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Bull’s Forceful Return Lifts Market Capitalization By N5billion

By
BWN
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The Market Capitalization of the Nigerian Stock Exchange, NSE, on Friday, March 18, soared by N5 billion to close at N8.838 trillion against the N8.833 trillion posted on Thursday, March 17.

Also, the All-Share Index which opened at 25,679.03 improved by 15.76 points or 0.06 per cent to close at 25,694.79.

An analysis of the price movement showed that Nigerian Breweries recorded the highest price gain to lead the gainers’ table, appreciating by N5 to close at N105 per share.

It was trailed by Unilever with N1.40 to close at N29.45, while Zenith Bank chalked 50k to close at N12.79 per share.

Berger Paint increased by 45k to close at N9.46, while Union Bank garnered 27k to close at N5.77 per share.

On the other hand, Seplat topped the losers’ chart shedding N20 to close at N330 per share.

Lafarge Africa came second with a loss of N3 to close at N81, while GT Bank dipped 68k to close at N15.67 per share.

ETI declined by 65k to close at N14.35 and Dangote Sugar shed 41k to close at N5.90 per share.

NAN reports that GT Bank was investors’ delight with an exchange of 46.52 million shares valued at N733.37 million.

Zenith Bank followed with 33.31 million shares worth N437.11 million, while Access Bank traded 16.37 million shares valued at N64.99 million.

UBA sold 14.69 million shares worth N53.89 million and FBN Holdings exchanged 13.73 million shares valued at N45.73 million.

In all, investors bought and sold 222.25 million shares worth N1.89 billion achieved in 3,558 deals.

 

Oil Hits All Time High in 2016 at Over $43 Per Barrel

By
BWN
-

Oil price at the international market jumped above $42 a barrel on Friday, March 18, hitting its highest in 2016 and extending a rally into a fourth week on the possibility of a production freeze by major exporters.

Brent crude’s front-month contract LCOc1 was up at $42.44 a barrel while U.S. crude CLc1 gained 84 cents to $41.04 a barrel after rising as high as $41.13.

The benchmark had soared by 4.5 per cent to close the previous session at $40.20.

Oil prices have surged by more than 50 per cent from 12-year lows reached in December.

The rise came about as the Organization of Petroleum Exporting Countries (OPEC) floated the idea of a production freeze, boosting brent from about $27 and U.S. crude from around $26.

 

FG Raises N125billion Bonds Set for Maturity in 2020, 2026, 2036

By
BWN
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The Federal Government, at an auction during the week,  raised N125 billion worth of bonds to mature in 2020, 2026 and 2036, the Debt Management Office (DMO) has revealed.

According to DMO’s auction result obtained from its website on Friday, March 18, FG sold N20 billion of 2020 paper at 11.33 per cent, lower than the 12.19 per cent auctioned in February.

It also sold N40 billion of 2026 paper at 12.09 per cent, lower than 12.39 per cent in February and N40 billion of newly issued 2036 paper at 12.40 per cent.

The summary stated that N5 billion of the 15.54 per cent February 2020 bonds and N20 billion of the 12.50 per cent January 2026 bonds were allotted on non-competitive basis.

Subscriptions from investors for the February 2020 bond, which was reopened, stood at N72.559 billion, while that of January 2026, which was also reopened, stood at N89.358 billion. Also, subscriptions for the March 2036 bond stood at N100.529 billion.

 

FG Saves N680billion From Contracts Review in Six Years

By
BWN
-

Acting Director-General, Bureau of Public Procurement, BPP, Ahmed Abdu, on Friday, March 18, said that Nigeria saved about N680billion from the Reviews and Certification of Federal Government contracts between 2009 and 2014.

The BPP Boss announced this in Lagos at the opening ceremony of a Procurement Retreat for Chief Executives of Federal Government Parastatals and Agencies, organized by the BPP.

“We sanitised the public procurement system through the registration, categorization and classification of Federal Contractors, Consultants and Service Providers on its National database.

“The Bureau saved the nation over N680 billion through prior reviews and certification of Federal Government contracts between 2009 and 2014,’’ he said.

