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Adhere to Code of Practice to Avoid Food Poisoning – SON Tells Fast-Food Owners

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January 4, 2016

The Standard Organisation of Nigeria has reiterated the need for owners of fast-food restaurants in the country to make use of the relevant code of practice for their operations in order to avoid food poisoning.

The Oyo State coordinator of the organisation, Dr. Omolara Okunlola, who said this in an address she read during a meeting with stakeholders in the fast-food business, noted that the agency’s 2004 Code of Hygienic Practice for Fast Food was created to protect members of the public who patronise the eateries against food poisoning.

At the forum, which was attended by representatives of all major fast-food companies in the state, Okunlola highlighted the causes of food contamination, the effects and the consequences, saying that they could be prevented if foodstuffs were properly handled.

She said, “There are many ways and points at which food contamination and poisoning could occur in food business and this is why operators of fast-food centres must employ qualified personnel to handle and preserve raw materials. It is equally vital that the issue of environmental hygiene in food handling areas and sanitary facilities which include source of water supply, storage and waste disposal must be properly handled.”

While stating that the organisation would not hesitate to punish any company that failed to comply strictly with safety standard in food business, Okunlola also called on fast-food operators to always look out for SON safety logo before purchasing processed food materials and seasoning.

“We are concerned with the health of Nigerians who visit these fast-food centres daily. We want to urge the operators to play by the rule, conform to safety standard and protect their customers by avoiding the use of substandard food materials and other items used in preparing what is consumed by the people.

“For the operators of these eateries to maintain high standard, it is also important for them to develop good relationships with relevant standard agencies, welcome criticism from them and customers and ensure training and re-training of their employees,” she said.

“3.2billion People to Access Internet Worldwide in 2016” – IDC

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January 4, 2016

The International Data Corporation, IDC, has predicted that 3.2 billion people, or 44% of the world’s population, will have access to the Internet in 2016.

Out of this number, more than two billion will be using mobile devices to do so.

Growth in Internet access is taking place around the world, but some countries are seeing particularly rapid growth. China, India, and Indonesia lead the way and will account for almost half of the gains in access globally over the course of the next five years.

The combination of lower-cost devices and inexpensive wireless networks are making accessibility easier in countries with populations that could not previously afford them.

The total number of mobile Internet users is forecast to rise at a pace of 2% annually through 2020 unless significant new methods of accessing the Internet are introduced.

Efforts by Google, SpaceX, and Facebook among others to make the Internet available to the remaining 4 billion people via high altitude planes, balloons and satellites are underway.

Scott Strawn, Program Director, Strategic Advisory Service said, “Over the next five years global growth in the number of people accessing the Internet exclusively through mobile devices will grow by more than 25% per year while the amount of time we spend on them continues to grow.

“This change in the way we access the Internet is fueling explosive growth in mobile commerce and mobile advertising.”

SON, ITF Get Zero Allocations for Capital Projects in 2016 Budget

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January 4, 2016

The Standard Organization of Nigeria, SON, and the Industrial Training Fund, ITF, got zero allocations in the 2016 budget proposals recently presented to the National Assembly for consideration.

The two other agencies also affected are the Centre for Automotive Design and Development (CADD) and the National Automotive Council (NAC).

Out of the total N16.63bn proposed for the ministry and its agencies in the budget, N2.07bn, N970.28m, N112.76m and N146.81m were allocated for SON, ITF, CADD and NAC respectively for both overhead and recurrent expenditures.

The copy of the budget seen by Daily Trust showed that four agencies under the Federal Ministry of Industry, Trade and Investment got no budgetary allocation for capital projects in 2016.

The budget proposed a total of N6.09bn for capital projects across the ministry and its agencies out of which the headquarters is expected to spend N2.75bn on capital projects.

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) got the second lion’s share of the funds proposed for capital projects after the headquarters.

Out of the total of N1.50bn allocated to SMEDAN, N717.08m was set aside for capital projects, an indication that the federal government is serious with its job creation drive and support for small and medium enterprises.

The Nigerian Investment Promotion Commission (NIPC) got N217.76m for capital projects out of the total of N984.36m allocated to the commission while the Nigeria Export Promotion Council (NEPC) got N112.85m for capital projects out of the total of N839.50m allocated to the council.

The Consumer Protection Council (CPC) and the Nigeria Commodity Exchange (NCX) got N441.48m and N148.82m respectively for capital projects out of the total of N1.02bn and N303.75m respectively allocated to the agencies.

Respite for Investors as Year-end Rally Pushes Market Capitalization Up by N612billion

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January 4, 2016

Trading activities at the Nigerian Stock Market in the last trading week of the year 2015 brought a huge relief to investors on the bourse as equities soared by N612 billion in three days.

Although, it was a brief trading week as the Federal Government of Nigeria declared Monday, 28th December, 2015 and Friday, 1st January, 2016 as Public Holidays to celebrate Boxing day and the New Year respectively.

