Home Blog Page 3238

Market Capitalization Soars Marginally By N2 billion

By
BWN
-

The equities market closed trading on Tuesday, February 9, on a positive note as market capitalization leaped marginally by N2 billion.

Market breadth closed negative as 7-Up Bottling Company Plc led 22 gainers against 17 losers, topped by UAC of Nigeria Plc at the end of trading, which was an improved performance when compared with previous outlook.

Market turnover closed positive as volume moved up by 19.56 per cent against 8.70 per cent uptick recorded in the previous session. UBA Plc, Sterling Bank Plc and Zenith Bank were the most active to boost market turnover. Zenith Bank Plc and Guaranty Trust Bank Plc topped market value list.

Sterling Bank led the list of active stocks that recorded impressive volume spike at the end of the trading.
Banking stocks were the toast of investors as FCMB Plc traded 43.647 million share worth N39.281 million, followed by Diamond Bank Plc with 28.650 million share valued at N48.428 million, Guaranty Trust Bank Plc with 14.166 million at N231.081 million, UBA Plc traded 13.432 million valued at N37.582 million and FBN Holdings traded 12.383 million worth N48.363 million.

Top on the gainers’ chart was 7-Up Bottling Company Plc with a gain of N7.28 kobo to close at N183.98 kobo, followed by Mobil Oil Plc with N6.99 kobo to close at N152.00 kobo. Meanwhile, UAC of Nigeria Plc topped the losers chart with N1.03 kobo to close at N19.86 kobo. Ecobank. Transnational Corporation of Nigeria Plc was next with N0.70 kobo to close at N15.00 kobo per share.

 

FG Earmarks N399million on Railway Projects

By
BWN
-
Amaechi To Commission Freight Services on Itakpe-Ajaokuta-Warri Rail Line

The National Assembly committees on Land Transport on Tuesday, February 9 called on the management of the Nigeria Railway Corporation, to push for an increase in its capital budget.

The call committee made when it inspected facilities atNigeria Railway Corporation, NRC, headquarters in Lagos,.

Chairman, Senate Committee on Land Transport, Senator Gbenga Ashafa (APC, Lagos) and his House of Representatives counterpart, Rep Aminu Sani (APC, Sokoto) led members of the committee on the oversight visit.

According to Ashafa, out of the N4.5bn allocated for the railway in the 2016 appropriation, only N399 million is allocated for capital projects in the budget.

He however said with the appropriation bill currently being considered, “some concessions can be given by way of moving some funds from one area to the other for them to be able to meet their obligations.”

Places visited include the Ido terminus, Apapa rail line where the loading of containers was ongoing for movement to the northern part of the country; the NRC maintenance shed, while the inspection ended at the Safe Train Control (STC), a control room where all the trains in Nigeria can be monitored.

BVN Implementation: Banking Fraud Plunges by N4billion

By
BWN
-

The introduction of the Bank Verification Number, BVN, has started yielding results as the value of fraud in the financial sector slid by N4 billion in 2015.

This was disclosed by the Director, Banking and Payments System Department, Dipo Fatokun, on Tuesday, February 9, at the ongoing 21st seminar for finance correspondents and business editors in Ibadan.

Dipo, who revealed the fraud statistics from the Nigeria Inter Bank Settlement System, (NIBSS) noted that the actual loss resulting from fraud declined to N2.256bn in 2015 from N6.216bn recorded in the previous year.

Attempted fraud dropped to N4375bn from N7, 750bn, while volume increased from 1,461 in 2014 to 10,743 in the year under review.

“The block in the leakages from fraudulent activities made possible by the various CBN circulars released in 2015 or released prior to the year under review but vigorously enforced last year played pivotal roles in the achievement of the feat,” Fatokun said.

 

“Nigeria Imported 6billion Litres of Petrol in 2015” – NNPC

By
BWN
-

The Nigerian National Petroleum Corporation, NNPC, imported 6.2bn litres of premium motor spirit (PMS) popularly known as petrol in 2015.

The imports were made through the Offshore Processing Arrangements (OPA), a system whereby NNPC allocates more than 200,000 barrels of crude oil to another party who would refine abroad and then return the refined products to NNPC.

