Home Blog Page 3224

No More Forbearance for Financial Institutions -AMCON

By
BWN
-
AMCON
AMCON Risks Non-Recovery of N5.5 trillion Bad Loans

The Asset Management Corporation of Nigeria (AMCON) has said there would be no more forbearance for financial institutions in face of the present financial crises rocking the nation.

Managing Director, AMCON, Mr Ahmed Kuru, during a visit to the Nigerian Stock Exchange (NSE) on Monday, stated that the financial institutions in the country need to stand up to task so that businesses do not survive on support.

“This is not a time for forbearance. It is the time for businesses to come back and operate properly. This is the time to put in proper corporate governance to show that businesses don’t survive on the basis of support but on the basis of the dynamics of those businesses,” he said.

He explained that the corporation, set out to buy non performing assets from financial institutions, still has high margin loan in proportion to the equities being managed.

“Unfortunately because of the deposition in some of the equities, there’s a wide gap that we must pray that the exchange picks up so that they close the gap,” he said.

While noting that the corporation has more than five trillion naira debt, he explained that AMCON was not created to respond to financial crises but to manage bad debt.

It will be recalled that AMCON used bonds to bail out 10 lenders and buy more than 12,000 loans from industries including aviation, gasoline marketing and manufacturing for about N1.8 trillion after the 2008-2009 oil price crash out of which AMCON had recovered 57 per cent of those assets at a rate of 1.07 times for what it paid for them.

NHRC Sets Up Panel to Investigate Oil Spillage

By
BWN
-

The National Human Rights Commission (NHRC) has set up a special investigative panel to look into petitions and complaints of oil spillage and environmental degradation by international oil companies in Nigeria to bring indicted companies to book.

The Executive Secretary of the Commission, Professor Bem Angwe said that along with the findings of the panel, previous reports and recommendations made over environmental degradation in the country would be implemented forthwith.

He said clean and healthy environments are rights of Nigerians and any company violating them must be made to pay and will not only be made to answer domestically but also internationally.

The Human Rights boss says this time the IOC will be compelled to strike a balance between business and human rights.

Prof. Angwe said that the panel has commenced hearing of one of the many petitions on oil spill and environmental degradation pending before them.

They have 30 days to investigate these complaints, uncover the oil companies responsible and make recommendations on sanctions.

Polluted water bodies and streams with dying sea food, contaminated farmlands and destroyed sources of livelihood are the consequences of oil spillage and environmental degradation which have become the regular complaint from communities in the south-south geopolitical zone of Nigeria.

International oil companies chiefly responsible for these pollutions have often not been held accountable for remediation or compensation to the affected communities over the years while the degradation continues.

Stanbic IBTC Boss Laments Nigeria’s Economic Uncertainty

By
BWN
-

Chairman of Stanbic IBTC Holdings Plc, Atedo Peterside, has said that the heightened state of uncertainty in the Nigerian economy is scaring off investors, as the situation confronts them with questions that they cannot answer or successfully explain.

He gave this insight while opening the bank’s investors’ conference that hosted the country’s business community, including the Nigerian Bureau of Statistics (NBS), International Monetary Fund (IMF), Debt Management Office (DMO) and rge capital market stakeholders.

At the forum titled “Unlocking Nigeria’s Potential…Growth Through Diversification,”  he noted that the country in recent times has moved from the uncertainty of economic direction to the current dilemma of exchange rate policy.

“The argument at stake is not whether to devalue or not, because there has already been an effective devaluation. The naira prices of various capital goods are now being priced purely on the basis of realistic expected replacement cost.

“The pursuit of scarce foreign exchange for today’s needs has understandably become the main game in town and this has exacerbated the pressure on the reserves and the naira, as everybody wants to take foreign exchange out and nobody wants to bring it in,” he said.

Peterside stated that with efforts at economic diversification still relatively at early stage, coupled with exchange rate uncertainties, policy making and private sector growth are now bedevilled with new challenges. According to him, the only way out is to rise above the current distractions through commitment and evaluation of Nigeria’s long-term potential in key sectors like infrastructure, power and gas, consumer goods, and agriculture, among others.

Aviation Operators Call for Review of Air Accidents Law

By
BWN
-

Operators in the aviation industry have called for a review of the Air Accidents and Incident Regulations of 2006, stressing that this would raise safety standards in the sector.

They further noted that the review would bring it in line with the International Civil Aviation Organisation (ICAO) updates and new policies and enable Nigeria conform to the updated International Civil Aviation Organisation Standards and Recommended Practices, (SARPS).

