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New Electricity Tariff Will Encourage Private Investment In Power Sector – NESG

By
BWN
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The Nigerian Economic Summit Group has expressed its support for the implementation of the electricity tariff, which took effect on February 1, 2016, saying the new tariff regime would encourage private sector investment in the power sector.

The NESG, a private sector think-tank and policy advocacy group, said in a report that the country’s persistent electricity supply shortage presented serious obstacles to the growth and development of the economy.

It said this shortage of reliable power in sufficient quantity to meet the increasing requirements of a rapidly growing economy was predicted to be affecting the Gross Domestic Product growth by between two per cent and four per cent per annum.

The group noted that as of February 14, 2016, peak generation in the country was 4,741 megawatts for a population of 160 million people, compared to Algeria, another African country, which has 11,000MW for a population of 39 million people.

“Egypt has 24,000MW for a population of 88 million people. South Africa has 40,000 MW for a population of 53 million people, and Brazil has 100,000 MW for a population of 204 million people,” said NESG.

It said, “Under the former pricing regime, the combined sum of electricity prices and tariffs is far below industry’s costs. Unless these prices were raised significantly, the industry will never be viable (or seen to be heading in the direction of financial viability), and the private sector will not invest.

“Without private investment, the country will remain in the dark and extinguish any prospects for economic growth and development.”

According to the NESG, the rule of thumb for any developed industrial nation is that at least 1,000MW of electricity generation and consumption is required for every one million head of population. This rule provides a useful indicator as to the scale of the investments that need to be made in the Nigerian electricity supply industry over the coming years.

Nigeria will therefore need significant amounts of power generation, if it is to attain constant power supply (calculated to be 155,000MW using above rule of thumb), the group said.

Falana Sues CBN over Its Monetary Policy

By
BWN
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Human rights lawyer, Mr. Femi Falana (SAN), has filed a suit at the Federal High Court in Abuja asking for an order restraining the Central Bank of Nigeria from allowing market forces to determine the exchange rate of the naira.

The renowned lawyer also asked the court to direct the CBN to stop the use of the United States of America’s dollar as a legal tender in Nigeria.

The suit, FHC/ABJ/CS/146/16, which was filed on behalf of Falana by a lawyer in his firm, Mr. Wisdom Elum, names the CBN as the sole defendant and is yet to be assigned to a judge.

Falana alleged in the suit that the CBN’s monetary policy had led to a situation where too much naira was made to chase a few dollars with an attendant weaker naira and adverse multiplier effects such as rising inflation, closure of factories and high level of unemployment.

He also alleged that the CBN had so “dollarised the economy” that the foreign currency had become a legal tender, with school fees as well as rents now being charged and paid in dollars “to the detriment of the economy.”

He contended that while the CBN had fixed the exchange rate at N198 to a dollar, and President Muhammadu Buhari had continued to restate his promise not to devalue the naira, the apex bank “had allowed market forces to increase the exchange rate to over N400 to a dollar.”

A supporting affidavit deposed to by another lawyer in Falana’s law firm, Mr. Femi Adedeji, stated, “The devaluation of the currency and dollarisation of the economy have made mockery of the yet-to-be-passed 2016 budget of the Federal Government.

“The monetary policy of the defendant (the CBN) has led to a situation whereby too much naira chase few dollars, thereby making the naira weaker in relation to the dollar and instigating an adverse multiplier effect.

“The monetary policy of the defendant has also led to increasing costs, rapidly rising inflation and interest rates, closure of factories and the attendant high level of unemployment.”

The lawyer, therefore asked the court to determine, “whether the monetary policy of the defendant, which allows market forces to fix and determine the exchange rate of the naira is not a violation of Section 16 of the CBN (Establishment) Act 2007 and Section 16 of the Constitution of the Federal Republic of Nigeria, 1999 as amended.”

 

Blueprint on Development of Agric Sector Will Soon Be Unveiled – Ministe

By
BWN
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The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, revealed that its blueprint for the development of the agricultural sector will be ready in two weeks’ time.

