The Nation Newspaper

Author: The Nation

  • Tanker explodes in Lagos

    Tanker explodes in Lagos

    Tajudeen Adebanjo

     

    TANKER, loaded with 44,000 litres of Premium Motor Spirit (PMS), on Thursday exploded on Oshodi-Apapa Expressway in Lagos State.

    It occurred about 9am at Toyota bus stop.

    The tanker, it was learnt, crashed while trying to overtake another trailer on the motion.

    This led to one of them hitting the other by sideway, making the tanker to separate with the head.

    It rolled over and exploded.

    The raging fire caused panic among motorists and passers-by. They first scampered for safety before some returned to salvage their properties.

    Read Also: Petrol tanker explosion kills six, destroys 30 houses in Kwara

    The explosion led to traffic jam extending to the Muritala Mohammed International Airport (MMIA).

    Commercial bus operators going to Ilasamaja, Cele, Ijeshatedo and Mile 2, took to one-way to avoid being trapped in the gridlock.

    The Acting Zonal Coordinator, Southwest Zonal Office of the National Emergency Management Authority (NEMA), Mr. Ibrahim Farinloye, confirmed that the tanker was fully loaded with 44,000 litres of Premium Motor Spirit (PMS) when the incident occurred.

    Lagos State Government has urged motorists to shun reckless behaviour and drive with consideration for other road users, to avoid situations that could inconvenient and pose danger on the road.

    Commissioner for Transportation Dr. Frederic Oladeinde, who was present on the scene of the tanker accident to assess the impact on road infrastructure and traffic flow, said the explosion was caused by collision of a fully loaded petrol tanker with another truck while trying to overtake each other along the corridor.

     

     

     

     

  • Three feared killed, belongings destroyed as Amotekun, residents clash in Oyo

    Three feared killed, belongings destroyed as Amotekun, residents clash in Oyo

     Yinka Adeniran, Ibadan

     

    THREE persons were feared killed yesterday when operatives of the Oyo State Security Network code-named Amotekun Corps clashed with indigenes of Tapa in Ibarapa North Local Government.

    Property belonging to the operatives of the corps, including operation vehicles, houses and other items were also destroyed.

    A source said crisis broke out when the Amotekun operatives were invited to enforce the 10pm carnival ban in the state.

    He said some indigenes, mostly youths, who were having a carnival that was supposed to end by 10pm, refused to stop due to the level of fun and enjoyment at the party.

    Read Also: Amotekun: Is that part of the mandate?

    The source said: “The Amotekun operatives came around to stop the carnival, which they first resisted, but at the end of the day, they decided to end it. Those boys were having a carnival and probably they are expected to close by 10pm, which they did not do. The Amotekun operatives told them to stop; this took the boys some time to stop the sound.

    “In the course of trying to stop the carnival, there was an argument between the boys and the Amotekun operatives, which made the boys to throw stones at the Amotekun officers.

    “Along the line, the Amotekun operatives started shooting directly at them. At least three people have been confirmed dead, while many were injured.

    “Bullets are being removed from some people who did not partake in the carnival at all.”

    The Commandant of the outfit, Olayinka Olayanju (retired Colonel), who confirmed the incident in a short message, said only two people died in the incident.

     

  • Rebuilding Lagos will take a long time, says Sanwo-Olu

    Rebuilding Lagos will take a long time, says Sanwo-Olu

     Bolaji Ogundele, Abuja

     

    LAGOS State Governor Babajide Sanwo-Olu has said the task of rebuilding the infrastructure destroyed in the state during the #EndSARS protest last October will take some time to achieve.

    The governor, who spoke on Thursday to State House correspondents after a closed-door meeting with President Muhammadu Buhari at the Aso Rock Presidential Villa in Abuja, said state government had begun the rebuilding process with the tasks he described as ‘low hanging’, such as providing support to small and medium scale businesses caught up in violence during the period.

    He said rebuilding major infrastructure would take a longer time to achieve.

    According to him, pooling resources from all possible angles and sources to tackle the task would have to be creative, coupled with the fact that the crisis that led to the destruction is still very fresh.

    He, however, assured Lagosians that the administration had its priorities about achieving restoration all set out, adding that it would not fail to deliver to the people on the promise to restore Lagos back to its previous bustling state.

    “It’s also some of the things I discussed with Mr. President. It’s work in progress. To take something down it takes one day, to rebuild it takes 10 years. It’s a journey, not a destination. And so it’s going to take a while. We are carefully taking a proper study to know what we need to do, taking our time to get it right, but we’ve started something.