Minister of State for Aviation, Hadi Sirika revealed that the amendment process had been duly followed as stipulated in the subsisting Regulation, 2006, with the participation of the observer to the bureau’s regulation committee reporting back to the Federal Ministry of Aviation.

Meanwhile, Commissioner, Accident Investigation Bureau (AIB) Dr. Felix Abali has called for restraint from the public in case of accident or major incident in the country’s aviation industry. He explained that the purpose of the workshop was not to apportion blame or liability, which he said might however, run against the expectation of many members of the public.

 “It is also not unusual to find many people eager to know the cause of aircraft accidents, within a matter of days. So, are we, but accident investigation process is more complex that many often imagine. We must be painstaking and thorough so as to arrive at a conclusion that is not only fair and transparent but can also be scientifically proven.”

Jigawa Signs N2.1bn Mortgage Loan to Finance Workers’ Housing

By
BWN
-

The state commissioner for information, Hon Bala Ibrahim revealed that Jigawa State executive council has approved the plans by the State Housing Authority to access N2.1bn from the Mortgage Bank for workers housing scheme.

He said the housing scheme initiated by the Governor Badaru led administration aims at providing low cost houses to the workers.

Bala stated that government has deemed it as a social responsibility to come up with policy that could ameliorate the acute shortage of affordable accommodation for the civil servants.

According to him, under the scheme 1,300 housing units would be constructed across the 27 local governmemt areas of the state.

FG Working to Guarantee Food Security, Improve Agricultural Productivity

By
BWN
-

The Federal Government has disclosed ongoing efforts to diversify the nation’s economy to guarantee food security, improve rural livelihood and make agricultural products from Nigeria competitive in the global market. This was revealed by the Permanent Secretary, Federal Ministry of Agriculture and Natural Development, Dr. Shehu Ahmed at the Sasakawa Africa Association 2016 Annual Review and Planning Workshop held at the NAERLS/ABU Zaria yesterday.

Director, Federal Department of Agricultural Extension Services, Mr. Alphonsus Onwuemeka, the permanent secretary said it is now imperative and indeed compelling for Nigeria to diversify its economy, having been virtually dependent on petroleum for many decades.

 “The country must, therefore, move from oil dependency to a more diversified economy, as the domestic economy is always susceptible to external revenue shocks when oil price falls.”

Onwuemeka further observed that Sasakawa has improved Nigerian agricultural productivity and production by transferring new improved technologies through extension.

The Deputy Country Director, Sasakawa Global 2000, Professor Sani Miko Sagagi, said the workshop is aimed at reviewing 2015 activities and finding ways to improve where necessary. He said the group will relate with farmers and other stakeholders on how to improve productivity in farm produce.

Nigeria, Saudi Arabia Determined to Achieve Stable Oil Price

By
BWN
-

Nigeria and the Kingdom of Saudi Arabia (KSA) have expressed commitment to a stable oil market and a rebound of oil price. This resolve formed the crux of discussion yesterday between President Muhammadu Buhari and King Salman Bin Abdulaziz Al Saud in the second day of the President’s state visit to the Kingdom.

Both leaders also agreed that terrorism posed a common threat to their states and would require close co-operation to prevail over the threats.

President Buhari, who commented on the invitation to join the Coalition of Islamic States against terror spearheaded by the Saudi government, described the initiative as apt and expressed confidence that Nigerian government would fully support the coalition.

 “Even if we are not a part of it, we support you. I must thank the Kingdom of Saudi Arabia for the recent creation of a coalition to address the menace of international terrorism. Nigeria will support your efforts in keeping peace and stopping the spread of terror in your region.

“This is in consonance with our own commitment and on-going efforts in seeking to stamp out Boko Haram terrorists from the West African sub-region and Lake Chad Basin Commission (LCBC).”

He, therefore, thanked the Saudi government for its continuing support to Nigeria in the fight against terrorism.

 

Three Crowns Milk Fetes Winners of Valentine Promo

By
BWN
-

In celebration of the St. Valentine’s Day otherwise known as the lovers’ day, Three Crowns Milk, Nigeria’s leading low cholesterol milk brand from the stables of FrieslandCampina WAMCO Plc recently hosted lucky couples to a special valentine dinner treat.

The couples are loyal consumers of Three Crowns Milk who participated and won in the just concluded Valentine’s Day promo held between January 27 and February 13, 2016 with the intent to share the season of love with its teeming consumers.

