The Comptroller-General of Customs, Col Hameed Ali, (Rtd), yesterday commissioned a committee tasked with the distribution of relief materials to Internally Displaced Persons (IDPs) in various parts of the country. The committee include the Nigerian Army, Air Force, Police, Civil Defence Corps, Nigerian Union of Journalists, National Agency for Food, Drug Administration Control (NAFDAC), the Nigerian Television Authority (NTA), Federal Road Safety Corps (FRSC), News Agency of Nigeria (NAN) and the Red Cross.
The committees’ terms of reference include planning and executing the logistics involved in the transfer and providing security cover for relief items on transit to ensure that they aren’t tampered with. Also they are to collaborate with the customs service in provision of appropriate logistics support for the operation as well as ensure that the operation is carried out with strict adherence to transparency and integrity.
“The political economy of the Northeast region which bears the major brunt of the insurgency is indeed in a precarious situation that requires assistance from all well-meaning Nigerians.
“I call on you all to see this assignment as an opportunity for national sacrifice. It will demand from you sacrifice, commitment and above all, a high sense of integrity,” he said.
Ali said all Nigerians must acknowledge and appreciate the giant strides already made by the military in routing the insurgents and ensuring Nigeria’s territorial integrity.
Jovago.com, Africa N° 1 hotel booking website, and AXA, a worldwide leader in Insurance and Asset management announced today a partnership to develop the expansion of Jovago in a new round of funding aimed at boosting its activities in Africa. This would further ensure the expansion of the business and strengthen the brand in major cities across Africa and Asia.
AXA as a major investor confirms Jovago’s strategy to expand its operations and local presence in Africa in order to meet the needs of domestic and international travelers. The world class player, will invest £75 million and own approximately 8 percent share capital of AIG, mother company of Jovago. As a result, AXA will thus become a shareholder of AIG along with MTN, Rocket Internet and Millicom.
Through this partnership, Jovago’s current positions as Africa’s largest inventory of hotels will be further consolidated as the company continues its provision of a secure platform to increase the visibility of hotels, improve service quality, facilitate the movement of travelers and promote profitability for their businesses.
“It’s amazing for Jovago to partner with such a strong group as AXA who will allow us to strengthen our ability to build the first plateform for travellers in Africa. Jovago wants to break the barriers to travel and make travel more easy and affordable in Africa. The suppoer of AXA will be key to succeed. ” said Paul Midy, CEO Jovago. He continues by explaining that “since the funding is well-timed and the amounts invested significant, this makes for one of the top investments in the history of start-ups in Africa. It also strategically positions Jovaog and Africa Internet Group to further build e-commerce in Africa.”
This investment will allow AXA to build on the strength of AIG companies to further develop its activities as the company becomes the exclusive provider of insurance products and services throughout AIG.
“This transaction confirms AXA’s long-term commitment towards the African markets and represents another step in our development on the continent. Africa is home to some of the most dynamic and promising insurance markets in the world and our partnership with Africa Internet Group will enable us to accelerate materially our development by having access to their rich customer base and to their state-of-the-art e-commerce technology. Going forward, we aim to enable African consumers to better access insurance solutions to create sustainable financial well-being throughout their lives and those of their dependants“, added Denis Duverne, Deputy CEO of AXA.
Since its creation in 2013 and the opening of its first offices in Africa, Jovago has recorded steady growth. Its large inventory lists 25,000 hotels in over 40 African countries and 200,000 hotels worldwide. With its ongoing success, Jovago aims to drive the innovation of its digital services in the hospitality industry in emerging countries.
Following the issues affecting the oil and gas sector of the economy, the Ministry of Labour and Employment has convened a stakeholders forum scheduled to hold in Abuja on Thursday. The Minister, Sen. Chris Ngige, revealed this on Wednesday during an interactive meeting with contractors in the sector. He said that the meeting is aimed at dowsing the tension in the sector, particularly over labour issues.
“It is important we speak with you on certain allegations that has been laid by both the principal oil companies, PENGASSAN and NUPENG, such as the staff contracting, some of your companies are involved in outsourcing of staff and some of these jobs are due to Nigerians. Even when you know that Nigerians are qualified, they are sidelined.
“Two, that when you collect your payments from the principal oil companies, the majors, you do not pay Nigerians who you so recruit, for whom you are liable in terms of their payment of salaries.