Meanwhile, trading on the floor of the bourse recorded a turnover of 2.965 billion shares worth N9.364 billion in 7,174 deals in contrast to a total of 743.117 million shares valued at N6.591 billion that exchanged hands last week in 8,325 deals.

The Financial Services Industry (measured by volume) led the activity chart with 2.760 billion shares valued at N5.174 billion traded in 4,103 deals; thus contributing 93.06 per cent and 55.25 per cent to the total equity turnover volume and value respectively.

The Services Industry followed with 66.805 million shares worth N203.043 million in 140 deals. The third place was occupied by the ICT Industry with a turnover of 42.737 million shares worth N21.730 million in 15 deals.

Trading in the top three equities namely; African Alliance Insurance Company Plc, Sterling Bank Plc and FBN Holdings Plc. (measured by volume) accounted for 1.998 billion shares worth N2.585 billion in 882 deals, contributing 67.36 per cent and 27.60 per cent to the total equity turnover volume and value respectively.

Also traded during the week were a total of 60,171 units of Exchange Traded Products (ETPs) valued at N484,396.36 executed in 20 deals, compared with a total of 721 units valued at N250,859.50 transacted last week in 19 deals.

However, a total of 75,750 units of Federal Government Bonds valued at N128.722 million were traded this week in 1 deal.

Index movement shows that the NSE All-Share Index and market capitalization appreciated by 6.59 per cent and 6.62 per cent to close the week at 28,642.25 points and N9.851 trillion respectively.

Similarly, all other Indices finished higher during the week, with the exception of the NSE ASeM Index that closed flat.

2,839 BDC Operators Meet Recapitalization Deadline

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January 4, 2016

The Central Bank of Nigeria, CBN, has listed 2,839 Bureaux De Change, BDCs, that have met the N70 million regulatory capital base.

In a circular released over the weekend, the CBN said the BDCs have complied with new N35 million capitalization requirements and another N35 million cautionary deposit stipulated for operators.

The apex bank had in June 2015, announced a new minimum capital requirement of N35 million for the operation of BDCs, up from the N10 million it was previously.

The new capital base, is contained in a new guideline for the industry backed by the CBN Act of 2007 and the Banks and Other Financial Institutions Act 2004 (BOFIA). Both statues, stipulate a non-refundable application fee of N100,000 and non-refundable licensing fee of N1 million.

The circular, which will come into effect this month, orders retail money exchanges to deposit a mandatory cautionary deposit of N35 million in an account with the CBN, in addition to a minimum capital requirement of N35 million.

The new guideline said no person should carry on the business of BDC in Nigeria, except with the prior authorisation of the CBN. It also stipulates that a BDC shall be construed as any company that is licenced to carry on small scale foreign exchange business in Nigeria and whose sole object is the carrying on of such business on a stand-alone basis.

It said the application for BDC licence shall be processed in two stages, namely: approval-in-principle (AIP) and final licence.

Stock Market Index Wraps Up 2015 With 3.11% Gain

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January 4, 2016

The Nigerian Stock Exchange, NSE, closed the year 2015 on a positive note as lead indicators increased by 3.11 per cent.

The All Share Index soared 864.42 points higher to close at 28,642.25 points compared to 1,014.59 points gained previously to close at 27,777.83 points, while market capitalization added N297.3 billion to close at N9.9 trillion compared to N351.5 billion added previously to close at N9.6 trillion.

The day’s gains were sustained by ample increases in Sectoral indices as they all closed positive with the exception of the NSE ASeM Index which closed flat.

The NSE Consumer Goods Index topped the sectoral indices with an increase of 5 per cent due to gains recorded by Nigerian Breweries which added 9.68 per cent or N12 to close at N136 per share and Nestle which also grew by 4.24 per cent or N35 to close at N860 per share.

Market breadth likewise closed positive with 33 gainers pitched against 6 losers. Top three gainers for the day were Nigerian Aviation Handling Company Plc., which increased by 10.20 per cent or 35 kobo to close at N3.78 per share followed by Transnational Express Plc., which added 9.71 per cent or 10 kobo to close at N1.13 per share, while Nigerian Breweries Plc., gained 9.68 per cent or N12 to close at N136 per share.

On the other hand, Cadbury Plc topped the losers chart with a decline of 4.99 per cent or 90 kobo to close at N17.15 per share, followed by Cutix Plc., which depreciated by 2.92 per cent or 5 kobo to close at N1.66 per share, while Skye Bank Plc., dropped 2.47per cent or 4 kobo to close at N1.58 per share.

At the end of the day’s transactions, investors on the Nigeria Stock Exchange had in 2,160 deals exchanged a total of 252.2 million shares valued at N3.9 billion in contrast to a total of N1.4 billion shares worth N1.95 billion exchanged in 2,559 previously.

Naira Sheds10% Value at Money Market

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January 4, 2016

The naira continued to nose dive almost throughout 2015 in both the parallel and interbank markets.