The consumers participated in the promo offer by buying the Three Crowns Milk special valentine promo pack for N1000 at designated retail outlets; each promo pack had assorted Three Crowns Milk, guaranteed N300 airtime & also a chance to win a ticket for the special valentine dinner treat for two at a luxurious hotel in Lagos on February 22, 2016.

Speaking during the special valentine dinner, the Marketing Director, FrieslandCampina WAMCO, Mr. Tarang Gupta explained that the Three Crowns special Valentine promo offer is the brand’s way of showing love to its esteemed consumers and their loved ones for their continued patronage and loyalty to the brand over the years.

“All around the world, Valentine’s Day is set aside as a day to show love not only to your immediate loved ones but everyone around you and as a consumer-centric brand we decided to leverage this unique occasion of celebration of love to reward our loyal consumers for their love towards the brand and also encourage them to replicate the same to their family and friends as they enjoy more Three Crowns Milk at a discounted price during the promo period” he said

Also speaking at the dinner, the Senior Brand Manager, Three Crowns Milk, Mrs. Maureen Ifada assured that Three Crowns Milk as a brand that focuses on the wholistic wellbeing of its consumers would continue to look for ways to engage and excite the consumers with a view to strengthening the bond with the brand.

She further urged consumers to make Three Crowns Milk their preferred Milk brand to continue to enjoy a low cholesterol milk brand offering over 28 vitamins and minerals.

In his remarks at the event, the Head, Consumer Protection Council (CPC) Lagos region, Mr. Nggada Joshua Yakubu commended Three Crowns Milk for adhering to CPC regulations and keeping to their promise of rewarding Winners of the Valentine promo. He assured that the CPC is always looking out for the consumer’s rights and will continue to ensure that they are treated fairly.

Reacting after the special valentine dinner event, the lucky consumers commended FrieslandCampina WAMCO and Three Crowns Milk for making this year’s valentine celebration with their partners a unique and exciting one, which they noted would linger in their minds for a long time. They then promised to continue to patronize and stay loyal to the brand.

FG to Review Port Concession Agreement

By
BWN
-

In its shopping for a balm to heal the ailing economy, the Federal Government is to review ports’ concession agreement entered into with private seaport terminal operators in 2006. The concession agreements designed to lift the operations of Nigerian ports, will lapse before the end of this year.

Management of the Nigerian Ports Authority (NPA) has concluded plans to forward a memo to the government on the need for the review.

The Minister of Transport, Chibuike Amaechi, lamented that the Federal Government was not getting adequate revenue from the maritime sector despite its huge potential. He said that the aim of the government is to increase the revenue generated in the sector.

In a meeting attended by the Managing Director of Nigerian Ports Authority (NPA), Habib Abdullahi; Executive Secretary, Nigerian Shippers Council (NSC), Hassan Bello; representative of key stakeholders in the sector, among others, the minister pledged to abide by all agreements entered into by the government in the discharge of its responsibilities.

The minister, who spoke on sundry issues, advised parties to any dispute to forward their position papers and relevant documents to his office for appropriate resolutions.

 

Electricity Hike: NERC Loses Bid to Suspend Court Proceedings

By
BWN
-

Justice Mohammed Idris of a Federal High Court in Lagos has struck out an application by the Nigerian Electricity Regulatory Commission (NERC) seeking to stay further proceedings in the electricity tariff case. A lawyer and rights activist, Toluwani Yemi Adebiyi, had filed the action against increment in the electricity tariff approved by NERC.

The judge also barred NERC from implementing any upward review in electricity tariff pending the hearing and determination of the suit. The other ruling has to do with the dismissal of NERC’s preliminary objections to the suit.

“It is clear that the applicant has an application before the court seeking for an extension of time to compile and transmit its record at the Appeal Court.

“There is also another motion for leave to rely on the same record of appeal in this present appeal. However, there is no indication that the application has been listed on the cause list or that it had been heard or adjourned for hearing.

“In the circumstance, this court cannot grant a stay of proceedings on an incompetent appeal which is awaiting regularisation at the Appeal Court. The application lacks merit and is dismissed accordingly.”

 The court in favour of the plaintiff, awarded a cost of N10,000.

Justice Idris noted that it will be in the interest of justice if all applications challenging the contempt proceedings are heard first.