Abdu also said that the procurement cadre in the Public Service had been professionalised through various capacity building programmes.

According to him, procurement is globally recognized as a tool for good governance, considering the immense benefits derivable from a sound procurement system.

Abdu also disclosed the Bureau’s plan to ensure strict compliance with extant regulations and guidelines on public procurement.

“As a signatory to the United Nations Convention Against Corruption (UNCAC), Nigeria’s fight against corruption is statutorily expected to
shift from corrective to preventive measures.

“We also remain committed to the provision of technical support to State Governments in domesticating the Procurement Act in their respective States, to ensure that procurement reforms make visible impact at State level,’’ he said.

 

 

Nigeria’s Merchandise Trade Volume Dips by 9.2%

By
BWN
-

According to the Nigerian Bureau of Statistics, NBS, the total value of Nigeria’s merchandise trade during the fourth quarter of 2015 stood at N3, 653.1 billion.

The NBS in its quarter four 2015 merchandise trade report, released on Friday, March 18, indicates that the figure represents 9.2 per cent, lower than the value of N4, 021.4 billion recorded in the preceding quarter.

The report showed that the total trade volume recorded in Nigeria for the 2015 calendar year, stood at N16, 426.8 billion, which amounted to N7,251.6 billion (30.6%) less than the total trade value recorded for 2014.

According to the report, this development was largely due to sharp decline in the value of exports; from N16, 304.0 billion in 2014 to N9, 728.8 billion in 2015, a decline of 40.3 per cent.

The report also noted that a decrease of N676.4 billion (9.2%) in the total imports in 2015 contributed in mitigating the declining trade balance, which stood at N3,030.8 billion, N5,898.9 billion less than the value in 2014.

Similarly, the report further observed that crude oil component of total trade in the same quarter decreased by N4,945.9 billion (41.6%) as against the level recorded in 2014.

Lawyers Demand Improved Welfare for Pensioners, Elderly

By
BWN
-

Some lawyers resident in Abuja on Friday, March 18, 2016 urged the relevant authorities to prioritize the welfare of pensioners and the elderly in the society.

The lawyers explained the viewpoint in separate interviews with the News Agency of Nigeria (NAN) in Abuja.

Ms Maria Akpa sought support for pensioners to receive their pensions before salaries were paid.

She said,”These pensioners, like my father, gave their all in service. The work environment was not even as conducive as we have today with modern computers, split unit air conditioners and so on. Yet, these people were dedicated to their work and so, the system must appreciate the services they rendered, by giving them their pensions timely and with respect”.

Mr Mark Finecountry harped on the need for pensioners, the elderly and the vulnerable in the society to be treated with respect and compassion.

Finecountry said, “It is rather unfortunate that every day, we hear of large sums of pension funds being embezzled by those supposed to administer these funds judiciously. It is just unimaginable that somebody will want to spend money meant for pensioners; these are people who have given their best years to this country.”

 

Lafferty Group Rates Sterling Bank 10th In Quality Rating

By
BWN
-

Sterling Bank Plc has been rated 10th by Lafferty Group, it was also rated first in terms of quality in the Nigerian market.

Lafferty Group is a major provider of knowledge services to the banking industry worldwide from benchmarking research and Councils to professional education. It said its approach to rating is to use publicly available information to judge against key quantitative and qualitative criteria such as strategy, culture, customer care, brand promise and financial performance.

The Managing Director/Chief Executive, Sterling Bank, Yemi Adeola, said:”Our bank has remained resilient in a turbulent operating environment and Lafferty Bank Quality Ratings has provided an objective view on the fundamentals of our business, by rating us 10th in the world, top three in Africa (after Capitec and Barclays Africa) and the top bank in Nigeria.

“In spite both regulatory and macroeconomic headwinds, we have maintained strong capital and liquidity positions. I am pleased that an external and independent party has validated the bank’s reputation as a well- run, sustainable institution which further lays credence to our valuation in the equities market relative to competition.
“While we welcome the external validation of our business model, we remain committed to building a strong brand with a pervasive culture of innovation, good corporate governance and excellent service delivery.”

