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Oil Price Soars as Talks on Production Cuts Turn to Iran

Oil prices climbed on Wednesday, February 17, as efforts led by Russia and Saudi Arabia to broker a deal to pause production levels and ease a global glut turned to Iran.
Iranian oil minister, Bijan Zanganeh, is set to meet his counterparts from Venezuela, Iraq and Qatar at 1030 GMT in Tehran.
An Iranian official earlier said Iran would continue increasing its crude output until it reached levels seen before the imposition of international sanctions.

“Asking Iran to freeze its oil production level is illogical,” Iran’s OPEC envoy, Mehdi Asali, was quoted as saying by the Shargh newspaper.

Brent crude LCOc1 was up by 28 cents at $32.46 a barrel by 0904 GMT, after settling down to $1.21 in the previous session. U.S crude CLc1 rose by 16 cents to $29.20 a barrel.

“Nigeria, Four Oil Exporters Hit by Dwindling Currency Value” – OPEC

The Organization of Petroleum Exporting Countries (OPEC) has said five oil exporting countries, including Nigeria, Angola, Venezula, Azerbaijan, and Russia are mostly affected by falling currency value.

The cartel, in a paper detailing the impacts of recession on the global oil market, said the nations were picked among several others as having showing serious effects of fall in currency value.

OPEC said depreciation in the cuurency value is common in the in oil exporting countries, adding that whether it is the Venezuelan bolívar, or the Russian rouble, low oil prices are wreaking havoc in oil exporting economies and on their national currencies.

OPEC said: ‘’ In most cases, the scenario is similar: over the past decade, oil exporting countries used excessive revenues from oil to expand public services, or simply pursue populist policy in order to buy political stability. Once oil prices started to fall, the budgets did not shrink accordingly, which created a wide gap between the oil revenues and swelling fiscal demands.’’

According to OPEC, governments were forced to devalue their national currencies in order to stem the rapid outflow of foreign reserves.

‘’An unwanted consequence is almost always the rise in inflation and household prices, along with a decline in living standards and stalled economic growth,’’ it added.

OPEC gave a bit by bit accounts of impacts of falling curency value on the five countries thus.

 

JOHESU, APHA to Begin Industrial Action Tomorrow

The Joint Health Sector Union (JOHESU) and Assembly of Health Care Professionals (APHA), may commence their suspended industrial strike tomorrow, February 18, 2016. The group has given the Federal Government until Wednesday to meet their demands, after which they will act on their threat.

President, Pharmaceutical Society of Nigeria (PSN), a member of AHPA, Ahmed I. Yakasai, has called for 15 per cent of the national budget to be allocated to the health sector as well as full implementation of the National Health Act with provision for the one per cent of the consolidated national fund, which is about N60 billion.

 “I hope the government will not allow this to degenerate into a strike because the vulnerable, especially the patients, will pay for it. If you have money to fly out, the downtrodden, the masses, cannot afford that. So, the government has to do something quickly to prevent that kind of thing from happening.

“We have said it is 3.65 per cent but we thought that the one per cent of the consolidated revenue will be reflected in the budget. Do not forget that even the minister said that the budget submitted was not really the actual budget. So, they will go back to the drawing board and come back.

“We hope that probably the N60 billion from the one per cent consolidated fund will be reflected. If we really want to improve Primary Health Care (PHC), that one per cent must be there.

Small Businesses to Engage Government Over Funding Policies

As a result of the rising challenges facing micro, small, and medium enterprises (MSMEs) in the country, with access to finance being the major bottleneck, the Nigerian Association of Small and Medium Enterprises (NASME) has revealed plans to involve the executive and legislative arms of government to approve policies to reduce the cost of funding MSMEs in the country.

According to the president, NASME, Mr Degun Agboade, made this known at a press briefing recently in Lagos, the move by the NASME will not only bring down the cost of funding the MSME sector, but also provide a window for continuous pool of funds for the MSMEs to access with conditions similar to what is obtainable in developed economies.

“We have to seek ways to make access to low interest funding accessible to MSMEs in the country at a single digit rate. Most developed economies of the world have been able to transform their economies by providing low interest seed funds to boost MSME development. Except we do this, we will not be able to develop the MSME sector,” he said.