“Three,that you also fail to remit pension benefits, taxes, National Health Insurance Scheme and compensation as under the Compensation Act of Nigeria to the appropriate organs of governments.”
The Permanent Secretary in the ministry, Dr Clement Illo,said that the ministry would soon embark on the verification of recruiters licençe in the oil and gas sector, adding that the recruiters’ license was essential for each company operating in the country as it contained general provisions for employment.
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 position below:
Job Title: HR Consultant – Managed Services
Req ID: 120175 Location: Lagos
Job Summary
The primary objective of the Consultant is to support in Managed Services Outsourcing initiatives, specifically to Hub South, East & Central Africa.
The incumbent will help to formulate a business case that aligns the HR, financial, operational and contractual obligations, and to translate the commitments of the business benefits made during the engagement process into commercially realistic HR initiatives and/or programs.
This role is a temporary assignment for 6 to 12 months (with possible extension).
We are looking for 3 Consultants in total, one to be based in South Africa, one in Ghana/Nigeria and one in Senegal/Cameroon or Ivory Coast.
Responsibilities
Ensuring Managed Services organization is adequately staffed through working closely with Service Delivery and HR Recruitment.
Drive and implement project plan according to requirements as determined by stakeholders.
Dimension resources according to deliverables and work packages.
Provide detailed reports on progress, issues and challenges with project implementation.
Drive competence development in transformation project phase.
Drive education project management & identify the methods of instruction that are most effective for bringing about desired learning of specific content to learners
Work with HR Manager to ensure staff is placed in the correct Job Stages and salaries are aligned.
Ensure collection of all new joiner documentation.
Drive implementation of human resources processes based on business requirements, Ericsson policies and Ways of Working.
Make sure any process change is well documented and communicated.
Assist Transition Program – define the HR & Communications tasks and deliverables related to the program and execute its successful delivery.
Plan/ support and execute Transformation program deliverables.
Develop communications plan and align with Transition & Transformation Project teams to ensure a coordinated and comprehensive approach.
Provide HR delivery support to the Managed Services organization as required.
Communicate with Regional Human Resources on the commercial framework of the Managed Services opportunities, implement tracking of contractual obligations and deliverables and implement contract management governance and processes.
Collate a database of information to support the Managed Services organization and Transition & Transformation project’s (e.g. Labour Framework, etc)
Keep records of all communications material, documentation and labour framework, etc.
Knowledge and Experience required
Bachelor’s degree in Business Administration, Human Resources, Engineering, Psychology or in a related field
3 – 5 years’ experience in a similar role
Minimum of 5 years’ experience within Hi-Tech environment as HR Generalist or HR Consultant.
Extensive travel required and incumbent must be available to travel when needed.
Knowledge of country legislation
Project Management skills
Experienced level understanding of HR business processes.
Understanding of Telecoms Industry.
Experience in Union negotiation (advantage)
Experience in Mergers & Acquisitions (advantage)
Fluent in written and spoken English
Fluent in written and spoken French (for the francophone cluster)
Proven record of working with virtual teams.
High level business presentation skills.
Results driven (proactive approach)
Application Closing Date
Not Specified.
How to Apply
Interested and qualified candidate should APPLY
InterContinental Lagos is located on Victoria Island, in the centre of Lagos home to the majority of foreign embassies and multinational companies, making it the perfect residence for affluent business and diplomatic travellers. Built on an elevated terrain overlooking Lagos’s port and the city below, the 19 storey hotel offers uninterrupted, spectacular views of Lagos Skyline. InterContinental Lagos comprises of 352 well-appointed, elegantly decorated rooms and suites as well as a Club InterContinental floor.
What is your passion? Whether you’re into tennis, baking or karaoke, at IHG we’re interested in YOU. We employ people who apply the same amount of care and passion to their jobs as they do their hobbies – people who put our guests at the heart of everything they do. And we’re looking for more people like this to join our progressive & committed opening team at the InterContinental Lagos.
We are currently recruiting for the position below:
Job Title: Revenue Manager
Job Number: LAG000277 Location: Lagos
Job Description
Do you see yourself as a Revenue Manager at the Intercontinental Lagos? What’s your passion? Whether you’re into tennis, shopping or karaoke, at IHG we’re interested in YOU. At IHG we employ people who apply the same amount of care and passion to their jobs as they do their hobbies – people who put our guests at the heart of everything they do. And we’re looking for more people like this to join our friendly and professional team.