Gov. Ambode Emphasises Need for More Sensitisation on Oral Health

By
BWN
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Gov. Akinwumi Ambode of Lagos State on Friday March 18, 2016 discussed the need for more sensitisation on proper oral hygiene to prevent mouth related diseases in Lagos. Ambode, who was represented by the State Commissioner for Health, Dr. Jide Idris, made the call at a 2016 World Oral Day event.The event was organised by Unilever in collaboration with the Nigerian Dental Association, With the theme “Brush Day and Night: Healthy Mouth, Healthy Body’’.He said: “The sensitisation is a way of teaching children oral hygiene which is essential to good health. The mouth is an integral part of the body and if you keep it clean, the body is likely to be clean. This is one of the ways to raise awareness of oral health; it is better to start right from children, because they will grow up with that culture in mind.”

The governor said one of the problems of the mouth was due to not brushing and keeping the teeth clean.

Ambode said: “If you do not keep your teeth clean, you are going to have your teeth infected and it can cause holes and tooth ache. Then it can go through some blood vessels to other parts of the body.

“The essential thing is to keep it healthy and the best way is to brush twice daily and use tooth paste with flouride which helps to prevent caries.’’

The National President, Nigerian Dental Association, Dr Olabode Ijarogbe, said a lot of people in rural areas were still cut off from dental facilities and services which was a challenge.

According to him: “We use the World Oral Day to concentrate on reaching out to more people, particularly those in the grassroots. To let them know that the mouth is an integral part of the body and very important to take good care of it. And if that is not done, it will definitely affect the general body system’’, he added .

Ijarogbe said that brushing twice daily, regular visits to the dentist and consuming wholesome diets would ensure good oral hygiene.

He aded: “Generally, a lot of us have the habit of snacking on foods that contain refined sugar and the bacteria in our mouths tend to feed on the remnants of these foods. This will result in a lot of damage including tooth decay and gum problems. The diet is an important part to our oral health and whatever we eat, we should be sure it will be of immense benefit to the body.’’

In his contribution, the Vice President, Unilever, Mr Robert Vreede, said that the company had reached over 1.8 million Nigerian school children since 2014 when the programme started.

Vreede said that the behaviour change programme was to improve the idea of brushing day and night to improve oral health.

“The plan is by 2020, we will have reached over 10 million Nigerian school children to teach them to cultivate the habit of brushing twice a day. Because it is only this way we are able to significantly reduce oral diseases and improve hygiene and health in Nigeria”, he added.

Akwa Ibom Signs N422.6bn Appropriation Bill Into Law

By
BWN
-

The Akwa Ibom State Governor, Mr. Udom Emmanuel, has signed into law the sum of N422.6 billion as the Appropriation Bill for the 2016 financial estimate of the state.

A breakdown of the estimates has N94.6 billion for recurrent expenditure, N243 billion for capital expenditure while N85 billion is for consolidated revenue and front charge.

Emmanuel said the timely passage of the bill was a clear indication of the shared focus of development between the Executive and the Judiciary.

“All over the democratic world, budgets and its associated issues are always contentious, and the outcome is always a product of horse-trading. I am proud to say that here in Akwa Ibom state, we did not have to engage in horse-trading, we did not have to go into long and bruising contentious arguments over some asinine issues:”

Manufacturers Urge Govt to Fix Energy, Infrastructural

By
BWN
-

Manufacturers have called on the government to address the energy and infrastructural challenges which has inhibited the maximum contribution of the sector to GDP and economic growth of the country.

The director of Trade for Federal Ministry of Industry,Trade & Investment, Mr. Yunusa Labaran stated that the manufacturing sector has not been able to contribute maximally to the economic growth of the country due to the challenges it has been facing in the area of energy and other critical infrastructure.