 

Medview Braces for More International Routes

Med-View Airline

Medview Airline has signed an agreement with Air Atlanta of Iceland for the acquisition of a B747-400. Stated in the agreement is that Air Atlanta will deliver the 463-capacity aircraft to Medview to shore up its fleet as the airline prepares to open up more international routes.

It will specifically be deployed for Hajj operations and also to support the London and Jeddah routes.

The signing ceremony at Medview Headquarters, Ikeja, was graced by the presence of the managing director and chief executive officer (CEO) of Medview Airline, Alhaji Muneer Bankole, the head of Engineering, Lookman Animashaun, and Air Altanta director, Sales, Magnus Asgeirsson.

The airline’s CEO remarked that the agreement is a turning point in the 10 year-old partnership with Air Atlanta as both parties have kept faith with the existing relationship, “and we have moved a step further.”

Meanwhile, the airline has taken delivery of another B737-400, bringing the fleet size to six aircraft.

Agric Business: WTO to Eliminate Export Subsisies

The 159 members of the World Trade Organisation (WTO) at its 10th Ministerial Conference in Nairobi, Kenya, have signed a new international agreement to eliminate subsidies for farm exports.

The WTO director-general, Roberto Azevêdo, made this disclosure in Abuja, yesterday during a meeting with the organised private sector (OPS).

“The WTO members, especially developing countries, have consistently demanded action on this issue due to the enormous distorting potential of these subsidies for domestic production and trade. The Nairobi meeting decision tackles the issue once and for all,” he said.

 Azevêdo, added that the legally-binding decision would eliminate these subsidies and prevent governments from reverting to trade-distorting export support in the future. Also that developed countries have to eliminate export subsidies, except for a handful of agriculture products, and developing countries would do so by 2018 while developing members would keep the flexibility to cover marketing and transport costs for agriculture exports until the end of 2023, and the poorest and food-importing countries would enjoy additional time to cut export subsidies.

He further stated that the decision contains disciplines to ensure that other export policies are not used as a disguised form of subsidies, such as terms to limit the benefits of financing support to agriculture exporters, rules on state enterprises engaging in agriculture trade, and disciplines to ensure that food aid does not negatively affect domestic production. Developing countries are given longer time to implement these rules.

Union Bank Pledges Digital Services for Customers in Kaduna

Union Bank yesterday in Kaduna has intensified its efforts to ensure that its customers enjoy services akin to that of new generation banking system. To this effect, the bank decided to trash with its slow pace and analogue way of banking that had tagged Union bank over the years as an old school bank.

The Director of the Union bank, Ibrahim Kwargana, encouraged customers to migrate to online banking with the bank.

He added that customers can open current account with only N5, 000.00 with little or no stress to get documented.

“Our goal is to make banking simpler and smarter for our numerous customers across the country.

“We have refurbished 50 branches of the Union bank across the country, putting into consideration, the behaviour of our customers towards modern banking”.

FG, World Bank Earmark $100 Million to Aid Girl-Child Education in Northern Nigeria

According to an official of World Bank, Dr Tunji Adekola, the federal government and the World Bank have earmarked over $100 million for girl-child education in five northern states. He said the initiative would be implemented under the Nigeria Partnership For Education Project. The benefiting states are Sokoto, Kano, Katsina, Jigawa and Kaduna.

‘’The project is also aimed at improving equity in education, as well as ensuring uniformity in access for all. This is to bring back the out- of- school children to schools thereby improving gender parity between boys and girls,’’ he said.

 Governor Aminu Waziri Tambuwal  disclosed that the state government has provided the sum of N75 million as counterpart funding for the project, also that the state government would provide N50 million annually to support other components of the project. The project would also be used to fully integrate the Quranic schools into the formal education system.

The governor further said the state government declared state of emergency in the education sector due to the poor state it had been in the state.

He said that the issues of teacher training and retraining, teacher-welfare and the schools’ feeding programme are among the top provisions under the state of emergency.

 

FG, RTEAN to Re-Introduce Toll Gates in The Country

The Road Transport Employers Association of Nigeria (RTEAN) has lamented that despite contributing over 90 per cent of movement of goods and passengers in the country, road transport sector remains unregulated.

