a sixth successive season and exit the FA Cup in the quarter-final, losing to Watford at the Emirates Stadium.

Arsenal’s dismal form has severely dented their hopes of ending their 12-year wait for the Premier League title, as they trail leaders Leicester City by 11 points with a game in hand.

“I have no doubt because I am committed. When I do something, I do it 100 per cent. I’m always committed to give my best as long as I am at the club… That’s all I focus on,” Wenger told British media when asked if he would be Arsenal manager next season.

“What is the most important is that I give my best every day… I don’t worry too much about all the rest, what people say. My future is my future. I don’t master that more than you.”

Wenger, who has a year left on his contract, would hope his side can pick up back-to-back league victories for the first time since mid-February when they host Watford on Saturday.

The 66-year-old would start the final year of his current contract at the end of the season, but with Arsenal sitting in third in the Premier League table and having experienced recent elimination in both the FA Cup and Champions League, Wenger is facing increasing pressure from fans over his future.

Some have resorted to bringing signs and banners to matches calling for Wenger to leave, while others have booed the team during their recent dismal run of one win in eight matches.

Importation Of New Cars Drops Due to Forex Challenges

By

BWN

-

March 29, 2016

The foreign exchange liquidity problem that has affected importation of goods into the country, and raw materials for local manufacturing, is also taking its toll on the automobiles industry.

The National Automotive Design and Development Council (NADDC) estimates annual imports at about 400,000 vehicles with 50,000 units as new cars valued at N679.65 billion ($3.45 billion). Some stakeholders have attributed the massive decline to the federal government’s re-launched automotive policy while others opine it was mainly due to the challenges with foreign exchange liquidity.

According to the latest national accounts (Q4 2015) released by the National Bureau of Statistics (NBS), it showed that the motor vehicles & assembly segment of the manufacturing sector contracted by 13.0 per cent year-on-year, compared with 24.3 per cent growth recorded in the corresponding period in 2014.

“Based on our estimates, the CBN is only able to meet about 15 per cent of their domestic foreign exchange requirement, resulting in manufacturers having to source most of their foreign exchange requirements at a premium from the parallel market. We believe local auto assemblers are facing challenges with importing their completely knocked down (CKD) and semi-knocked down (SKD) inputs.

“We gather that Sterling Bank has partnered with Innoson Motors to provide auto finance to prospective customers at an undisclosed rate. It is likely that the government will retain the automotive policy. However we expect a revised version tailored to the country’s current economic situation,” said FBN Quest.

The industry received the needed boost recently when Sterling Bank Plc partnered a local vehicle manufacturer, Innoson Motors, to finance the purchase of locally made vehicles produced by the company.

NNPC To Begin Supply Of Petroleum Products In Aba After 16 Years

By

BWN

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March 29, 2016

Lawmakers Probe NNPC Further, Here's Why

After 16 years of dormancy, pumping of petroleum products has returned to the Nigeria National Petroleum Corporation (NNPC) deports in Aba, the Abia State capital.

According to the the Executive Director of UTM Offshore Ltd, Kennedy Azodeh, petroleum supply to the area, which had been suspended due to pipeline vandalism, resumed two week ago, with about five million liters of petroleum products successfully pumped to the deports.

He attributed the resumption of operations to the relentless efforts of his company, in collaboration with the joint military task force, police and vigilante groups, claiming that 70 percent of pipeline vandalism has been curtailed by his company so far. He assured that it would be further eliminated, if relevant laws were put in place and effectively enforcement.

Azodeh reiterated that if the pipelines are secured the way his company and five others are currently doing, regular pumping of products through the pipelines, rather than use of road tankers to transport them, would make the products readily available.

“It will also reduce the price at which the products are being sold to the public, especially as any kobo spent on transporting the products by road, which takes longer time, would be added to the final cost of the products.

Kewalram unviels 198,000 Auto Assembly Hub

By

BWN

-

March 29, 2016

After about two years of considering the idea of developing an automobile assembly hub in Nigeria, the Kewalram Chanrai Group has introduced a manufacturing plant in Lagos with the revealing of its first Foton truck.

The Deputy Managing Director, Kewalram Chanrai Group, Mr. Victor Eburajolo, said at a press conference preceding the inauguration that the auto assembly hub had been built with installed capacity to roll out 198,000 vehicles and motorbikes annually.

Eburajolo gave the breakdown as 12,000 units of trucks; 30,000 units of cars and mini-buses; 36,000 units of three-wheelers (tricycles); and 120,000 of two wheelers (motorcycles).

He also stated, “Today, we’re launching an auto assembly hub; we are going to start with Foton trucks. We’ve already completed one that will be delivered today.

He added,“We are also going to produce Izuzu mini-buses. In due course, we shall assemble Chevrolet cars and SUVs. We have also signed agreements to assemble three wheelers, and of course, two wheelers. The bike is a Hero brand; while the three-wheeler is a Piaggio brand.”

The company would be starting with the Foton truck assembly, which would run on two shifts, according to him.

” We can go on three shifts if its necessary. We will wait for the demand to grow to increase our capacity. And if it grows, we can have four gangs of three shifts,” he added.

The policy, announced in the last quarter of 2013, favors auto companies assembling or producing vehicles locally with zero to 10 per cent import tariff on vehicle components. But importers of fully built vehicles without assembly plants in Nigeria are to pay 70 per cent duty on cars. The rate was raised from 22 per cent.

According to him, the decision to go into vehicle assembly is in compliance with the auto policy of the Federal Government.

Edo will Enjoy Stable Power Supply by 2018 – Obaseki

By

BWN

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March 29, 2016

A governorship aspirant on platform of the All Progressives Congress (APC) in Edo State, Godwin Obaseki, stated that if given the chance, he would ensure that the state enjoys stable electricity by 2018.

Obaseki hinted that with the Azura power generating project and other power projects, which his team has wooed to the state, the issues of power outage would soon be a thing of the past.

He said that the only way to achieve the dream of stable power supply in the state is to support a candidate with the vision of Governor Adams Oshiomhole in developing the state.

He said, “If you have taken note of what is happening in the state, before Adams Oshiomhole, there was nothing on ground. They said Edo was a poor and civil service state and so they couldn’t build roads, schools or factories. But in the last seven years, the picture has changed.”

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