“In another two weeks at the very farthest, we shall be presenting to you our road map, we shall be presenting it to you before we present it to the country.

“We will give you an idea of how we want to go about what we want to do, the areas of preference and the emphasis we want to lay on improving on production, creating wealth, cutting down on import because today the import bill is extremely high.’’

The minister revealed that the country’s volume of imports in rice and wheat was already reducing, adding that his ministry’s target was working on milk importation. He expressed optimism in the gradual improvement in tuber production and processing as well as cotton production for the textile industry.

Chairman, Senate Committee on Agriculture, Sen. Abdullahi Adamu, lauded the approach adopted by the present administration towards developing agriculture.

Gusau Institute Donates 15,000 Books to Secondary, Tertiary Schools

By
BWN
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library

Gusau Institute founded by former Minister of Defence, General Aliyu Mohammed Gusau (rtd), has donated 15,000 volumes of books to tertiary institutions and secondary and primary schools in the country, saying that Nigeria’s economic growth and global competitiveness relies on development in the education sector.

According to an educational expert, Dr. Haroun Adamu, who represented the former minister at the presentation ceremony of the books to the institutions and schools, “It is our hope that these 15,000 volumes we are distributing today will indeed strengthen your hands as educators to transform and change the students in your care so that they can advance Nigeria’s growth and global competitiveness.”

“we have a large number of out-of-school children and young adults with limited literacy and numeracy skills who have little hope of ever joining the formal workforce. The educational system suffers from deteriorating quality and insufficient investment to keep pace with the country’s growing school-age population.”

Institutions that benefited from the donations are, Nigerian Defence Academy (NDA), Ahmadu Bello University (ABU), Zaria, Kaduna State University (KASU), University of Jos, Federal University, Gusau, Kaduna Polytechnic, Nuhu Bamali Polytechnic, Zaria, Federal College of Education, Zaria and Federal College of Technical Education, Zamfara, Musa Shehu Yar’Adua Centre, Abuja, Barau Dikko Specialist Hospital, Kaduna, Kaduna Public Library, College of Islamic Studies, Gusau, Zaria Academy; Secondary and Primary Schools.

Adamu spoke about the research library saying: “with approximately 22,000 volumes of books, journals and magazines and it is the biggest library in Nigeria.”

Minister, Oil Sector Stakeholders to Meet Over Low Oil Price

By
BWN
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The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu and other industry stakeholders will convene in Abuja next month to provide insights into the way forward for the Nigerian oil and gas industry amid the low oil price environment. The minister had confirmed his participation as the guest of honour and host minister at the 25th edition of its Annual Oloibiri Lecture Series and Energy Forum taking place on March 3, 2016.

According to the Chairman, SPE Nigeria Council, Mr. George Kalu, this year’s edition would bring together experienced exploration and production industry experts, who would provide insights into how to advance Nigeria’s oil and gas activities to mitigate the effect of low oil prices and chart the right course towards sustainable future for the industry.

The E&P executives that will speak at the event are the Managing Director/Chief Executive Officer, First E&P Development Company, Mr. Ademola Adeyemi-Bero; the Director, Department of Petroleum Resources, Mr. Modecai Baba-Ladan; the Managing Director, Shell Nigeria Exploration and Production Company, Mr. Bayo Ojulari; the Managing Director, ExxonMobil Nigeria, Mr. Nolan O’Neal; the Group Executive Director, E&P NNPC, Dr. Maikanti Baru, and the Chairman, PETAN and Managing Director, Oildata Inc., Mr. Emeka Ene.

Nigeria’s Economic Resurgence Depends on Agriculture – President Buhari

By
BWN
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President Muhammadu Buhari has said that Nigeria’s hope of economic revitalisation depends on the rapid development of its agricultural and solid mineral resources.

The President said his administration was fully committed to facilitating the productivity of Nigeria’s agriculture and solid minerals sectors to save the nation from the harsh effects of dwindling crude oil prices.

According to his Special Adviser on Media and Publicity, Mr. Femi Adesina, the President spoke in Riyadh on Tuesday at a meeting he had with leading members of the Council of Saudi Arabia’s Chambers of Commerce and Industry.