As Reservations Manager, you will manage the effective operation of the reservations department to maximise sales for the hotel. You will ensure maximum revenue opportunities are achieved through execution and maintenance of all sales strategies.
Package
In return we’ll give you a competitive financial and benefits package which can include healthcare support, pension scheme and fitness club membership.
Most importantly, we’ll give you the room to be yourself.
Application Closing Date
11th March, 2016.
How to Apply
Interested and qualified candidates should APPLY
RusselSmith Group is a company created to to service the needs of the global Oil and Gas exploration and production industry utilizing Rope Access Technology as primary means of access.
A career at RusselSmith offers you growth and a chance to make a difference. Throughout our history, we have continued to help our employees realize their dreams, whilst creating opportunities for them to fulfill their personal and professional potential.
We are recruiting to fill the following vacant positions below:
GE Nigeria works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works.
We are recruiting to fill the position below:
Job Title: Engineering Leader, Oil & Gas SSA
Job Number: 2485953 Location: Lagos, Nigeria
Business: GE Oil & Gas
Business Segment: OG-HQ Headquarters
Role Summary/Purpose
The Engineering Leader directs functional area of a major business segment, translates concepts, develops strategy, and implements change.
In this role you will create programs responsive to external environment and participate in cross-functional business and cultural development.
Essential Responsibilities
Product Support of the installed base:
Responsible for the oversight of the related sciences including materials and performance
Lead and develop quality engineering design, execution and product safety for the portfolio of GE products and services
Ensure a rigorous process is followed in the execution of Root Cause Analysis and Corrective Action of product and process issues
Provide leadership with high integrity and oversight of processes protecting Intellectual Property, Export Controlled and Strategic Technology
Drive the development and application of consistent design practices and sharing of design best practices across the GE businesses
Develop technical solutions: for Products/Services during the Identify phase, integrating technical solutions in to the offer during the Propose and Contract phases.
Drive technology synergies and integration across the company
Provide Competitive Assessment regarding the business / products
Lead the conceptual design of the technical solution, supporting the preparation, submission, tracking and closing of quotations and proposals.
Effectively coordinate relationships and interfaces with Commercial Operations, Application engineering and Product management to ensure timely iterations.
Serve as Oil & Gas Technical Expert in the GE Community:
Serve through demonstrated technical accomplishments including holding patents, component design and systems design experience, and strong knowledge of mechanical design fundamentals
Focal point for Customer collaboration and technical innovation
Serve as key member of the Engineering Division staff, providing guidance, leadership, mentoring and intervention, as necessary, to strengthen the discipline, quality, reliability and rigor of our engineering work
Execute functional responsibility for the Chief Engineers, Product Safety and Technical Regulations and Standards Organizations
Qualifications/Requirements
Bachelor’s degree in Mechanical or Electrical Engineering, Physics, Chemistry, Mathematics, or Computer Science
At least 10 additional years of technical leadership experience in a manufacturing or shop environment, including leading teams of engineers, specialists, and individuals across the business
At least 5 years of experience in a manufacturing and/or engineering role
Prior experience with a focus on managing technical programs and designing and developing new products related to solving product issues
Prior experience with New Product Development (NPI) process, Lean Principles, and management methodologies
Strong coaching expertise and success in working across the business functions, other GE businesses, and the global teams
All is set for the World’s biggest Communications Forum in Davos Switzerland from 8-9 March, 2016. Communication professionals, CEOs, representatives of ministries, global media practitioners and some of the world’s most influential PR and marketing communications personalities will get together to discuss the key trends in the field of global communications at the WCF Forum in Davos Switzerland.
The programme provides a diversified content and publicity opportunities for experts with out-of-the-box vision for the future of the industry. The participants will find out how to add meaning, integrate interests, how to engage the globe with city storytelling, how to manage crisis periods on the social media, and much more.
The focus of this year’s edition of the forum will be on the global communication agenda. WCF-Davos’2016 includes a number of presently relevant/ controversial topics, among which are: Country Branding, Communications in the Arab world, Communicating Inter-Governmental Brands, Education in Communications, Global Tourism industry in the age of Communications. From digital evolution to robot revolution – humanity, communications, ethics, Quantity or Quality- What is your social media top priority? Revolutionizing Communications and How to be prepared for the future.