 

FG Appoints New PPPRA Boss from NNPC

By
BWN
-

The Federal Government has appointed a new executive secretary for the Petroleum Products Pricing Regulatory Agency (PPPRA) from the Nigerian National Petroleum Corporation (NNPC).

Reprts have it that Mrs. Sotonye Iyoyo, who hails from Rivers State, has been appointed as the Executive Secretary of the PPPRA in an acting capacity via a letter signed by the Secretary to the Government of the Federation (SGF), Babachir Lawal.

Iyoyo has over 20 years experience in refining, shipping and logistics. She has also worked in all the nation’s refineries within the last 20 years. Before her appointment as acting executive secretary of the PPPRA, she was in the Refining and Technology Directorate of the NNPC.

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, complained on the way some of his staff in the agencies were removed without any inputs from him or the ministry.

It was gathered that he had put up some resistance against the removal of some of the heads but that the government insisted that their reinstatement would portray the current administration in bad light hence the tact move to summon technocrats from the ministry to man the agencies.

New PDP Chairman, Sheriff Still Under Investigation for N300 Billion Embezzlement Allegations

By
BWN
-
EFCC

The Economic and Financial Crimes Commission, EFCC, has said the new Peoples Democratic Party, PDP, Chairman, Ali Modu Sheriff, is still being investigated for alleged embezzlement of public funds during his eight years as governor of Borno State.

The spokesperson of the Commission, Wilson Uwujaren while speaking with The Punch said, “Sheriff is still under investigation.”

Uwujaren while refusing to disclose further details on the commission’s investigation said, “I cannot disclose the details of the investigations for now but the matter is already in the public domain.”

Sheriff while in office as the governor of Borno State was alleged to have received over N300bn from the Federation Account between 2003 and 2011 which he mismanaged.

Following the discovery, EFCC had in June 2015 arrested him for alleged embezzlement of public funds but was granted bail.

Logistics, Transport And Port Management Conference

By
BWN
-

The Logistics, Transport And Port Management Conference, organized by the Duxes Business Consulting Inc. will take place from 25th February to the 26th February 2016 at the Lagos Chamber of Commerce and Industry in Lagos, Nigeria. The conference will cover areas like Understand the major aspects of transportation and logistics in the context of the current business environment., Develop a familiarity with the issues involved in the transport of cargo internationally.

 Venue:Commerce House 1 Idowu Taylor Street,

Victoria Island, Lagos.

Date: 25-26 Mar 2016

Contact: www.itpconference.com

IT/TELECOMS JOBS | Etisalat Nigeria Fresh Job Recruitment (5 Positions)

By
BWN
-

Etisalat’s vision is a world where people’s reach is not limited by matter or distance; a world where people will effortlessly stay in touch with family and friends; a world where businesses of all sizes can reach new markets without the limitations of distance and travel. We are recruiting to fill the following vacant positions below:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

POWER & ENERGY JOBS | Sapele Power Plc (SPP) Fresh Job Recruitment 2016

By
BWN
-

Sapele Power Plc (SPP) is a leading Nigerian integrated energy company specializing in power generation. SPP operates Nigeria’s second largest power plant by installed capacity of 1020MW; capable of meeting the energy needs of around 750,000 homes at full capacity.

SPP generates a considerable amount of Nigeria’s electricity – powering numerous homes and businesses nationwide. We have a strong focus on sustainable generation and are continually seeking to expand our generation network, as well as make efficiencies, and minimise environmental impacts

We are currently recruiting to fill the following positions below:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

REAL ESTATE & CONSTRUCTION JOBS | Project Manager – Concrete Bridge Construction at Randstad Construction Property Engineering

By
BWN
-

Randstad Construction Property Engineering, is currently seeking to employ suitably qualified candidates to fill the position below:

Job Title: Project Manager – Concrete Bridge Construction

Reference number: hb804
Location: Lagos
Job Type: Permanent

Job Description
Project Manager required for an immediate start on a concrete bridge project in Nigeria.

Skills/Competencies

  • Candidate will have a relevant skills in Bridge construction , Project Management and Strong Bridge Background

Qualifications/Requirements

  • Candidate must have an experience in working on several bridge projects in a Project Manager role
  • Candidates must be eligible to live and work in the country where the position is based.

Remuneration

  • $9000 USD/month net plus accommodation, 3 flights per year, vehicle, driver.

Application Closing Date
Not Specified.