He had invited Saudi Arabian businessmen to invest in both agriculture and solid minerals, he said that his administration would welcome greater foreign investment in support of its efforts to rapidly diversify the Nigerian economy.

President Buhari regretted that the country had depended too much on crude oil exports to the neglect of other resources.

MANUFACTURING JOBS |Fan Milk Plc Fresh Job Recruitment 2016

By
BWN
-

Fan Milk Plc is a leading manufacturer and marketer of healthy, nutritious and safe frozen dairy and non-frozen dairy food products with distribution channels across the length and breadth of Nigeria. Fan Milk Nigeria is a well established and fast growing food processing industry offering wide range of products

We are recruiting to fill the following vacant positions below:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

MANUFACTURING JOBS | Trade Marketing Lead at Pfizer Nigeria

By
BWN
-

Pfizer – Good health is vital to all of us, and finding sustainable solutions to the most pressing health care challenges of our world cannot wait. That’s why we at Pfizer are committed to applying science and our global resources to improve health and well-being at every stage of life. We strive to provide access to safe, effective and affordable medicines and related health care services to the people who need them.

We are recruiting to fill the position of:

Job Title: Trade Marketing Lead

Job ID: 1028229
Location: Lagos
Full-Time: Regular
Division: Marketing
Business Unit/Line: GEP
Reports to Position Title: Marketing Director NEAR

Position Summary
The Trade marketing Lead acts as “Change Agent” and will be responsible for the following:

  • Identify local strategic opportunities and challenges for retail/trade marketing
  • Collaborate closely with Country Portfolio Leads (CPL) to include retail chapter for brand plans and develop brand/Therapeutic Area  (TA) strategies
  • Develop trade marketing tactics and programs
  • Collaborate with Retail & Distribution Manager to ensure brilliant execution of trade marketing tactics and programs
  • Act as change agent for retail in NEAR markets, master the “retail/trade marketing communication” to ensure full transparency

Position Responsibilities

  • Be the “Change Agent” for NEAR countries: ensure capability build-up and targeted service to achieve strategic retail objectives in the region
  • Convince countries of the opportunities of trade marketing at point of Sale and drive NEAR trade marketing strategies and tactics
  • Focus on Top 5 markets but support markets according to their individual need, provide trade marketing material/training etc.
  • Support NEAR in developing retail chapters for country and brand Operating plans
  • Collaborate with regional and country stakeholders to embed “success in retail”
  • Align with regional team on regional/local retail opportunities/challenges, set priorities
  • Collaborate with CPL to influence inclusion of trade marketing as a growth driver for main T.A (Cardiovascular, Pain , Anti-infective and Men & Women/ Specialty).
  • Collaborate with sales managers and commercial team to execute trade marketing programs at the point of sales and generate insights/analysis from implementation
  • Collect market level insight and share knowledge with Retail center
  • Consolidate market insights, develop market-specific solutions (share best practices)
  • Track results of trade marketing programs and capability build-up
  • Track individual program & tactic/market performance and its evolution
  • Monitor capability development in markets, support via coaching and track progression
  • Develop quality relationships and insights with new and existing customers – be “customer obsessed”

Organizational Relationships:

  • Report to Marketing Director
  • Provide insights on NEAR trade marketing reality
  • Be accountable for execution of agreed programs & tactics and responsible for budget allocated
  • Alignment on business priorities, trends and challenges
  • Trade marketing Lead to provide strategic advice and coaching with regards to “trade marketing” issues
  • Ensure effective alignment with Customer Service Colleagues – “one retail team”
  • Align on roles and responsibilities, i.e. focus on sell-out and sell-in
  • Fine-tune retail chapter in brand plans: Collaborate with CPL
  • Align on strategic priorities in NEAR : focus on defined top markets and key retail personality brands
  • Provide promotional materials to be expedited in NEAR markets
  • Ensure execution of retail programs, foster local retail creativity: collaborate with CPLs and Retail & Distribution Manager.
  • Facilitate tracking of performance
  • Instill a retail KPI mindset in the relevant teams/for relevant brands, i.e. add these KPIs to their performance judgment
  • Based on defined retail KPIs (switch, Numeric Distribution and Weighted Distribution) – monitor and interpret results and take action
  • Advance local capabilities are being built-up
  • In collaboration with Global Commercial Operation and Customer Service Colleagues, develop, offer and implement necessary training to enhance “retail capabilities”