Among the speakers and moderators of the plenary panels are leading experts, such as: Mustapha Khalfi, Minister of Communications and Spokesperson of the Government of Morocco, Scott Fahlman, Research Professor at Carnegie Mellon University, also known as “Father” of the smiley emoticon, Tanuja Kehar, Vice President Corporate Communications at Unitech in India, Solly Moeng, Managing Director of Don Valley in Soth Africa, Kate Thompson-Duwe, Managing Director of Amplicon Group in South Africa, Sean Gardner, co-Founder of the pioneering Huffington Post “Twitter Powerhouses Series”, Don Anderson, Chairman and co-Founder of the Asia Content Marketing Association and Regional Managing Director of We Are Social in Singapore, Saurabh Uboweja, Founder, CEO & Director Brand Strategy at Brands of Desire.
Traditionally, WCFDavos holds the Communications for Future (C4F) Davos Award. However, this time it offers up to 23 categories for recognition of remarkable creativity and unique vision of the future of communications, in two major groups of awards: Personal (individual communicators with a strong influence on global communications) and Corporate (companies setting the standards for effectiveness & professionalism).
Mustapha Khalfi, Minister of Communications of Morocco, stated that, “I have no doubt that the World Communication Forum is assured of its place in the history as a platform where new solutions for an exciting new world are being shaped”.
Paul Holmes, the PR industry guru worldwide and Founder of the Holmes Report, added: “No idea how they did it, but in just a few years the organizers have created the most lively, engaging and influential event in the industry. This forum is an absolute phenomenon!”
Dr Phill Osagie ( A renowned Global Strategist)
On March 8 and 9, parallel with the main forum, a session will be held for the first time, focused on global education in communications. WCFDavos | GlobEdu is intended for students and young communication professionals. During the two-day training session, participants will be grouped into several teams of 5 students and a senior university representative as a leader, with a real case study being assigned to each team. At the end of the training, a jury will evaluate and acknowledge the most effective strategy for dealing with the assignments.
WCFDavos 2016 is supported by exclusive partner agencies from all over the world: M3 Communications (Bulgaria), Kaiser Communication (Germany), Capital Communications (Hungary), CROS (Russia), Grou-AGAMA (Ukraine), Don Valley (South Africa), SPEM Communications (Slovenia), Manifesto Communications (Turkey), Cyber Gear (UAE), RADA Research & PR (Egypt), First House (Norway, DonValley (South Africa), Cyber Gear (UAE), Competence (Italy), The Story (Poland), JSP Communications (Nigeria), Depot WPF (Russia), Armenian Public Relations Association (APRA), PR Hub, The Place Brand Observer, PR Newswire, Sostav.ru , Facemark, LifeInterMidia and China International Public Relations Association (CIPRA).
The World Communication Forum in Davos (#WCFDavos) was inaugurated as an annual global professional event back in 2010. Since then, it has been traditionally held at the Davos Congress Centre in Switzerland as a platform for open dialogue between leading experts in the field of social, political and business communication. The Forum has become a respected international platform and the basis for formation of a global professional community that marks and creates key trends within the industry. The 6 editions have summoned managers from over 55 countries, across 5 continents, representing a variety of businesses.
The National Bureau of Statistics, NBS, has projected that the Nigerian economy’s growth is expected to grow averaging 5.41 per cent yearly between 2017 and 2019.
The Bureau, in its latest Economic Outlook and Review 2016 Report released at the weekend hinged its projections on improving operational environment associated with current policy reforms by government to minimize wastages in public finance, fix decaying infrastructure and other fiscal and monetary initiatives, amongst other factors.
Reflecting on the headwinds in global commodity markets which sagged commodity prices, the decision by US Federal Reserves (FED) on key interest rates and other developments in Euro zone, Indian and Asian economies and the implications for the Nigerian economy, the NBS noted that these ugly developments had helped government to take hard decisions required to keep the economy on the path of sustainable growth.
Specifically, the Bureau recalled that the crisis in the commodity markets which started in the second half of 2014 impacted negatively on the Nigerian economy in 2015 as oil prices fell 66.8 per cent from $114/barrel recorded in June 2014, to $38.0 by December 2015; and worse still falling to as low as $32.6 as at Wednesday last week.