NNPC, in its financial and operations report for 2015, revealed that a total of 7.7bn consisting 6.2bn litres of PMS and 1.5bn litres of dual purpose kerosene were imported into the country last year.

The highest imports for the year were in March and December when the corporation imported close to 1 billion litres of PMS to quell the scarcity that hit the country at those periods.

The report revealed that a total 977m litres of PMS was imported in December, while 928m litres was shipped to Nigeria in March.

Nigeria Imports $1.3billion Dairy Products Annually

By
BWN
-

Minister of Agriculture and Rural Development, Audu Ogbeh, on Tuesday, february 9, said Nigeria had been importing dairy products worth over $1.3billion yearly.

Ogbeh, who spoke during a courtesy visit to Kano State Governor Umar Abdullahi Ganduje, said the current economic situation, money expended on importation ought to be earned by hard working Nigerian farmers and not countries where the dairy products were being imported from.

He said:“Excessive importation has been the major cause of the disaster in which Nigeria presently finds itself. We were busy importing what we are producing locally and allowing our own product to waste, definitely something is wrong and we need to correct it.”

Now it is time for us to think because when there were too much money from oil we couldn’t think and now that the oil sector is facing a lt of trouble it is better for us to have a rethink and invest in agriculture which is the only way out for the country.”

 

Discovery +234 Season Two Launch Guarantees More Entertainment And Inspiration

By
BWN
-

“Discovery +234” will continue to entertain and inspire with the launch of its second season in early 2016, featuring more of Nigeria’s top personalities and inspiring stories. Show guests have included Mai Atafo, Maureen Obaweya, Kelechi Amadi-Obi and Niyola.

“Discovery +234” is a magazine-style television program, airing on NTA, which seeks to entertain, inspire, inform and connect with audiences across Nigeria. “Discovery +234” brings in Nigeria’s top personalities and celebrity guests to share their experiences, challenges and successes. Through celebrity guests, youth reporters and inspiring stories from across Nigeria, young people, parents and communities see what can be accomplished with a good education and hard work – challenging youth to reach their full potential. Season Two will also feature youth roundtables, in which young people from Kenya, Ghana and Nigeria talk with each other about the challenges and opportunities they face in today’s world.

“Audiences are drawn to inspiring stories, those that show that with education and hard work, anything is possible, said Delmwa Deshi-Kura, “Discovery +234”producer and creative director at Del Media Plus. “That’s the message we want to spread across Nigeria,” said Deshi-Kura.

IMG_20160203_062710_resized

“For 30 years, Discovery has been dedicated to satisfying curiosity and entertaining viewers, and we are proud of the successes of this project which further embodies the mission of our company,” said James Gibbons, executive vice president & country manager of emerging markets for Discovery Networks International’s Central & Eastern Europe, Middle East and Africa region.

“’Discovery +234’ illustrates the inspirational power of real stories. Hearing about the real path that guests of the show took – their motivations and their challenges – can show anyone what they themselves are capable of, how high they can aspire. Discovery is pleased to be working with NTA to reach new audiences in Nigeria and with our partners in Ghana and Kenya to broadcast our sister programmes, “Discovery +233” in Ghana and “Discovery +254” in Kenya,” said Gibbons.

“Bringing new, compelling shows to Nigerian viewers is at the heart of NTA’s model,” said Eugenia Abu, executive director of programmes at the Nigerian Television Authority. “‘Discovery +234’ has opened a world of motivational content for our viewers that is fresh and exciting, and NTA is glad to work with Discovery to make it possible.”

“Discovery +234” airs on NTA on Saturday nights at 6 p.m.

IMG_20160128_064737_resized

UNAIDS to Construct New Anti-Retroviral Drug Manufacturing Plant in Nigeria

By
BWN
-

The Joint United Nations Programme on HIV/AIDS, in conjunction with the Nigerian private sector, is planning to build an antiretroviral manufacturing plant in the North East Nigeria. It plans to collaborate with local and international pharmaceutical companies, the National Medicines Regulatory Authorities and multilateral organisations toward achieving this goal.