    “Businesses that were affected, some businesses that were affected: somebody having their shops looted or burnt or something. We’ve been able to directly begin to support such businesses, especially on a micro, small level, using the Lagos State Employment Trust Fund.

    “They have started intervening and supporting some of these small businesses, giving them grants, giving them soft loans and making sure

    that they can come back together very quickly.

    Read Also: PHOTOS: Buhari meets Sanwo-Olu

    “The bigger, larger items around infrastructure, around transportation, they will take a fairly longer time. We’re talking about a period that is still under three months. So, it’s still a working document that we are doing right now and we also have to be very creative in how we raise the finance.

    “We didn’t have money anywhere, you know it was towards the end of a financial year and we’re just starting another year. So, it’s to be able to make budgetary provisions for these things and be able to raise required funding, both support from the private sector and also from the public sector, before we can begin to reconstruct some of those huge infrastructure.

    “But we have them all focused and we’ll be tackling them. But the low hanging, as I said, are the small businesses that we’ve started supporting so that people can get back to life very quickly,” he said.

    Speaking about the state government’s  plan to manage the second wave of the Novel Coronavirus (COVID-19) pandemic, Sanwo-Olu said more attention is being given to providing more oxygen to meet the need of victims of the disease who are in the critical category.

    Speaking about his meeting with President Buhari, he said: “The President took very detailed notes, I was actually very happy. He gave me assurances that some of the points I have raised that I’ll be seeing some call up or follow up either through the Chief of Staff or through some of the agencies of the Federal Government. It was a very useful meeting.”

     

     

     

  • NSE suspends Thomas Wyatt Nigeria

    NSE suspends Thomas Wyatt Nigeria

     Taofik Salako, Deputy Group Business Editor

     

    THE Nigerian Stock Exchange (NSE) has suspended Thomas Wyatt Nigeria Plc for failing to adhere to extant corporate governance practices that require quoted companies to submit their audited report and accounts within a stipulated period.

    The Exchange stated that Tomas Wyatt Nigeria was suspended from trading with effect from Wednesday, January 6, 2021 having failed to file its audited financial statements for the year ended March 31, 2020.

    “In accordance with the provisions of the default filing rules set forth above, the suspension of trading in the shares of Thomas Wyatt will only be lifted upon the submission of the relevant accounts and provided the Exchange is satisfied that the accounts comply with all applicable rules of the Exchange,” NSE stated.

    Listing and regulatory rules at the capital market require all quoted companies to submit their annual audited report and financial statement not later than 90 days after the end of the financial year. More than 85 per cent of quoted companies including all banks, insurers, major manufacturers, oil and gas companies and conglomerates use the Gregorian calendar year ending December 31 as their business year.

    NSE tags and applies fines on companies that fail to meet earnings reports’ deadline. Companies may pay fines that range from N100, 000 to more than N100 million as penalties for delay in the submission of their corporate earnings reports. Companies that also delayed their financial statements and accounts face threats of suspension and delisting in addition to the monetary fines.

  • Fed Govt lists December savings bonds

    Fed Govt lists December savings bonds

     Taofik Salako, Deputy Group Business Editor

     

    THE Federal Government has listed the latest tranches of the Federal Government of Nigeria Savings Bond (FGNSB) on the Nigerian Stock Exchange (NSE), paving the way for investors to trade on the debts.

    In the first listing, a total of 3,088 units of a two-year savings bond with a coupon of 1.32 per cent and maturity of December 2022 were listed on the sovereign debt segment of the Exchange.

    The government also listed a total of 48,417 units of a savings bond with a tenor of three year and coupon of 1.82 per cent, which will mature in December 2023. The two bonds were listed at a par value of N1,000 each.

    The two bonds were issued on December 16, 2020 as part of the government’s monthly FGNSB issuance calendar.

    With the offer of a coupon of 1.82 per cent as annual return to investors for a three-year bond and 1.32 per cent for a two-year bond, the coupons showed considerable decline in returns on fixed-income securities as government and corporate take advantage of liquidity in the system to restructure into low-cost debts.

    Read Also: Fed Govt lists gains of border closure

    The two-year FGNSB due on November 11, 2022 offered a coupon of 1.759 per cent per annum, lower than 2.453 per cent per annum of the same bond issued in October 2020. The three-year FGNSB due November 11, 2023 offered a coupon of 2.759 per cent, as against 3.453 per cent per annum offered by same bond issued in October 2020.

    Minimum subscription to the bonds, offered at N1,000 per unit, was N5,000 or five units and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.