He said, “The objectives of the event is aimed at attracting Foreign Direct Investment (FDI), supporting the realisation of the objectives of the Nigeria Industrial Revolution Plan (NIRP) in addressing the supply-side constraints consistently inhibited the growth of manufacturing and industrialization in Nigeria, as well as generation of jobs and wealth creation.”

Also the director-general of Manufacturers Association of Nigeria (MAN), Remi Ogunmefun noted that this is in response to government commitment to industrialisation and diversification of the Nigeria economy and in tandem with the agenda of the current leadership of MAN to internationalize association’s operations and offer quintessential membership services to manufacturing operations using global best practices, benchmarks and platforms.

“The objectives of the event is to improve local production, increase output support job creation, attract foreign direct investment and ultimately stimulate the growth and diversification of the Nigeria economy through export of manufactured, non-oil and gas products,” he said.

NUC Approves PG Degree in IIPELP, UNIPORT

By
BWN
-

The International Institute for Petroleum, Energy Law and Policy (IIPELP) and Emerald Energy Institute, University of Port Harcourt (UNIPORT) will be starting a collaborative postgraduate programme in Petroleum, Energy Economics, Management and Policy, which is approved by the National Universities Commission (NUC). The programme is resident at IIPELP, Abuja.

The IIPELP was established in 2007 to proffer solutions to the current gaps that exist in knowledge, institutional development, governance, legal and regulatory framework for the energy industry in Nigeria and Africa.

 The aim of the programme is to equip, empower and engage energy professionals through academic excellence, research and policy analysis, and professional and staff development in petroleum, energy economics, management and policy.

The MSc programme involves 12 calendar months of intensive, flexible and modular full-time study or 24 calendar months of part-time study. The programme is expected to start in July 2016. Students who successfully complete the programme will be awarded MSc Degree by the Senate of the University of Port Harcourt and a Professional Membership Certificate from IIPELP.

Labour Berates Kachukwu, Demands Public Apology

By
BWN
-
Kachikwu

The Minister of State for Petroleum Resources, Dr Ibe Kachukwu, has been asked to resign over statement credited to him that it was cheaper to import refined petroleum products than refine locally.
The Minister is accused of working for foreign interest, having been an employee of one of the multi national oil companies in the country, the organised labour berated him insisting that such statement contradicts the principle of President Muhammad Buhari’s adminnistration.

The Nigeria Labour Congress (NLC)and National Union of Textile, Garment and Tailoring Workers of Nigeria, NUTGTWN, at the 11th National Delegates Conference of NUTGTWN, urge the minister to withdraw the statement, tender public apology to Nigerians, failure which Labour would call for his resignation.

This was as the elder statesman and pioneer minister of Mines and Power, Dr. Mataima Sule, who said he built and commissioned the Port Harcourt refineries as a minister, decried the continued importation of refined products into the country, saying Nigeria had no business importing petroleum products.

Speaking at the 11th Quadrennial National Delegates’ Conference of the National Union of Textile, Garment and Tailoring Workers of Nigeria yesterday in Kano State, the President of Nigeria Labour Congress, Ayuba Wabba said Kachikwu’s comment was not in the best interest of Nigeria.

He said Nigeria cannot develop when it imports all it needs, adding that except the nation’s industries were brought back on track, the country’s aspiration to prosperity will remain a mirage.

According to Comrade Issa, in his remark, said the Minister’s statement did not add up to the mission statement of his Ministry “which is to maximise the benefits of the sector, oil and gas, so that we can use these resources for national development.” Describing the comment as “extremely dangerous,” he said Nigeria cannot maximize the benefits of the petroleum sector when its minister holds the view that it is cheaper to import than to produce locally.”

Oyo Lawmaker Solicits Support for Rainstorm Victims

By
BWN
-

A member of the Oyo State House of Assembly, Hon. Bimbo Olawunmi Oladeji has charged the state government on the need to quickly help the rainstorm victims in Ogbomoso and some other parts of the state. The lawmaker representing Ogbomoso North State Constituency  stated the problems which are, “Need to render succour to victims of rainstorm in Ogbomoso, Oyo, Ibarapa and other affected parts of Oyo State.”