According to a statement released, Africa imported 98 per cent of its antiretroviral drugs and two manufacturers dominate 71 per cent of the African market. This represents a significant risk as African countries look to scale up supplies of antiretroviral medicines, but it also provides an incentive to build domestic pharmaceutical manufacturing capacity and deliver economic dividends for the region.

“Nigeria has the second largest HIV/AIDS epidemic in the world after South Africa. There is a 3.2 per cent HIV prevalence in the general population and 3.4 million of its people living with HIV, with almost all its antiretroviral medication coming from outside the country.

“To address these challenges, countries across Africa need to scale up local pharmaceutical production and meet internationally-acceptable standards of quality and safety. However, until local production satisfies demand, countries also need to improve their procurement of medicines and related commodities in order to achieve sustainable pricing and stable supplies,” it said.

Anambra State Commissions 27 Solar-Powered Boreholes for Rural Communities

By
BWN
-

Anambra state governor, Willie Obiano, has commissioned 27 solar-powered boreholes that would provide  water to people in Aguata and Anambra East local government areas of the state.

Sanitation facilities including flush toilets, urinals and hand-washing facilities located in primary schools in Ifite-Aguluezechukwu, Eziagulu-Ekwulobia, Obeagu Ezionye-Ezinifite, Ihuowerre_Igbukwu and Agbako-Awarasi Uga in Aguata LGA and Agbudani-Nando and Isinyi Nando in Anambra East council areas, were also approved.

The water projects which were executed via a counterpart arrangement between the the state and the European Union and UNICEF are located in 27 villages in the two local government areas.

Commissioning the projects in Okpo-Ekwulobia and Isinyi-Nando, the governor explained that with an estimated population of 300,000 people, there was an urgent need for more access to clean drinking water in Aguata local government area.

LEDAP Files Lawsuit to Stop Post-UTME Exams in Tertiary Institutions

By
BWN
-

A Federal High Court in Abuja is has received a suit seeking to stop the conduct of post-UTME examinations in tertiary institutions in the country.

The lawsuit, instituted by the Legal Defence and Assistance Project (LEDAP), seeks to terminate post-UTME tests conducted by Universities, Polytechnics and Colleges before admitting students on the basis that they are illegal.

In a suit filed recently against Joint Admissions Matriculation Board (JAMB) and National Universities Commission (NUC), the group claims that there is no law authorising the Universities, Polytechnics and Colleges to subject candidates to a second screening or test after the UTME examination by JAMB.

The group also claims that the POST-UTME tests have become a source of boldface corruption in the universities, polytechnics and Colleges.

“Lecturers and admission officials charge candidates huge sums of money using the Post-UTME as smoke screen,” the suit read.

In the suit filed by Mr Chino Edmund Obiagwu, lead counsel for LEDAP, the group is also seeking the declaration that only the 1st Defendant (JAMB) has the statutory powers to conduct matriculation examinations for admission into all Universities, Polytechnics and Colleges of Education in Nigeria.

It also wants a declaration that the imposition and conduct of Post Unified Tertiary Matriculation Examination (Post-UTME) by Universities, Polytechnics and Colleges of Education in Nigeria for candidates seeking admission into their institutions is illegal and unlawful.

Another relief the group is seeking is a declaration that the 2nd and 3rd Defendants (NUC and Federal Ministry of Education) have no powers howsoever to allow or direct Universities, Polytechnics and Colleges of Education in Nigeria to further screen or conduct admission tests in violation of Joint Matriculation Board, Act.

It wants an order of perpetual injunction restraining all Universities, Polytechnics and Colleges of Education in Nigeria from further imposition or conduct of Post Unified Tertiary Matriculation Examination (Post-UTME) or any other form of admission screening test in Nigeria.

One of grounds upon which the reliefs are sought are that the 1st Defendant is the only statutory body with powers to exercise general control of the conduct of matriculation examinations leading to admissions into all Universities, Polytechnics and Colleges of Education in Nigeria.

Budget Insufficient for Employment Generation – Sen. Tinubu

By
BWN
-

A member of the Senate Committee on Employment Labour and Productivity, Senator Oluremi Tinubu said that the present budget is inadequate to fund employment generation. She made the remark during the budget defence by the Minister of Labour and Employemnt, Sen. Chris Ngige.