 RTEAN president, Alhaji Musa Shehu Isiwele said the association will partner with the federal government on its plans to introduce toll gates across the country, adding that the association is concerned about how to achieve effective and efficient road transport system in country.

He stated that RTEAN has already partnered with the federal ministry of works established modern workshops in each state of the federation, including FCT Abuja.

Isiwele revealed that the association has established drivers’ academies in each geo-political zones of the federation, to train our drivers, on a continuous basis to improve the capability of the Nigerian drivers with a view to encouraging greater sanity on our roads, as statistics have shown that human errors account for 93 per cent of road accidents in Nigeria.

“the whole idea behind the projects as mentioned above is to economically empower our members to serve Nigerians better and to create jobs for our teaming Nigerian youths in addition to creating opportunities for skills acquisition for them.

 

MTN, TownCriers to Pay Promo Winner N1.85 Million

MTN Nigeria and TownCriers Ltd, the agency that managed its 2012 ‘aeroplane consumer promotion’ have decided to settle its disagreement with the Consumer Protection Council (CPC) by paying a promo winner, Mr. Omeje Chukwuma Fidelis the sum of N1.85m.

The chief executive officer, TownCriers Ltd, Mr. Kayode Olagesin, said it has to responded to the crisis and wished to end the matter amicably. He said that having organised the prize presentation ceremony, his company was desirous of a final closure on the subject.

‘‘Following CPC’s submission, we expect that Mr. Omeje Chukwuma Fidelis’ receipt of the sum of N1.85m without prejudice to our reservations, will bring this matter to a close.”

He said as a long-standing marketing communications partner, his company remains committed to providing excellent services to its clients, MTN inclusive.

“Our services to MTN are in the area of experiential marketing and events management, working in different capacities since 2007. ”

Osun doctors stage protest at the House of Assembly

Osun State medical doctors on Tuesday staged a public protest against the non-payment of their salaries by the state government. Dressed in lab coats, they all marched from OSAMDO House to the House of Assembly where they submitted their protest letter to the Deputy Speaker, Mr. Akintunde Adegboye, who received them. They expressed their discomfort stating that they had not been paid since October 2015, adding that the state government was only paying them stipends before it stopped paying them in September.

The Chairman of the Nigerian Medical Association in the state, Dr. Suraj Ogunyemi, and some elders of medical profession, including Dr. Daniel Olaosebikan, led the protesters, who defied the scorching sun.

Ogunyemi said the sympathy strike planned by the Obafemi Awolowo University Teaching Hospital, Ile-Ife, doctors would commence on Wednesday if nothing was done to avert this.

The spokesman for the governor, Mr. Semiu Okanlawon, said “In the face of the current economic realities, it remains unbelievable that doctors would insist that they would not be bound by the payment regime agreed to by over 39,000 other workers in the state, which was arrived at after a rigorous deliberation on the finances of the state within the context of the national economic realities.”

 “By December, we told them they should resume work and they have remained adamant that they want to earn what we cannot afford. In the first instance, except in communist country, you cannot force anybody to work, you can’t drag workers to work under democracy.

“It is either you want to work or you don’t want to work. But if you cannot take what we are offering and what other workers including doctors in local government areas, including consultants at the state level are taking, we cannot afford it.”

French Education Fair Nigeria 2016 – LAGOS & ABUJA

The French Education Fair is organized yearly in Nigeria by the French Embassy in collaboration with Tripplelink and Campus France.The French Embassy has a goal to increase the number of Nigerian students that study in France and one of the measures they have put in place to achieve this goal is the annual French Education Fair in Nigeria. There are parallel education fairs in other parts of the world.

The Fair brings together representatives from French Universities, notable French companies and the French Embassy. These individuals are to provide on-the-spot consulting and advisory services to a wide range of individuals – from school leavers to degree holders – seeking to pursue further education in France now or in the near future.