In addition, it also reported that beyond commodity markets, recent developments in the global economy, including return of Iran to the global oil market as well as turmoil in the Euro zone which remains a key importer of Nigerian exports, amongst others, created a trifecta of headwinds that the nation has to contend with.
The Office for the Nigerian Content Development in ICT, ONC, has said Nigeria loses over N1 trillion in foreign exchange annually to the importation of ICT devices and software.
ONC’s national coordinator, Inye Kemabonta, who revealed this at a press conference in Abuja on Wednesday, February 10, said Nigeria lost N250 billion to the importation of foreign software, and N750bn to the importation of millions of hardware.
He said 4, 000, 000 phones were imported into Nigeria every month while most of our data were hosted abroad.
“Nigeria is facing security and economic risk because we import virtually all the ICT devices and software we use in the critical sectors of our economy,” he said.
He added that Nigeria may not have been brought to its kneels because it has not posed any threat to technological giant countries.
World Bank on Wednesday, February 10, unveiled a $160m (about N31.52bn) Growth and Employment Project to facilitate the provision of access to finance and technical assistance for micro, small and medium enterprises, MSMEs, in Nigeria.
In order to push through the initiative, Business Innovation and Growth, an online platform code-named BIG, was launched in Abuja by the Minister of Trade, Industry and Investment, Okechukwu Enelamah.
Largely an initiative of the Federal Ministry of Trade, Industry and Investment and funded by the World Bank, BIG is the main channel through which GEM assistance is expected to be made available to MSMEs to stimulate economic activities in some key non-oil sector areas.
Some of the identified GEM sectors include ICT, construction, entertainment, light manufacturing, including agro-processing, and hospitality and tourism. Speaking during the formal launch of the initiative, which has three years implementation time frame, World Bank’s country director for Nigeria, Rachid Benmessaoud, said the project would not only help to complement the nation’s industrialisation efforts, but also assist the present administration’s quest for job creation. Explaining the modalities for accessing the funds, the World Bank chief noted that MSMEs operating under the GEM sectors throughout Nigeria would be invited to register on the BIG platform through its dedicated website.
He hinted further that the enterprises would apply and be screened, and that if they meet the required criteria, would be given access to high quality training and capacity building. If they pass through the training phase successfully, they may become eligible to apply for grants.
The Ibadan Electricity Distribution Company, IBEDC, has said it needs about N30 billion to procure pre-paid meters for electricity consumers in its area of business operation.
The chairman of the IBEDC, Tunde Ayeni, said this in his discussion with Governor Abdulfatah Ahmed of Kwara State and the Emir of Ilorin, Alhaji Ibrahim Sulu-Gambari, during an advocacy visit on planned tariff increase by the electricity company
He said the existing transaction between the company and the Bureau of Public Enterprise could not allow the company to source for huge funds from banks to buy meters for its consumers.
Gov. Ahmed, who said that public perception of the power company hasn’t changed, urged it to step up advocacy, particularly, in rural areas, to give the people a sense of belonging.
The Senate Committee on Works on Wednesday, February 10, has revealed that 11 road contractors collected N4billion in 2015 from the federal ministry of Works and did not mobilize to sites.
Chairman of the Committee, Senator Kabiru Gaya revealed this on yesterday, when the Minister of Power, Works and Housing, Mr. Babatunde Fashola appeared before his Committee for budget defence.
He said some contractors collected N500 million while one of the contractors collected N1 billion. He gave an instance of the dualisation of Otukpo township road, in Benue State where the contractor was paid N1 billion.
Gaya demanded the minister to check the details of such contracts and report back in the next meeting noting that there is no point giving a contractor mobilization fee when he cannot perform.
Responding, the minister promised to check and get back to the committee.
Also the House of Representatives committee on aviation yesterday queried the Nigeria Meteorological Agency (NIMET) over a double allocation of N180 million for a single project.
The committee observed during a budget defence session with NIMET yesterday in Abuja that the agency proposed N85 million under the main budget and another N95 million from its Internally Generated Revenue (IGR) both for capital expenditure with similar sub-head in the proposed budget.
The committee chaired by Rep Nkeiruka Onyejeocha (PDP, Abia) also frowned at a practice by the agency where it would generate funds through US Dollars and remit to the Federation Account via naira.