 Ngige stated that the ministry is poised towards tackling the challenges of unemployment, using well thought out programs, cardinal amongst which are the Graduate Teachers Conversion, Skills Acquisition Programs and  Conditional Cash Transfer to mention but a few.

“The programs of the present administration of President Muhammadu Buhari are focused towards employment generation. To this end there is a change in our 2016 budget from what it used to be in the past because this year, we want to tackle unemployment and we will tackle it from all facets using programs such as graduate conversion scheme and vocational skills acquisition programme among others, to ensure that our young ones are empowered for self-sustenance.” he said.

The Chairman Senate Committee on Employment Labour and Productivity, Sen. Suleiman Nazif assured the Ministry that the committee will take a holistic look at the proposed budget mindful of the critical responsibilities of the ministry in the fight against unemployment.

There is Need for Transparency in Oil and Gas Sector – EITI

By
BWN
-

The Extractive Industry Transparency Initiative, EITI, has called for an increase in the level of transparency in the Nigerian oil and gas sector.

This was made known by the Deputy Head of the EITI secretariat, Mr Eddie Rich, on Monday during  a meeting with the executives of the Nigerian Extractive Industry Transparency Initiative (NEITI) in Abuja.

The EITI boss also said that the country is facing the risk of suspension for missing the deadline for the submission of its 2013 oil and gas audit report.

Speaking on behalf of the EITI executive board, Mr Rich said that despite a significant possibility for Nigeria to be suspended, the board would ensure they strike a balance between the persistent issues in Nigeria and the EITI global standards.

The board also paid a courtesy visit to the Vice President of Nigeria, Professor Yemi Osinbajo, to introduce the incoming Chairman of the organisation, Mr Fredrick Reinfeldt.

Mr Reinfeldt, who would take over from Clair Shot in March, gave his impression about Nigeria and the need for transparency amidst the dwindling oil prices.

The Extractive Industry Transparency Initiative (EITI) was inaugurated to ensure transparency in the extractive oil and gas sector.

The group monitors the government of at least 49 countries of the world to ensure that the oil money is used for the good of the common man.

Let State Governments Collect Tolls on Rehabilitated Federal Roads – Ebonyi State Governor

By
BWN
-

The Ebonyi state governor, David Umahi, on Sunday urged the National Assembly to make a law that would empower state governments to rehabilitate  federal roads in their domains and collect tolls on them.

He said this during a thanksgiving service organised by the senator representing Ebonyi-Central senatorial district, Obinna Ogba, at Nkalagu, Ishielu Local Government Area of the state,

In statement issued by his Chief Press Secretary, Emma Anya, on Monday, the governor, described most federal roads in the states as very deplorable.

He said the intervention of the National Assembly would   ameliorate the sufferings of motorists and commuters.

Umahi was quoted as saying, “Just a week ago, President Muhammadu Buhari gave us the go-ahead as a state to complete the Abakaliki- Afikpo Road and collect toll on it.

“And so, I am thinking that the National Assembly should look at that direction by coming up with a legislation so that it becomes a law for any state that can complete a federal road project to be allowed to put tollgates on the road. That will assist us because we have come to realise that even though they are federal roads, it is the people that bear the pains caused by the roads.”

The governor also urged the National Assembly to ask the Federal Government to refund over N500bn that various states governments had past spent on federal roads.

He said the refund of such a sum would go a long way in relieving the burden of the state caused by the reduction in federal allocation.

 

Exiting Beneficiaries from Amnesty Programme Will Save FG N2.52 Billion

By
BWN
-

The Presidential Amnesty Programme has announced plans to exit 3,232 beneficiaries from the programme.

Those billed to leave the programme are those who have been trained as entrepreneurs and have received business and setup/ starter packs.

Also affected are all beneficiaries of the Oil and Gas International Foundation (OGIF) programme and the 400 whom the office had secured employment for.

The spokesman of the amnesty programme, Owei Lakemfa, said in a statement that by exiting the 3,232 beneficiaries, the Federal Government would save 2.52 billion Naira from stipend payments.

The statement also disclosed that the Special Adviser to President Muhammadu Buhari on Niger Delta and Coordinator of the Presidential Amnesty Programme, Brigadier General Paul Boroh (Rtd), had set up a task force to work out and implement the exit strategy of the amnesty programme with timelines that would not compromise national security.