Education and Experience

  • Education: First degree required; MBA an advantage
  • Pharmaceutical or FMCG industry experience within the area of Marketing or Trade Development
  • 5-10 years relevant trade/customer marketing experience that can be applied in the Pharmaceutical Industry
  • Trade marketing expertise in independent channels beneficial
  • Experience in large organizations and highly regulated industries
  • Experience in influencing without direct/formal authority
  • Experience in cross-cultural environments, flexibly adapts

Technical Skills Requirements:

  • Strong collaborator, strong Customer Relationship management
  • Analytical ability and skilled in Excel
  • Business Acumen: Budget management, strong analytical/financial skill set (e.g. development of financial business cases), strategic thinking
  • Project management skills: Identifies best practices and prioritizes need for action (focus on critical/value-generating projects)
  • Flexibility in managing time zone differences in region and travel requests
  • Clear understanding of channel economics

Application Closing Date
7th March, 2016.

How to Apply
Interested and qualified candidate should APPLY

MANUFACTURING JOBS | Field Sales Executives at Lafarge GroupField Sales Executives at Lafarge Group

By
BWN
-

Lafarge Group – Created in 1833, Lafarge group, headquartered in France, is the world leader in building materials, with top-ranking positions in three of its activities: No 1 worldwide in Cement, No 2 worldwide in Aggregates & Concrete, and No 3 worldwide in Gypsum.

Located in 62 countries with 64,000 employees, Lafarge is a world leader in building materials, with top-ranking positions in its Cement, Aggregates & Concrete businesses. In 2013, Lafarge posted sales of 15.1 billion euros.

Lafarge ranked amongst the top 10 of 500 companies evaluated by the “Carbon Disclosure Project” in recognition of their strategy and actions against global warming. With the world’s leading building materials research facility, Lafarge places innovation at the heart of its priorities, working for sustainable construction and architectural creativity.

We are recruiting to fill the position below:

Job Title: Field Sales Executive

Location: Lagos
Business Unit: Aggregates and Concrete (A&C)
Job Type: Permanent

Job Description

  • Promote good H&S practices on customer forums, sites and at public forums
  • Execute the sales strategy on Micro-Financing & Micro-mass housing
  • Manage and organize the field work of the Easy Home team
  • Build partnerships with relevant prospect groups in the micro-housing sector
  • Execute the multiplier effect strategy at the field level
  • Represent Easy Home in various forums to create awareness on the programme
  • Implement Easy Home service to National scale
  • Identify opportunities for new products and/or service innovations

Duties & Responsibilities

  • Promote H&S best practices to staff and our customers
  • Manage Easy Home field activities to ensure they achieve their own KPIs and the Business Units ambitions & budget
  • Organize and track weekly activities of team leads, sales reps, and technical assistants
  • Planned and random site visits
  • Daily communication with the whole team
  • Ensure supply of cement is well supported by partnering retailers
  • Organize and drive the multiplier effect with partnering retailers
  • Network with other relevant stakeholders in the micro-housing segment in Nigeria (cooperatives, CDAs, religious associations, workers/market associations, company unions, etc.) to drive sales
  • Report & control Budget for Easy Home team
  • Aggregate and analyse Weekly reports on cement sales, clients numbers, and multiplier effect
  • Aggregate and analyse Monthly reports on cement sales, clients numbers, and multiplier effect
  • Ensure the alignment with the Cement function sales strategy
  • Execute the improvement of construction quality strategy
  • Train the team on selling the partnering workers supply organization and ensure implementation
  • Train the team on selling the standardized designs
  • Ensure roll-out of the Easy Home programme to the national level
  • Alignment with partnering microfinance team in all locations
  • Support in recruitment of the team
  • Training of Easy home team (LafargeHolcim and partnering microfinance bank) on sales
  • Identify relevant cement retailers, blockmakers and other building materials sellers – possibly one-stop-shops – according to pre-defined criteria to partner with the programme,
  • Drive the multiplier effect with the new partnering retailers.