Also Hon. Adeniyi Fatai Adesina contributed by representing Ibadan South East 1 State Constituency, she said a terrible and disastrous rainstorm occurred last damage to lives and property of the people in Sabo, Abogunde, Isale Afon, Saja-Isale Ora, Masifa, Aguodo, Aduin and Oke – Ado areas of Ogbomoso. According to her, during the incident, a boy died instantly at Ori Oke Community High School, Apake while another boy died last Monday with another person who was seriously injured still receiving treatment in the hospital. While raising an alarm that this negative act of nature has become worrisome and cause of concern to the people of Ogbomoso, she said it has become an annual occurrence rendering many of the residents homeless while some are also maimed. She then disclosed that the Nigerian Meteorological Agency ,NIMET in its Seasonal Rainfall Prediction (SRP) for the year 2016, said there would be an occurrence of above normal rainfall in some states of the country including Oyo State.

The lawmaker who maintained that it is very relevantto render assistance to the victims and families of those that lost their lives in the incident, also enjoined the state government to be adequately prepared to forestall future occurrence given the prediction by NIMET.

Speaking on ways to assist the victims, she urged the State Emergency Management Agency,SEMA to visit the affected areas and provide relief materials to the victims, implored the Ogbomoso North local government to assist victims hospitalised by underwriting their medical bills and encouraged government agencies, private organisations and residents of Ogbomoso to plant trees within their premises, be it educational, official, commercial or residential to serve as wind breaker.

Lagos Award Scholarships to School of the Blind Students

By
BWN
-

The Lagos State Government has awarded scholarships to students of the School of the Blind, Oshodi; College of Health Technology, Yaba, as well as some athletes to enable them complete their education. The scholarship pegged at 300 million is part of efforts to increase access to knowledge for Lagosians.

The Special Adviser to the Governor on Education, Mr. Obafela Bank-Olemoh, who expressed excitement about the grant, said it is an annual programme to assist students in various tertiary institutions, adding that the government also plans to expand it.

He said,“One of the key things we want to do this year is to increase access to knowledge and the governor has made it a mandate that as many Lagosians as possible can get knowledge. We want Lagosians to know that the government works for them, so you don’t have to know anybody to have access to our scholarship system. It is something that started since the last administration and the governor has said it will consolidate with improvements and we are also going to expand so that is why we are supporting them.”

Giving statistics of the awardees, he said, 60 students from the School of the Blind will get N50,000; 336 students of the Lagos State College of Health Technology will get N13.6 million “and we will be giving out over N300 million in bursary this year to over 7,000 Lagosians. This year, we are going to have, 200 students on local scholarship in Lagos state, we are increasing it by over 600, and we are continuing it and adding new ones.”

The Provost, Lagos State College of Health Technology, Dr. Moyo Kasim, thanked the government and the special adviser for the gesture, which he said would alleviate their financial challenges.

Reps to Investigate Alleged Recruitment by CBN

By
BWN
-

The House of Representatives has mandated its Standing Committees on Federal Character; and Banking and Currency to investigate the recent recruitment exercise carried out by the Central Bank of Nigeria (CBN) for violating Federal Character Principles.

Hon. Aliyu Madaki (APC, Kano), who moved the motion said the recruitment exercise employed about 909 people which has since then drawn negative reactions over the way it was conducted.

He alleged that top officials in government and the elites had their relations employed by the apex bank at the time the said recruitment was carried out.

“It lacks federal character, justice as stated in the constitution, “he said.

He recalled that when Nigerians got wind of the exercise ,the apex bank came out to deny the claims.

Meanwhile, CBN denied all allegations of such.

BoI Flag Off N10bn Youth Entrepreneurship Support Project

By
BWN
-

The Bank of Industry (BoI) has formally launched a N10 billion Youths Entrepreneurship Support (YES) project to empower youths with loans to start businesses.

The Minister for Industry, Trade and Investment, Dr Okechukwu Enelamah, said that his ministry would partner all agencies of government to create new jobs.