International Conference on Agricultural and Biological Science

By
BWN
-

The International Conference on Agricultural and Biological Science, organized by the ICG Institute of Educational Research & Development (IIERD) will take place from 8th April to the 9th April 2016 at the Transcorp Hilton Abuja Hotel in Abuja, Nigeria. The conference will cover areas like Food Sciences, Food Technology, Animal Breeding and Plants Sciences and many more.

Organizer: IIERD

 Date: 8th April – 9th  April
 Venue: Transcorp Hilton Abuja
Contact: www.absconf.org

2016 Budget Defence: Health Minister Disowns Health Budget Over Inflated Figures

By
BWN
-

The Health Minister, Prof. Isaac Adewole, has announced that the original budget of his ministry was distorted and strange figures smuggled in.

Speaking on Monday, the minister asked the Senate Committee on Health to discard the budget before it and await a new one to be re-submitted today which he said would reflect the programmes of the health sector in 2016.

He added that some of the votes earmarked by the ministry for some activities had been re-distributed while some important fields in the sector had been excluded.

“In the revised budget as re-submitted, N15.7 billion for capital allocation has been moved to other areas. Some allocations made are not in line with our priorities. There is nothing allocated to public health and family health. Over the last two years, nothing has been done on HIV.”

The committee chairman said given the submission of the minister, the budget before the committee was not the proposal of the Health Ministry and would therefore, be of no use working on a budget that had already been disowned.

Adewole also revealed that State House Clinic to which N3.9 billion had been allocated in the budget at the expense of other hospitals put together which got far less allocations, is not under the supervision of the Ministry of Health.

He allayed the fears of Nigerians about Zika virus that is currently ravaging the United States and Brazil, saying the virus has actually been in Nigeria since 1954 but has been unable to harm citizens because Nigerians have developed strong resistance to it.

Abuja High Court Dismisses Application to Discharge Dasuki

By
BWN
-

An Abuja High Court has dismissed an application seeking to discharge the former National Security Adviser, Colonel Sambo Dasuki from charges of corruption filed against him by the Economic and Financial Crimes Commission (EFCC).

Justice Baba-Yusuf ruled that from the evidence and the facts before the court, the former National Security Adviser was released on December 29, 2015 having met his bail conditions.

The court held that it would be wrong to hold the Economic and Financial Crimes Commission responsible for the re-arrest since there is no evidence that the commission stopped the bail process.

The judge held that the Department of State Services (DSS), which re-arrested the former NSA, cannot be held in contempt because the bail order in the instant case does not cover the agency.

But the defence lawyer told the court that his client was not prepared for trial in custody of the Department of State Services, therefore he will approach the court to enforce his rights.

Dasuki’s lawyer, in his argument, had urged the court to prohibit the federal government from further prosecuting or further seeking any indulgence from the court until Colonel Dasuki is allowed to enjoy his bail.

He also asked the court to discharge the former NSA of all the offences contained in the charge against his client on the ground that the Federal Government cannot lawfully prosecute him, having been in contempt of the court.

He noted that Justice Hussein Baba-Yusuf on December 18, 2015, granted bail to Colonel Dasuki and after perfecting his bail conditions, he was re-arrested on the orders of the federal government and taken to the custody of the Department of State Services (DSS).

He added that since his client was rearrested, he has been kept away from his lawyers and family members.

However, the counsel to the Economic and Financial Crimes Commission, (EFCC) Mr Rotimi Jacobs, informed the court that the motion was an abuse of court process because there was no evidence before the court, that the accused was rearrested by the EFCC.

Rather he was arrested by the Department of State for alleged breach of service law when he was in the Nigerian Army.

He further stated that the accused was a fugitive for seven years and that he is being investigated for series of alleged offences.

52 Individuals, 10 Corporate Bodies to Return N107 Billion to Benue State Government

By
BWN
-
Samuel Ortom
Benue State Government Approves Payment of N30,000 New Minimum Wage

A judicial commission of inquiry set up by the Benue State government to probe the administration of former governor Gabriel Suswam has recommended the refund of N107 billion to the state by 52 individuals and 10 corporate bodies.