Ministry of interior and Accident Investigation Bureau (AIB) also defended their budget yesterday at the National Assembly.
Farmlands belonging to the people of Orhua community in Uhumwode local government area of Edo state was gutted by wild fire and this has resulted in a lot of losses and devastation for the people of the community.
The agrarian community is home to business mogul, Dr Nosa Okunbo and the member representing Uhumwode in the Edo state House of Assembly, Mrs Elizabeth Ativie who was expected to raise the issue at plenary Wednesday.
The community dwellers claimed the fire destroyed Oil palm, plantain and Allied plantations, also devastated subsistence arable crop farms, leaving many jobless and hopeless.
Elder Samuel Ozigbo, the oldest man in the community expressing frustration at the turn of events said though no lives and properties were lost, the farmlands destroyed is in the region of N50million.
He said, a lot of crops were damaged meaning their major means of survival is gone.
He then appealed to the state and federal governments to come to their rescue not by providing such relief materials as mattresses, blankets and assorted building materials but food items and cash support to enable many breadwinners meet their obligations.
Mrs Ajibike Oshodi-Sholola, the Head, Distrain Unit of The Lagos State Internal Revenue Service (LIRS), said it has shut down six companies for failure to remit a total of N32.17 million deducted as personal income tax of their employees to the state government.
She disclosed this while speaking with the News Agency of Nigeria (NAN) in Lagos on Wednesday.
Oshodi-Sholola said that the companies were audited by LIRS about one to five years ago, but the companies had not been meeting their tax obligations to the state till date making their liability period run from 2009 to 2013.
She said that LIRS went to court and obtained an order to seal the companies since they refused to pay these taxes after many years of been audited.
She said that tax payment was a civic responsibility of everyone and that companies had no reason for not remitting taxes of workers to the government.
According to her, the affected companies are into communication, security management, shipping and pharmaceutical, among others.
Oshodi-Sholola, however, advised that companies could contest or object to tax liabilities given to them within time allowed for consideration by the service which is 30 working days after the demand notice letter was issued.
The Organization of Petroleum Exporting Countries, OPEC, on Wednesday February 10, said Nigeria witnessed an increase in crude oil production in the first month of 2016 while production decreased in the country’s closest African rival Angola.
Relying on data from secondary sources, OPEC said crude oil output rose to 1.8m barrels per day (b/d) in January from 1.7m b/d in December 2015.
OPEC’s crude oil production based on direct communication also showed that output increased from 1.6m b/d in December to 1.9m b/d in January.
But the country’s output levels still fall below the 2.2m b/d target set by the federal government in the 2016 budget, the OPEC data also showed.
In its Monthly Oil Market Report (MOMR) for February 2016, the oil cartel said crude oil output also increased mostly from Iraq, Saudi Arabia and Iran, but production showed a decrease from Angola, Venezuela and Algeria.
OPEC said the total crude oil production by its 13-member group in January averaged 32.33m b/d, an increase of 131,000 b/d over the previous month.
Production upsurge in Nigeria was assisted by an additional rig count, the report showed. Africa’s top oil producer recorded 28 rig count in January up from 27 in December 2015.
The rig count is essentially a reflection of the level of exploration, development and production activities occurring in the oil and gas sector.
The head of Energy Research at Ecobank, Dolapo Oni, said the coming on stream of two fields operated by Shell and Chevron must have contributed to the rise.
Oni said, “ Shell brought on Phase 3 of Bonga, and Mobil also completed Erha North. Shell’s Phase 3 was 55,000 barrels while Bonga was 50,000 barrels. Both of them must have contributed to the increase.”
OPEC said the non-oil private sector in Nigeria had a modest improvement in business conditions in January.
The Nigerian Communications Commission, NCC, has said the active subscribers in Nigeria’s telecommunications industry dropped by 1,105,928 in the month of December 2015.
The commission made this known in its Monthly Subscriber Data, which was obtained by the News Agency of Nigeria (NAN) on Wednesday, February 10 in Lagos.
NAN reports that active lines in Nigeria stood at 151,017,244 for the month of December, against the figure of 152,123,172 in November.
According to the data, 148,681,362 of the 151,017,244 active numbers subscribe to the Global System for Mobile Communications (GSM) network services.
The GSM operators’ active customers reduced by 1,105,758 as against the 149,787,120 subscribers they recorded in the month of November.