Essential & Desirable Skills

  • Good knowledge of construction materials sales best practices, and housing market in general in Nigeria
  • Knowledge of LafargeHolcim products
  • Presentation, communication and networking skills
  • Vision, business sense, basic financial knowledge and negotiation skills
  • Strong customer focus
  • Results orientated, proactive, capable of delivering under pressure
  • Independent thinker and manager of own timings
  • Ability to discuss and influence others
  • Good team player with effective interpersonal skills covering group facilitation and customer interface aspects

Application Close Date
1st March, 2016.

How to Apply
Interested and qualified candidates should APPLY

POLITICS & GOVERNMENT JOBS | United Nations (UN) Fresh Job Recruitment 2016

By
BWN
-

The United Nations is the one international organization with the reach and vision capable of solving global problems.

The United Nations Foundation links the UN’s work with others around the world, mobilizing the energy and expertise of business and non-governmental organizations to help the UN tackle issues including climate change, global health, peace and security, women’s empowerment, poverty eradication, energy access, and U.S.-UN relations.

The United Nations Foundation is honored to work with you and the United Nations to foster a more peaceful, prosperous and just world.

We are recruiting to fill the following positions below:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

Bear Run Retains Market Dominance as NSE Index Slides by 0.86%

By
BWN
-

Trading activities on the floor of the Nigerian Stock Exchange, NSE, traveled farther south as the All Share Index of listed 190 equities dipped by 207.64 basis points.

The index depreciated by 0.86 per cent on Wednesday, February 24, to close at 23,883.34 basis points, compared with the 1.40 per cent depreciation recorded previously.

However, market turnover closed positive as volume moved up by 33.60 per cent against 94.16per cent decline recorded in the previous session.

FCMB Plc, Zenith Bank Plc and Fidelity Bank Plc were the most active to boost market turnover. Zenith Bank Plc topped market value list.

Japaul Oil Plc leads the list of active stocks that recorded impressive volume at the end of the trading session.

However, market breadth closed negative as Mobil Oil Plc led 13 gainers against 24 losers topped by FCMB Plc at the end of the trading which was an unimproved performance when compared with previous outlook.

IMF Proposes Reversal of Forex Restriction, Naira Devaluation

By
BWN
-
The International Monetary Fund, IMF, has proposed that Nigerian government lifts foreign exchange ban placed on some imported items and allow the naira to reflect market forces.

“As part of a credible package of policies, the exchange rate should be allowed to reflect market forces more and restrictions on access to foreign exchange removed, while improving the functioning of the interbank foreign exchange market (IFEM).” The IMF said in the end-of-mission statement released on Wednesday, February 24.

IMF further said eliminating existing macroeconomic imbalances and achieving sustained private sector-led growth requires a renewed focus on ensuring the competitiveness of the economy.

According to the IMF, it will be important for the regulatory and supervisory frameworks to ensure a strong and resilient financial sector that can support private sector investment across production segments (including SMEs) at reasonable financing costs.

Staff is supportive of the authorities’ ongoing efforts to promote targeted and core infrastructure (in power, integrated transport network, housing); reduce business environment costs through greater transparency and accountability, promote employment of youth and female populations.

The report said: “With oil prices expected to remain low for a long time, continuing risk aversion by international investors and downside risks in the global economy, the outlook remains challenging. The authorities’ policy response has focused on seeking to support growth, while preserving international reserves.”

“90% Petrol Sold in Abuja is Adulterated” – Experts

By
BWN
-

Experts in fuel refining and storage have observed that about 90 per cent of premium of motor spirit, PMS, popularly called petrol sold to consumers in the federal capital territory are bad fuel.

They noted that the adulteration of petroleum products has led to consumers’ vehicles, generators and other equipment having problems.