The current governor, Samuel Ortom, on assumption of office last May 29, set up a probe panel to investigate the income and expenditures of Suswam’s government between 2007 and 2015.

Submitting the report on Sunday to the governor at the Government House in Makurdi, head of the commission, Justice Elizabeth Kpojime, said that 69 memoranda, 108 oral testimonies and over 394 exhibits were entertained by the commission.
“The commission found that during the period covered by its assignment, which is from June 2007 to May 2015, a period of eight years, the total revenue that accrued to the state from about 27 sources identified was N1.21 trillion.

“Out of this amount, the actual appropriated amount was N802 billion, leaving a balance of N219bn,” Kpojime added.

According to her, some contracts worth over N100m were awarded verbally, while MDAs such as the Benue State Internal Revenue Service, Ministry of Commerce and Industry and Radio Benue generated revenue and spent it directly.

Swallow Painfull Pill of Electricity Tariff Hike – Fashola Pleads With Consumers

By
BWN
-

Babatunde Fashola, Minister of Power, Works and Housing, described the increased electricity tariffs as “a painful pill,” appealing to consumers to “swallow” it.

He said, “Importantly, I understand that people who have been disappointed over a long time will feel a sense of concern that again tariffs have gone up. But the truth is that these tariffs ought to have been there from day one. I don’t know why the government of yesterday was not courageous enough to tell us this was the price.

“It is a painful pill that I must appeal that we swallow. It is like quinine and malaria. It’s painful; it’s not sweet, I know that, but I do it because we are not left with many choices. This is the first major decision in power that this administration has taken. There are other problems.

”I can only appeal for some understanding and some trust that we do this in the best interest of our country. It is a hard decision, but I think down the line, we will have cause to look…”

The minister, said the sector was being plagued by several problems including gas supply shortfall and transmission issue.

“The problem is everywhere. The problem is with us. The problem is with gas. The problem is with transmission. The problem is with the way the privatisation exercise itself was conducted.”

 

Cultists Blow Up Agip Pipeline, Demand Release of Suspect

By
BWN
-
A group of armed men have blown up a gas facility in Akala Olu village, Ahoada West Local Government Area of Rivers State for the arrest and continued detention of a suspect, Mr. Emmanuel Odum. The Assistant Director, Public Relation, Captain Eli Lazarus stated that the attack on the gas facilities has disrupted production activities of the Nigeria Agip Oil Company.
The suspected cultists believed to be members of Icelander cult group had demanded the release of Odum, who was said to be currently undergoing interrogation for his alleged involvement in pipeline vandalism and cult-related activities. They also threatened to carry out further attacks on oil and gas installations unless their demands were met.
Lazarus warned that the Nigerian Army will deal with anybody caught vandalising the nation’s pipelines.
He observed that politicians were arming the cult groups and encouraging them with inciting utterances capable of breaching the peace, adding that the Army would not hesitate to deal with such politicians.

NASS Working on New Version of Petroleum Industry Bill – Dogara

By
BWN
-

The Speaker, House of Representatives, Mr Yakubu Dogara, says National Assembly (NASS) is working on its own version of Petroleum Industry Bill (PIB) to reform the nation’s oil and gas sector. He expressed optimism that the planned version of the bill, when passed and assented to, would reform the oil sector and amend necessary laws guiding its operations.

Dogara said the need for oil and gas reform Bill became pertinent with the challenges facing the sector and Nigeria’s dependence on revenue accruing from it to fund its budget.

“We have repeatedly called on the executive to present reform proposals in the petroleum sector, we may not continue to wait for an executive bill on this subject matter as we are prepared to introduce the National Assembly’s version.”

“We cannot continue to take the blame for non-passage of the petroleum reform legislation in Nigeria, as I speak to you, work on our own version has reached advanced stage.” he said.

He said the House would partner with Exractive Industries Transparency Initiative (EITI) first quarter of 2016, to consider and debate the Nigerian Extractive Industry Transparency Initiative (NEITI) audit report.

He directed the committees on Petroleum (Upstream) and Rules and Business to introduce and reschedule report for debate before the end of the first quarter.

 

1...3,2373,2383,239...3,288Page 3,238 of 3,288

Recent Posts