    The coupon payment dates for the newly issued bonds, which pay interest rate quarterly, are March 16, June 16, September 16 and December 16 respectively.

    The FGNSB was introduced in 2017 as a mass instrument for nationwide mobilization of savings and investments. Minimum subscription to the FGNSB is usually N5,000 while the bond pays coupon or interest rate on a quarterly basis.

     

  • Equities sustain rally with N66b gain

    Equities sustain rally with N66b gain

     Taofik Salako, Deputy Group Business Editor

     

    NIGERIAN equities continued on their upswing yesterday as sustained bargain hunting added N66 billion capital gains.

    The All-Share Index (ASI)- the benchmark index at the Nigerian Stock Exchange  (NSE) rose by 125.70 points, representing a growth of 0.31 per cent to close at 40,590.85 points.

    Aggregate market capitalisation of all quoted equities  also rose by N66 billion to close at N21.224 trillion.

    The uptrend was also driven by price appreciation in medium and large capitalised stocks amongst which are; SEPLAT, Nigerian Breweries, Ardova Plc, Dangote Sugar Refinery and Guaranty Trust Bank.

    Analysts at Afrinvest Limited said: “We anticipate the equities market would close on a positive note for the week.”

    Market sentiment, as measured by market breadth, was positive, as 27 stocks gained, relative to 14 losers. FTN Cocoa Processors, Livestock Feeds and SEPLAT recorded the highest price gain of 10 per cent each, to close at 66 kobo, N1.65 and N451.00, respectively, per share. Ardova Plc followed with a gain 9.96 per cent to close at N14.90, while Japaul Gold and Ventures rose by 9.88 per cent to close at 89 kobo, per share.

    Read Also: NSE unveils post-demutualisation plan

    On the other hand, Sovereign Trust Insurance led the losers’ chart by 9.09 per cent, to close at 20 kobo, per share. Courteville Business Solutions followed with a decline of 8.70 per cent, to close at 21 kobo, while Lasaco Assurance shed 7.89 per cent to close at 35 kobo,  per share.

    Unilever Nigeria shed 6.47 per cent to close at N13.00, while Sterling Bank depreciated by 4.39 per cent to close at N1.96, per share.

    The total volume of trades increased significantly by 755.0 per cent to 2.133 billion units, valued at N7.509 billion, and exchanged in 4,558 deals. Transactions in the shares of Champion Breweries topped the activity chart with 1.905 billion shares valued at N4.951 billion. United Bank for Africa (UBA) followed with 26.487 million shares worth N228.449 million, while Dangote Sugar Refinery traded 21.473 million shares valued at N397.845 million.

    Fidelity Bank traded 15.710 million shares valued at N39.748 million, while Access Bank transacted 13.293 million shares worth N117.053 million.

  • Ecobank Nigeria launches radio programme for SMEs

    Ecobank Nigeria launches radio programme for SMEs

    Collins Nweze

     

     

    ECOBANK Nigeria has launched a radio programme – “Ecobank Business Hour” targeted at empowering small and medium enterprises (SMEs) in the country.

    Emeka Agada, Head, SME, Ecobank Nigeria, says the programme which is being syndicated across 10 radio stations in Nigeria is one of the several initiatives the bank is deploying to empower its SME customers with the right resources to thrive. He stated that the programme will also enlighten the public about the various solutions designed by the bank to help businesses.

    He explained that the radio programme being produced by Royal Roots, one of Nigeria’s leading production companies, has already commenced and will be aired for an initial period of 13 weeks. He added that the rich content will help entrepreneurs and business managers to upskill and reskill for growth in the new digital landscape.  According to him, “This further underscore our unwavering commitment to supporting and sustaining the development of SMEs in all sectors of the economy. The radio programme promises to be an impactful series. I encourage all small business operators including their customers, friends and family members to set aside time to listen to the programme and get tips on how to grow their businesses.”

    Read Also: Ecobank restates commitment to AfCFTA

    Also speaking, Greg Odutayo, Managing Director, Royal Roots, said the programme will enable aspiring entrepreneurs understand how to set up and manage successful businesses. He commended Ecobank for supporting a programme of this nature, capable of generating positive activities in the SME space.

    The Business Ecobank Hour is being anchored by the duo of Greg Odutayo, a presenter, producer and director with over 28 years of professional experience and Helen Ese Emore, an international facilitator, seasoned MSME project development and business coach. The programme will run in 10 radio stations including, Inspiration 92.3FM, Lagos, RayPower 106.5FM, Kano, Odenigbo 99.1FM, Obosi, Liberty 91.7FM, Kaduna and PH Family Love 97.7FM, Port Harcourt and of others.