These services include:

  • Education Consulting– First-hand information about study options in France.
  • Education Counseling– Learn more about your chosen degree and its alignment with your goals. Explore other options that may be better suited to what you want to achieve.
  • Career Counseling– Assess the fit of your degree with some companies and job positions. Get advice on what degree combinations to pursue.
  • Internship/Placement Opportunities– Explore internship and employment options available during and after your degree
  • Immigration/Visa Consulting– Speak to representatives from the French Embassy and find out how to make this process as quick and easy as possible. Learn about life in France, and what you would need to avoid some challenges.
  • Scholarship Advisory– Get advice on how to secure scholarships from French universities and companies.
  • Travel/Accommodation Arrangements– Find out more on the ideal travel arrangements to make, possible discounts that are available and accommodation options in France.

VenueAbuja– 23rd February 2016 || Banquet Hall, Sheraton Hotel and Towers.

Lagos– 25th February 2016 || Grand Ball Room, Eko Hotel and Convention Centre.

Time:10:00 am – 4:00 pm

Contact: Www.frencheducationfair.com

 

SCIENCE AND TECHNOLOGY JOBS | Ericsson Nigeria Fresh Job Recruitment 2016

Ericsson is a world-leading provider of telecommunications equipment & services to mobile & fixed network operators. Over 1,000 networks in more than 180 countries use Ericsson equipment, & more than 40 percent of the world’s mobile traffic passes through Ericsson networks. Using innovation to empower people, business & society, we are working towards the Networked Society, in which everything that can benefit from a connection will have one. At Ericsson, we apply our innovation to market-based solutions that empower people & society to help shape a more sustainable world.

We are truly a global company, working across borders in 175 countries, offering a diverse, performance-driven culture & an innovative & engaging environment where employees enhance their potential every day. Our employees live our vision, core values & guiding principles. They share a passion to win & a high responsiveness to customer needs that in turn makes us a desirable partner to our clients. To ensure professional growth, Ericsson offers a stimulating work experience, continuous learning & growth opportunities that allow you to acquire the knowledge & skills necessary to reach your career goals.

We are recruiting to fill the following positions below:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

EDUCATION & TRAINING JOBS | Grange School Fresh Job Recruitment (8 Positions)

Grange School, founded in 1958 by enterprising private British Citizens, offers the English National Curriculum at an equivalent standard to that which obtains in the United Kingdom. Checkpoint and IGCSE result are outstanding with this year almost 95% of students achieving A- C average. Grange is one of only to schools in West Africa to be an accredited member of Council of British International Schools (COBIS).

Due to the positive growth in students’ numbers and a desire to keep Grange School at the cutting edge of the curriculum development, we hereby invite applications for the listed positions below:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

SHIPPING & PORT SERVICES JOBS | APM Terminals 6th Scholarship and Industrial Attachment Programme 2016

APM Terminals is one of the worlds largest, high technology and most – respected container terminal operators offering the global shipping community an Integrated and growing Global Terminal Network of over 70 operating container facilities in 64 countries on 5 continents including Africa. APM Terminals is a recipient of diverse international awards one of which is ‘Port Operators of the Year’ at the Lloyd’s list 2012 Global awards.

Applications are invited from qualified candidates for:

APM Terminals 6th Scholarship and Industrial Attachment Programme

Location: Nationwide
Length of scholarship: 1 Academic year
Start date for industrial attachment: June 2016

Eligibility

  • 400 Level University/200 Level Polytechnic undergraduates.

Length of Industrial Attachment:

  • 6 months for university undergraduates/1 year for polytechnic undergraduates.

Application Closing Date
15th March, 2016.

Method of Application
Interested candidates should send their Full Names, Department, Faculty, Institution, Current level, Current CGPA, Matriculation no, Phone no, and Email address to:appapmtsia@apmterminals.com

Note: Only shortlisted candidates will be contacted.

IT/TELECOMS JOBS | Microsoft Nigeria Fresh Job Recruitment 2016

Microsoft Nigeria – If you have unique experiences, skills and passions-and we believe you can bring them all to Microsoft for a rich, rewarding career and lifestyle that will surprise you with its breadth and potential. Just imagine the excitement and satisfaction of what you can do, where you can go, and the difference you can make with the resources of Microsoft behind you.

We are recruiting to fill the following vacant positions below:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

Ecobank Transnational Incorporated Announces Leadership Change in its Ghana Subsidiary

Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group, today announced a leadership change in its most profitable subsidiary, Ecobank Ghana Limited.