It is in a bid to overcome some of these challenges faced by consumers in the use of petroleum products that the International Institute for Petroleum, Energy Law and Policy (IIPELP) in collaboration with the Consumers Protection Council (CPC) organized a one-day familiarization workshop on the Strategic Management of Fuel for various organizations across different sectors of the Nigerian economy.

IIPELP Vice President Allen Martin said at the workshop that the body in conjunction with the CPC will start conducting audits of local petrol stations throughout Nigeria starting with Abuja.

Director General of CPC Dupe Atoki, said great focus should be in reducing the risk of petrol contamination and ensure fuel is safe for the end user.

Nigeria, German Firm Signs MoU on Funtua Dry Port Project

By
BWN
-
Port

The Equatorial Marine Oil & Gas, EMOG, and a German firm, GAUFF engineering company, on Wednesday, February 24, signed a Memoranda of Understanding,MoU, on the Funtua Dry Port.

The MoU, which was signed by EMOG chairman, Umaru Mutallab and his GAUFF counterpart Uwe Gauff in Abuja, is expected to bring into reality the dry port project which has been on board for the past 12 years.

Mutallab said that handling of the project has really been challenging but there has been a lot of support from the local and state governments.

EMOG Managing Director, Usman Iya- Abbas, said that the purpose of the project was to develop the economic and agricultural importance of the country.

Besides, he said Funtua has all the raw materials needed for oversees business with availability of cotton, soya beans, maize and sorghum.

The managing director of GAUFF engineering, Paolo Balegno said that the level of attainment of the project by EMOG was encouraging and his company was willing to assist in any way possible.

IPMAN Raises Alarm as Private Depots Sell Petrol for N102/litre

By
BWN
-

Independent Petroleum Marketers of Nigeria, IPMAN, on Wednesday, February 24, raised an alarm that private depot owners sold Premium Motor Spirit (PMS) for N102 per litre.

Following the new price regime which the Petroleum Products Pricing Regulatory Agency (PPPRA) implemented in January, depots were expected to sell the product to marketers at N77 per litre.

However, all Nigerian National Petroleum Corporation (NNPC) affiliate petrol stations were supposed to sell petrol at N86 per litre, while independent marketers were expected to sell for N86.50 per litre.

IPMAN Vice Chairman, Abubakar Dankingari, yesterday, said private depot owners are selling fuel for N102 per litre.

According to him, members of the association simply refused to patronize them because of the obvious colossal losses they would incur.

He lamented that this situation compelled the marketers to resort to buying from the corporation, where the product is evidently over-subscribed.

Dankingari, who revealed that his members had over 7,000 tickets pending with the NNPC for over three months now, lamented that his members had no petrol to sell.

He said: “Up till now, independent marketers are not getting fuel. We have over 7,000 tickets under NNPC . Up till now, we haven’t loaded it for almost three months now. The private depots are even selling N102 per litre to marketers now.”

He however noted that the situation had forced some members that ventured to patronise the private depots to sell above the official pump price.

 

Naira Firms Up to N295 Per Dollar at Parallel Market

By
BWN
-
Naira unaffected by Trump’s victory

 

The naira exchanged for N295 per dollar  at the parallel market on Wednesday, February 24, as against N310 on Tuesday, February 23.

The, North Central Chairman of the Association of Bureau De Change Operators of Nigeria,ABCON, Shehu Mahmud, who spoke to Daily Independent said that the BDCs are buying the dollar for between N290 and N300 to the dollar.

He said: “For me, I haven’t even sold any today and the market has been dull he said, adding that a lot of BDCs are not even selling and buying.”

According to Shehu, who is also the CEO Fortune Bureau De Exchange Ltd, the dollar may even slide further as the market was largely swelled by speculators.

He said the BDCs are ready to stop the free flow of the naira through internal regulatory mechanisms among members.
In less than five days, the naira has gained over N200 to the dollar at the street market while the official market still remains N199 to the dollar.

Stock Market Mid-week Trading Plummets by N68billion

By
BWN
-

Equities value on the of the Nigerian Stock Market plunged further by N68 billion at the end of mid-week trading.