     

  • IMF: Robot revolution will create 97 million new jobs

    IMF: Robot revolution will create 97 million new jobs

    Collins Nweze

     

    THE International Monetary Fund (IMF) has said that as the economy and job markets evolve, new roles will emerge across the care economy in technology fields (such as artificial intelligence—AI) and in content creation careers (such as social media management and content writing), which will create seven million new jobs.

    In a report released yesterday, the Fund said the emerging professions reflect the greater demand for green economy jobs; roles at the forefront of the data and AI economy; and new roles in engineering, cloud computing, and product development.

    “The up-and-coming jobs highlight the continuing importance of human interaction in the new economy through roles in the care economy; in marketing, sales, and content production; and in roles that depend on the ability to work with different types of people from different backgrounds.

    It said the workforce is automating faster than expected, displacing 85 million jobs in the next five years. “Automation, in tandem with the COVID-19 recession, is creating a “double-disruption” scenario for workers. Companies’ adoption of technology will transform tasks, jobs, and skills by 2025. Some 43 percent of businesses surveyed indicate that they are set to reduce their workforce because of technology integration, 41 percent plan to expand their use of contractors for task-specialised work, and 34 percent plan to expand their workforce as a result of technology integration. Five years from now, employers will divide work between humans and machines roughly equally,”it said.

    In 2025, analytical thinking, creativity, and flexibility will be among the most sought-after skills. Employers see critical thinking, analysis, and problem solving as growing in importance in the coming years, although these have consistently been cited in previous editions of the survey.

     

  • Fed Govt releases N11.82b for MDAs retirees

    Fed Govt releases N11.82b for MDAs retirees

     Omobola Tolu-Kusimo

     

    FEDERAL Government has released N11.818 billion for payment of accrued rights to retirees, the Director-General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar has said.

    Accrued rights represent benefits for employees of Treasury Funded Ministries, Departments & Agencies (MDAs) who worked up to June 2004, when the Pension Reform Act was introduced.

    She said the Commission appreciated the effort of the Federal Government at ensuring that the accrued rights arrears are cleared.

     

  • Former NATCA boss urges govt to address manpower shortage

    Former NATCA boss urges govt to address manpower shortage

    Kelvin Osa Okunbor

     

    FORMER President, Nigeria Air Traffic Controllers Association  (NATCA) Mr. Victor Eyaru has called for massive recruitment of controllers to address the dearth of manpower in air traffic control in the country’s airports.

    This is just as he also called for adequate training of ATC personnel  critical for seamless air navigation.

    Mr. Eyaru who served as Airspace Manager at the Murtala Mohammed International Airport, MMIA Lagos, who made the call in an interview with aviation reporters in Lagos said, the air traffic control had grown and workers were needed to be engaged for effective and flexible use of the airspace.

    The former NATCA President who retired last year after 35 years of service in the Nigerian Airspace Management Agency, NAMA, while applauding some improvements in communication with the restructuring of the Air Traffic Control into East and West sectors, said the problem was yet to be fully addressed  as the communications system was still one sided.

    According to him, the restructuring of the airspace has reduced the stress of both the controllers and pilots to an extent.

    Read Also: Expert urges govt on manpower devt

    “There is room for improvement and things have improved a little but not the way the controllers would have wanted it to be, some side the communication is perfect but on the other side, communication is epileptic”.

    On facilities for seamless take offs and landings of aircraft at the MMIA Lagos, Mr. Eyaru said all the facilities including the Instrument Landing Systems, ILS, have all been calibrated preparatory for the harmattan weather, adding that they did not envisage any problem with the work done.

    He, however, called on FAAN to upgrade its runway lightings to Category 3 from Category 2 for the effective function of  NAMA landing aids.

    On personnel training, Mr. Eyaru called on the NAMA Management to map out the various training for the ATC personnel this year and tailor such training to achieve its aims.

    “Try to ensure that the staff that is at traffic controllers get the appropriate training, two, the appropriate equipment to work with because without the training and their equipment to work with, it will be too difficult a thing to do as air traffic controller

    “Personnel can never be enough for now and that is why you see controllers retiring and they are engaged as contract controllers. Until there is massive recruitment of controllers,  we are still grappling  with the issue of man power shortage in ATC”.

    He lamented that the COVID-19 pandemic had deprived the controllers of their international training while local training had been done through ZOOM.