Mr. Samuel Ashitey Adjei, the current Managing Director of the Ghana Subsidiary, has been appointed Managing Director for the Group’s recently combined region, Central, Eastern, and Southern African (CESA) Countries, consisting of 18 subsidiaries. Mr. Adjei will step down as MD of Ecobank Ghana on the 30th of March, 2016.

Mr. Sam Adjei, credited with the bank’s outstanding performance in the last several years, assumed the position of Managing Director for Ecobank Ghana in 2006, and has since built the bank from eight to 78 branches, and to an enviable position of the leading bank in Ghana. Today, including the Ghana subsidiary, Sam Adjei runs the Group’s West African Monetary Zone member countries. A renowned banker in the Ghana banking industry, Sam has influenced policies and industry transformation, and is a well-respected banking professional across the market.

Mr. Adjei, who started his banking career over 25 years ago, has spent the significant part of his career with Ecobank. He joined Ecobank in 1990 and held several business leadership positions until his appointment as Managing Director. Prior to the MD role, He was Deputy Managing Director for a year, and following that, was an executive director, and head of Corporate Banking & Treasury.

Ecobank Group CEO Ade Ayeyemi said, “over the last several years, and more so in the last 10 years, as Managing Director, Sam has taken our Ghana Subsidiary to unprecedented leadership heights, and has given us a franchise that is well positioned for continued and sustainable success. The last 10 years have seen this subsidiary grow exponentially. It has become the most successful and profitable subsidiary, both internally within the Ecobank Group, and externally in the Ghana banking industry. We are confident that Sam will exemplify this success in his new role as Regional Executive for our newly created CESA Region”.

Mr. Adjei said: “I have spent the last 25 years of my life, contributing to and helping to build this great institution of ours – Ecobank. But the real credit goes to the many great men and women alongside whom I have worked in Ecobank Ghana, the West African Monetary Zone region, and Ecobank overall. I have had the privilege of working with the best and brightest in the industry. Together, my leadership team, and the respective boards of directors, have been the pillar of success at Ecobank Ghana, and the West African Monetary Zone region. I leave my customers and my partners in the industry with a heavy heart, but I continue to believe that it is the overall franchise that has contributed to their respective journeys with Ecobank, and I wish them all well with continued success.”

The Chairman of the Ecobank Ghana Board, Mr. Terence Darko, said: “Sam is a modest and assiduous gentleman. It has been a pleasure to work and learn from him the business of banking. This is a well-earned promotion. On behalf of the Ecobank Ghana Board, its Management team and staff, I would like to thank Sam for his commitment and outstanding leadership over the last ten years. We wish Sam continued success in his new and challenging assignment. There is no doubt that he will replicate this success in his new role.”

Mr. Darko indicated that in partnership with the Group’s head office, the Board will immediately launch the process of selecting a successor to Mr. Adjei, a process that will conclude by the 30th of April.

NCS Launches New Guidelines on Disposal of Seized, Overtime Goods

The Nigeria Customs Service, NCS,  has approved a new procedure for the disposal of seized and overtime goods in an effort to address some of the perceived irregularities relating to the past procedure including fake online auctions.

As such, the NCS confirmed that it is setting up four different committees to handle the disposal of these categories of goods. The committees include an Assessment Committee, Disposal Committee, Seizure Committee and Overtime Committee.

According to the new guidelines signed by the Comptroller-General of Customs, Col. Hammed Ali (rtd), perishable items with or without defendants are to be properly disposed of by the relevant committee.

For items classified as general goods, the new guidelines stated that they are to be disposed of after condemnation by a competent Court of Law: “Condemnation shall be done after 30 days of seizure, so far as there is no notice of claim or litigation.”

The guidelines also stipulated that all overtime cargoes are to be published in the Federal Government’s gazette when they fall due over 30 days.

Under the new dispensation also, the NCS will advertise information on seized and overtime goods for disposal with their reserve prices in the media and on its official website.

The authorities enjoined interested buyers to apply online, specifying items of interest to the committee on disposal, adding that applications must be accompanied with an approved means of identification such as a National Identity card, International Passport or Driver’s Licence, in addition to a recent passport photograph scanned onto the dedicated portal on the website.