How to Apply
Interested and qualified candidate should:
Click here to apply online

Note

  • Our advertisements use post-qualification experience/salary levels as a guide.
  • We welcome applications from candidates of all ages.
  • However, we will consider applications from any candidates who are able to demonstrate the skills necessary to carry out the role.

– See more at: http://www.hotnigerianjobs.com/hotjobs/81276/project-manager-nigeria-concrete-bridge-constructi.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+hotnaijajobs+%28Hot+Nigerian+Jobs%29#sthash.qpR0ZN2m.dpuf

IT/TELECOMS JOBS | MTN Nigeria Fresh Graduate & Exp. Job Recruitment (5 Positions)

By
BWN
-

MTN Nigeria – The leader in telecommunications in Nigeria, and a part of a diverse community in Africa and the Middle East, our brand is instantly recognizable. It is through our compelling brand that we are able to attract the right talents who we carefully nurture by continuously improving our employment offerings even beyond reward and recognition.

We are recruiting to fill the following vacant positions below:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

NSE Extends Onyema’s Tenure as CEO For Additional Five Years

By
BWN
-
Aside Dangote Refinery, Nigeria Can Earn More FX From -Onyema

 

The National Council of the Nigerian Stock Exchange, NSE, has renewed the contract of Oscar Onyema as the chief executive officer for the exchange for another term of five years effective immediately.

Onyema has been serving as the CEO of the NSE since April 2011 and his initial five years’ employment contract expires on March 31, 2016.

However, the NSE said in statement on Tuesday, February 23, that the CEO has been given second tenure of five years.

Commenting on the renewal, President, National Council of NSE, Aigboje Aig-Imokhuede, said: “Mr. Onyema’s tenure as CEO of the NSE is marked by outstanding achievements.”

“The Council is confident that he can continue the exchange’s trajectory of transformation, innovation and marketplace recognition by implementing its business strategies which he has been instrumental in developing.”

“The leadership qualities that he has demonstrated in his first term as CEO, in the face of such intense and challenging operating environment, have been exemplary. The Council believes that his vision and passion will ensure the exchange remains a force to be reckoned within Africa and beyond.”

Speaking on his contract renewal, Onyema said: “I am honoured to remain with the NSE and to continue to lead our dedicated staff as we strive to achieve the exchange’s vision. I am grateful to the Council for the opportunity to continue such an important work. While there is still much to be accomplished, the support shown by the capital market community has been inspirational, and I look forward to working with the entire eco-system to meet our objectives. ”

 

“Stockbrokers and Dealers Operating Below Standards” – NSE

By
BWN
-

A report has revealed that only a quarter of stockbrokers and dealers on the Nigerian Stock Exchange, NSE, meet the Minimum Operating Standards, MoS, for the stock market.

The report indicated that 44 per cent of the stockbrokers fell below the minimum average; 31 per cent were average. Only 25 per cent of stockbroking firms are operating with the acceptable minimum standards.

The NSE inspected capital market firms between August and December, last year. The report indicated that 223 firms were inspected in 18 weeks, including 192 broker dealers, 30 brokers and one dealer.

The NSE rates firms along a scale of five for the MoS. Based on the MoS rating methodology, 54 firms were fully compliant and scored five points, representing 25 per cent of the population of dealing members inspected.

Sixty one firms scored between three and four points, representing 31 per cent, while 108 firms scored two points or less representing 44 per cent of dealing member firms.

With this discovery, the Exchange plans to do final assessment and follow-up inspection of the 169 firms that scored between zero and four points to review the deficient areas from the 2015 inspection in order to revalidate their level of compliance.

According to the report, the inspections are expected to commence next week’s Monday, February 29 and it will end on May 31, this year.

According to the report, the 169 firms scheduled for the MoS follow-up inspections will be expected to comply with the five requirements of the MoS for their registered function.

 

1...3,2233,2243,225...3,296Page 3,224 of 3,296

Recent Posts

MoMo PSB appoints Bode Abifarin as CEO from September 1

By Boluwatife Oshadiya | August 30, 2026 Key Points MoMo Payment Service Bank appoints former Flutterwave COO Bode Abifarin as managing director and chief executive officer...

Federal Government tasks petroleum engineers with supporting 3m bpd target

Imo women urged to promote family values, proper child upbringing

Nigerian Navy inaugurates three solar-powered boreholes in Kano

“Properties of the Gods” sets Sept. 4 release, honours Onyeka Onwenu

NGX gains N1.293trn as All-Share Index rises 0.81%

Gusau resigns as Tinubu moves to overhaul Nigerian football