He said that the ‘YES’ project of BoI was part of the Federal Government’s youths employment scheme, stressing that about 36,000 jobs would be created annually through ‘YES’.

Mr Waheed Olagunju, the acting Managing Director of BoI, said that a participant under the scheme could access up to N10 million loan with single digit interest rate and repayable over three to five years, noting that an applicant must present NYSC or higher education certificate as collateral to qualify for the loan with two external guarantors.

He said that the bank was partnering 11 consultants across the country for the first phase of the project.

Ibinabo to Remains in Prison

By
BWN
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Ibinabo Fiberesima, a former beauty queen and star actress is still battling with court case. Yesterday, she was unable to secure bail from court due to incompetent application. She was convicted by a Court of  Appeal in Lagos on March 11.
Justice UI Ndukwe-Anyanwu,the three man-panel, said that the appellant failed to attach copies of the judgment that was delivered by the court which affirmed the five years jail sentence imposed on her.
The application however, could not be heard as the court observed that the appellant failed to attach copies of the judgment of the court as exhibit thereby rendering the whole application incompetent. Justice UI Ndukwe-Anyanwu, said the only option left was to strike out the application or adjourn it till further date for hearing.The court subsequently adjourned the matter till April 7 for hearing.

Dwindling Revenue Allocation Won’t Affect Projects – Aregbesola

By
BWN
-

Osun State Governor, Ogbeni Rauf Aregbesola has expressed his determination to complete all projects his administration embarked upon despite the drastic reduction in revenue allocation to the state from the federation account.

The Permanent Secretary, Ministry of Works, Mr. Nurudeen Adeagbo, who is also the chairman of the Osun Project Monitoring Committee (OSPMC), explained that 225kilometers rural road projects in Iwo and Ilesa regions of the state were inspected.

Adeagbo said  no fewer than nine roads in Iwo, as well as six roads in Ilesa region were inspected during the inspection tour.

He commended the governor for allowing the World Bank to partner with Osun Rural Access and Mobility Project (O’RAMP), in the development of the rural roads.

Dangote Partners BOI, Kaduna To Acquire Peugeot Nigeria

By
BWN
-

Alhaji Aliko Dangote, has partnered the Bank of Industry (BoI) and the Kaduna and Kebbi State Governments to acquire a majority stake in Peugeot Automobile Nigeria (PAN) Limited.

The Kaduna State Governor, Nasir el-Rufai, said “We have submitted bids for the car maker … with Aliko Dangote on board together with BoI, Kebbi and Kaduna States… We are confident our bid will sail through,” reported Reuters on Thursday.

Peugeot is a joint venture between ASD Motors and the French automaker, with a long history in Nigeria, the anticipated hub of automotive assembling on the Africa continent.

El-Rufai said Kaduna and Kebbi, along with BoI and Dangote, had submitted bids for the stake which the Asset Management Corporation of Nigeria (AMCON) is looking to sell.

Niger Partners Private Firm To Drive TSA, Signs MoU

By
BWN
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Alhaji Balarabe Ibrahim, MDAs, TSA

Niger State Government has involved a private firm to drive  the implementation of the Treasury Single Account (TSA) in the state  even as the government signed a Memorandum of Understanding ( MoU)  that will oblige payment of N45 million  to the firm.

The Commissioner for Finance, Niger State, Alhaji Balarabe Ibrahim stated that making  TSA operational  in the state was a landmark achievement for the government and  that the government was desirous of making it work for the good of the state, adding that the engagement of the private firm, Globalinfo Swift was to select gateway for the implementation of  TSA in the state and leverage on areas of competence of the firm in information and  communication technology (ICT) required for the implementation  of the programme.

According to him, the time frame for the firm to operate and put the state on the right track for hitch- free implementation was three months while the engagement will cost the government N45 million.

The Permanent Secretary, Ministry of Finance, Alhaji Zakeri  Abubakar,  said it was contained in the MoU that the firm would organise training programmes for the personnel of the state to master the platform that will automate the TSA saying that   “Niger  State shall nominate and release its employees to be part of project team  to drive this project”

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