The guidelines further explained that successful applicants will be required to make payment within 14 days of notification through designated banks at the area commands where the goods are domiciled. Any returns on disposals would need to be rendered to the Comptroller-General not later than 21 days after completion of each exercise.

The NCS however pointed out that the Disposal Committee, subject to the approval of the Comptroller-General, might use its discretion in handling peculiar cases.

The Assessment Committee shall consist of not less than five officers of high integrity including valuation officers at all area commands supervised by the Zonal Co-ordinator. The committee shall undertake inspection, collation and fixing of prices of all goods on monthly basis and is to forward its report to the Auction Committee. The guidelines also tasked the Seizure Committee and Overtime Committee with the responsibility of handling the disposal of overtime and seized goods. “The Seizure Committee shall comprise of representatives of all departments of the NCS, including representatives of headquarters not below the rank of assistant controllers or its equivalent,” the guidelines stated.

The Overtime Committee on the other hand will be made up of 16 members and consist of the Assistant Comptroller General Enforcement, representatives from Director, Legal (NCS), Federal Ministry of Finance, Independent Corrupt Practices Commission, Civil Society Organisation, National Agency for Food, Drug Administration and Control (NAFDAC) and a representative from the Accountant General of the Federation’s office. Others include a representative each from the National Security Adviser, Directorate of Security Services, Valuation (NCS), Secretary to the Government of the Federation, Nigeria Ports Authority, Police, Economic and Financial Crimes Commission, Standards Organisation of Nigeria and Chief of Defence Staff.

FirstBank Boss Moves to Drive Increased Financial Inclusion

The Deputy Managing Director -designate, FirstBank Nigeria Limited, Gbenga Shobo will be delivering a lecture themed: “Financial Inclusion: Unleashing the Potential in the Informal Sector, at a session on the “Banks of the Future in Africa” conference to take place in Johannesburg, South Africa, as part of efforts to drive financial inclusion,

The event holds between February 17-18, 2016.

A statement quoted Shobo to have pledged that the bank would continue to support initiatives that will drive financial inclusion more specifically in the informal sector.

“As Nigeria’s foremost retail bank and in line with our strategy to drive financial inclusion in the informal sector, FirstBank has created an ecosystem to bank the financially excluded by partnering with government, NGO, and other private sector users to increase usage of our agency banking network and mobile banking offerings to low income earners,” he said.

He further stated that there are sizeable opportunities in the Informal Sector SME’s which have been shut out of the Banking system because Banks can only transact with registered companies. “If these informal sectors SME’s can be brought into the formal sector, there are significant upsides for Banks in Nigeria to grow their loan portfolios”.

FG’s Planned Borrowings to Increase Debt Stock to 12.8%

The projected net borrowings in the federal government’s 2016 budget proposals will hike government’s debt stock by a further 1.8 per cent, taking Nigeria’s total debt to 12.8 of gross domestic products (GDP).

The latest report from the Debt Management Office (DMO) showed that the federal government’s domestic debt at N8.84 trillion ($44.9 billion) at end-December 2015, equivalent to 8.9 per cent of estimated 2015 GDP.

When we add the federal government’s external debt (at $10.72 billion equivalent to 2.1 per cent of estimated 2015 GDP), we arrive at a burden representing 11.0 per cent of GDP, the DMO noted in the report.

This is, however, excluding bank borrowings of the states, the obligations of the Nigerian National Petroleum Corporation (NNPC), the Asset Management Corporation of Nigeria (AMCON), other public agencies, the arrears due to contractors and contingent liabilities such as guarantees.

Under an implausible worst case scenario, assuming for example that AMCON makes no further recoveries, experts said the burden could rise to 25 per cent of GDP.

“An estimate of total public debt would have to include the naira bonds and residual bank borrowings of the states, the obligations of the NNPC, AMCON and other public agencies, the arrears due to contractors and contingent liabilities such as guarantees,” said analysts at FBN Capital.

These metrics, they added, underpin Nigeria’s sovereign credit ratings (BB- from Fitch and the equivalent from Moody’s), and B+ from S&P.

 

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