At the close of trading on Wednesday, February 24, market capitalization decreased from N8.285 trillion to N8.217 trillion.

Market turnover closes positive as volume moved up by 33.60 per cent against 94.16per cent decline recorded in the previous session. FCMB Plc, Zenith Bank Plc and Fidelity Bank Plc were the most active to boost market turnover. Zenith Bank Plc topped market value list.

Japaul Oil Plc leads the list of active stocks that recorded impressive volume at the end of the trading session.

However, market breadth closed negative as Mobil Oil Plc led 13 gainers against 24 losers topped by FCMB Plc at the end of the trading which was an unimproved performance when compared with previous outlook.

FBN Holding Shares Drop to 13-Year Low at 4.4%

By
BWN
-

FBN Holdings Plc shares dropped to its lowest level in almost 13 years on Wednesday, February 24, after the lender by assets warned that earnings for the full year ended December 31, 2015, would be lower than those of 2014.

Shares dropped 4.4 per cent to N3.47 per share, which is its lowest since August 2003.

In statement to the management of the Nigerian Stock Exchange (NSE) and market operators, signed by the Company Secretary, Tijjani Borodo, FBN Holdings said following the review of its management accounts for the 2015, it is expected that earnings will be materially below that of the prior year.

The bank said:“The reduction in earnings is as a result of the recognition of impairment charges on some specific accounts resulting from a reassessment of the loan portfolio within our commercial banking business.”

“This reassessment was driven by the challenging macro environment coupled with fiscal and monetary headwinds, which have resulted in marked reduction in domestic output. This is a prudent measure being taken while the bank has commenced active remedial action on the specific impaired accounts,” the bank said.

However, FBN Holdings assured stakeholders that its merchant banking, asset management as well as insurance businesses remain strong and resilient.

 

“1.8million Infected Nigerians Urgently Need N57.6m for HIV Treatment” – NACA

By
BWN
-

The National Agency for the Control of Aids, NACA, has said N57.6 million is needed for anti retroviral therapy and other treatments to reduce death rate among 1,884,618 Nigerians infected with HIV/AIDS.

According to the agency, the intervention by the government was necessary as support from the United States government and Global Fund has been drastically reduced.

A member of the Committee on HIV/AIDS, Afe Olowookere, who defended NACA’s budget before the Committee on Appropriation on Wednesday, February 24,  said the US withdrew its support to battle the disease because of Nigeria’s anti- gay stance.

He said: “Presently, the US government has scaled down its service in the remaining 737 local government areas. In addition, the US government has also withdrawn support for laboratory services which the people living with HIV (PLWHIV) on ART requires to conduct periodically to monitor their state of health.”

The lawmaker disclosed that Nigeria has an estimated 3.2 million people living with HIV with 2.6 million of them on ART, adding that the actual cost of treatment for a patient is N110,000 but subsidised at N31,243.per annum.

N1.5billion is budgeted for HIV/AIDS activities in NACA budget, a reduction from the N10 billion appropriated in 2015.

Olowookere said it is necessary that more funding be directed to respond to AIDS, to achieve the 2030 global target for 90-90-90, else the gains made would be eroded.

 

Ecobank Fires 35, Promotes 300 Employees

By
BWN
-

 

Ecobank Nigeria Plc has disengaged about 35 members of its workforce over what it described as underperformance on the part of the employees.

It was learnt that the affected workers, who are mostly senior staff members, performed below expectation.

Meanwhile, the bank in a statement on Wednesday, February 24, announced the promotion of about 300 staffs.

It stated that the promotion exercise which affected about 10 per cent of the employees was in line with its commitment to recognisingand rewarding excellence and exceptional performance. The promoted staff cut across all cadres of the workforce.

Deputy Managing Director of the bank, Anthony Okpanachi said the bank remains committed to rewarding excellence and will continue to take appropriate positive action in line with international best practice to sustain excellence in its work force.

The affected staff were selected through an appraisal exercise conducted using an in-house developed performance management system which uses both financial and non-financial metrics to categorize staff.

 

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