At the last trading day for the year last Thursday, December 31, the naira dipped further against the dollar while the stock index rose.

Naira closed on the interbank market at 199.50 to the dollar on Thursday, compared with 181.50 to the dollar a year ago, down 9.91 per cent at the official window.

On the parallel market, the naira traded at 266 to the dollar, weaker by 39.26 per cent from 191 to the dollar at the close of last year.

The naira has continued to come under pressure against the dollar, as Brent crude price continues to decline. The oil price declined to $35 per barrel on December 11, its lowest price since February 2009, before increasing to $38.45pb on December 15 and closed the year around $37pb. This has adversely affected almost all indicators in the economy including the naira.

At the parallel market, the local currency depreciated by 8.44 per cent to N270/ dollar on the 16th of December, touching a new all time low.

At the interbank market, the naira remained relatively stable and appreciated marginally by 0.53 per cent to N197.49/ dollar. The external reserves level declined during the review period by 2.25 per cent ($680 million) to $29.48 billion as at December 15.

Commercial Banks to Lose N100billion Revenue as Zero COT Begins

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January 4, 2016

Nigerian Banks revenues is expected to plunge by about N100 billion in 2016, with the implementation of the zero Commission On Transactions (COT) policy.

It is the last phase of the “Guide to Bank Charges” policy initiated by the Central Bank of Nigeria (CBN).

A former Executive Director of Keystone Bank, Richard Obire, explained that of the annual N550 billion average revenue for the 21 banks, about N100 billion is raked from COT.

Obire explained that bank’s revenues are made up of interests on loans, which constitute 70 per cent of the total revenue. Fees and commission make up the remaining 30 per cent. Fees and commission covers 30 per cent of the total revenues. COT constituting 60 per cent of income within the segment.

Obire said banks should be moving towards income diversification to shore up their revenue base. He said lenders should be creative and think of how to diversify to support activities that generate foreign exchange from local industries. He said aside the COT-free banking, the lenders will face pressure arising from interest revenues on loans.

The “Guide to Bank Charges” is an initiative of the Central Bank of Nigeria (CBN) to reduce charges widely seen by bank customers

In a circular titled: “Implementation of Revised Guide to Bank Charges –Commission on Turnover,” posted on CBN’s website and signed by its Deputy Director, Financial Policy and Regulation Department, Franklin Ahonhai, the regulator said there was no going back on the policy implementation.

It mandated banks that charged excess COT since the effective date to refund same to the affected customers or be sanctioned.

According to the CBN, the policy is expected to have implications for both banks and their customers as it is expected to give the regulator more power to deal with banks reluctant to lower service fees considered ‘as the highest in the world’.

NLNG Poised to Surpass 350,000 Metric Tonnes Yearly Supply

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January 4, 2016

Nigerian Liquefied Natural Gas, NLNG, can exceed its annual supply of 350, 000 metric tonnes (MT) of LPG, its Manager, Marketing and Development, Abdulkadir Ahmed, has said.

Ahmed, who gave this hint at a stakeholders’ forum in Lagos, said NLNG has not only supplied over 700,000 MT since inception, but can also exceed its annual supply of the product provided the market can absorb it.

He said the gap between the demand and supply of the product was not caused by NLNG but by institutional bottlenecks occasioned by delay at the terminals where LPG is being discharged among other factors.

Also, the President, Liquefied Petroleum Gas Association of Nigeria (LPGAN), Dapo Adesina, said NLNG could supply as much as one million tonnes of LPG, provided the market can accommodate it.

He said the occasional scarcity of LPG, otherwise known as cooling gas, in the market was not as a result of low supply from the NLNG, but delay in the delivery of the product at the terminals.

He said NLNG’s terminals were approved by the Federal Government to discharge LPG, and that two are actually providing the service.

Adesina said vessels bringing LPG to Lagos from NLNG’s base in Port Harcourt, Rivers State, were sometimes delayed for days at the terminals for one reason or the other.

He said the North Oil Jetty (NOJ) was directed by the government to give priority to Premium Motor Spirit (PMS) in order to ease fuel scarcity, noting that the issue has prevented LPG vessels from discharging their content as at when due.

Adesina said the fact that some companies are importing LPG from Niger Republic and other countries does not mean that Nigeria cannot meet local demand for the product.

Oil Marketers Shun Govt Orders, Sell Fuel Above N86.50 Pump Price

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January 4, 2016

While majority of the filling stations around Ekenwan, Akpakpava were not selling fuel, only MEGA station on Sapele road was selling petrol for N86.per litre, with a relatively long queue, The Nation reports.

Also, at an NNPC retail station in Upper Sakponba road, petrol was sold for N87 despite the Federal Government’s directive.

A fuel attendant who spoke on condition of anonymity, that motorist should appreciate them after all “Others are selling for as much as N145-N 150 per litre

But other independent marketers who were dispensing the product sold to motorists and other buyers at between N115 and N150 per litre.

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