The Code Division Multiple Access (CDMA) operators had 2,148,727 active users in December, indicating a decrease of 393 from the 2,149,120 customers they had in November.
Also, the monthly subscriber data showed that the Fixed Wired/Wireless networks’ consumers increased to 187,155 in December, as they added 383 customers to their record of 186,772 in November.
The chart revealed that the teledensity of the country’s telecommunications industry decreased to 107.87 per cent in December, from 108.66 per cent in the month of November.
NAN reports that the teledensity statistics measure the percentage of a country’s population with access to telecommunications services, as determined from the subscriber base.
Nigeria’s teledensity is currently calculated by the NCC on a population of 140 million people.
NAN also reports that there is a decrease of 0.79 per cent in the teledensity of Nigeria in December. (NAN)
The Central Bank of Nigeria, CBN, has said the value of funds lost by commercial banks to fraud in 2015 hit N2.2 billion.
It however added that it is a massive drop from N6.6 billion recorded the previous year.
Its Director, Banking and Electronic Payments, ‘Dipo Fatokun, who spoke on Wednesday, February 10, said the reduction of fraud losses meant that fraud rate in Nigeria is less than that of Europe as a whole, and indeed that of Portugal which boasts the least fraud rate in Europe.
Speaking at a conference titled: CBN Real Sector Financing: A Catalyst for Economic Growth and Development, in Ibadan, he said the new record of fraud rate was made possible by some policy shifts in the CBN especially the implementation of two factor authentication for internal banking processes which started January last year.
He said the review of operations of the Nigeria Interbank Settlement System (NIBSS) Instant Payment (NIP) System and Other e-Payment Options with Similar Features and establishment of industry fraud desk were responsible for the drop in fraud value.
Fatokun also said the introduction of the Bank Verification (BVN) initiative, deployment of the Central Anti-Fraud Solution and collaboration of the banks’ fraud desk and coordination by NIBSS also cut fraud statistics within the period.
‘’The policies/circulars issued by the CBN most times have direct impacts on the fraud levels in the industry; sometimes we see a direct decline in the fraud rates in the months the CBN circulars were released,’’ he said.
Speaking on agent banking, Fatokun said the CBN Board of Governors will this month meet on the application of telecom companies for Super Agent.
Part of CBN’s guidelines on agent banking stipulates that banks and agents should treat and resolve any customer-related issues in agent banking within 72 hours.
The apex bank also said financial institutions shall be responsible for setting up dispute resolution mechanism for their agents to facilitate resolution of customers’ complaints.
The CBN also pegged the minimum shareholder fund for Super Agents in Agent Banking at N50 million, a guideline released at the weekend stipulated.
Nigeria is seeking a $2billion loan from China to fund the 2016 budget as the Finance Minister Kemi Adeosun, is set to travel to China next week to negotiate the loan to help fund the record budget spending, financial and government sources were on Wednesday, February 10, quoted by News Agency Reuters.
According to sources, Nigeria has discarded plans to meet investors about returning to commercial borrowing on the Eurobond market.
One Nigerian government official told Reuters that any loan agreed during Mrs Adeosun’s trip could be signed by President Muhammadu Buhari in Beijing next month.
“The finance minister, in the company of the Central Bank Governor Godwin Emefiele, is scheduled to be in China sometime next week to conclude negotiations on the $2 billion loan,” said the official, who asked not to be named.
The official acknowledged negotiations had been underway for some time and that the terms had yet to be agreed.
He however added: “Hopefully it may be sorted out during this meeting and the loan will be signed during President Buhari’s visit to China next month.”
The Chairman of the Independent National Electoral Commission, INEC, Mahmud Yakubu has said 80 rerun elections ordered by the courts will cost the country N10 billion,
Yakubu said the rerun elections must be conducted between now and March 19.
Yakubu, while presenting the commission’s 2016 budget before the House of Representatives’ Committee on Electoral Matters, said the N10 billion was reqiured for logistics and other electoral activities.
The committee assured Nigerians of its readiness to offer assistance for the prosecution of the 2019 general election, saying early preparation for the 2019 polls should be prioritised.
As a result, Chairperson of the committee, Aishatu Dukku, demanded the schedule of the purchases to be made by the commission.
In addition, she said the committee would visit state offices to ascertain the level of preparedness.
