Category: Business

  • Govt pegs business registration cost  at N15,000

    Govt pegs business registration cost at N15,000

    The Federal Government has approved the downward review of the cost of Business Registration at the Nigerian Investment Promotion Commission (NIPC) from N50, 000 to N15, 000 ($100).

    The new rate is designed to make Nigeria highly competitive in line with international best practices.

    The Minister of Trade and Investment, Olusegun Aganga, who stated this, said the review was at the instance of NIPC and also in line with the desire of the government to improve the country’s competitiveness rating on doing business.

    In a statement, the Deputy Director, Press, Joel Attah, said it was an attempt at lowering the cost of doing business in Nigeria. This is expected to substantially enhance the country’s National Competitiveness as a Foreign Direct Investment Destination (FDI), he stated.

    “In the light of this development, both new and existing investors are enjoined to take advantage of this gesture to ensure that they are dully registered with the Commission. Failure to do so would be a violation of the law, Attah,” added.

  • Minister to  inaugurate  Solid Minerals Fund today

    Minister to inaugurate Solid Minerals Fund today

    The Minister of Mines and Steel Development, Musa Sada, will today inaugurate members of the Solid Minerals Development Fund (SMDF).

    President Goodluck Jonathan recently approved the constitution of the fund in accordance with the provisions of the Minerals and Minerals Act of 2007.

    The Project Coordinator, Sustainable Management of Mineral Resources Project (SMMRP), Mr Linus Adie, is to chair the fund, while Ahmed Shehu  Mahe, is the Secretary.

    Besides, the National President, Miner Association of Nigeria, Alhaji Sanni Shehu and Caleb Dare, are also members of the fund.

    The fund has representatives of the Central Bank of Nigeria and the Banker’s Committee.

    Adie said the SMDF was established to develop both human and physical capacity in the minerals sector. It is also instituted for the provision of funding for geo-scientific data gathering and storage and retrieval to meet the needs of the mining industry.

    It is also established to provide funding for the extension services to small-scale and artisanal mining operators and provision of infrastructure in mines land.

  • Arik offers Valentine low fares

    Arik Air is extending love to its valued guests this Valentine season, with the introduction of new attractive fares for economy and business class travel across all its domestic, regional and international routes.

    According to a statement, passengers booking these flights will enjoy super savings over previously published fares on the applicable routes as part of the airline’s ‘With Love from Arik Air’ special fare campaign to celebrate the Valentine season. Customers can enjoy even greater savings when booking seven days or more in advance,through the airline’s website www.arikair.com. In addition, customers will enjoy a 30 per cent discount on the cost of the return leg fare of their journey when they book return domestic flights.

    The ‘With Love from Arik Air’ online fares follow on the back of the introduction of the ‘Book-on-Hold’ service last month, which allows passengers to book tickets online through the airline’s website and pay later.This is part of a raft of changes being rolled out over the coming months to enhance the customer experience.

    Arik Air’s Global Chief Executive Officer, Dr Michael Arumemi-Ikhide, said: “We have always been a value based airline, offering good value for money without compromising our safety and quality standards and ensuring a warm and exciting travel experience on board our aircraft. Our size, extensive network in Nigeria, combined with our superior product, gives us considerable leverage to offer such dynamic pricing.

    “This year we wanted to give something back to our customers and reward them for helping make us Nigeria’s leading airline. We believe this offer will give more of our guests greater flexibility of flights at very attractive prices across our entire network.”

     

  • Chanchangi decries high cost of fuel

    Chanchangi airline has decried the high cost of aviation fuel in the country, describing it as a major setback for domestic airline operations in the country.

    The Lagos Station Manager of the airline, Mr Babadiyia Ahmed, made this known to aviation correspondents in an interview in Lagos. He said about 70 per cent of the operational cost of airlines in the country was for aviation fuel.

    According to Ahmed, a litre of aviation fuel JET A1 costs between N160 and N180 per litre, and that this has greatly affected operations in the country’s local route. He added that the government in the past tried to find solution but nothing came out of it.

    He urged the government to look into the challenges of aviation fuel and resolve it for the advantage of both the airlines and the travelling public.

    Ahmed noted that airline business was always dull in the first quarter of every year as low traffic were recorded during the period.

    He said Chanchangi airlines was overcoming its problems with arrangement concluded for the arrival of its own aircraft, adding that Owerri and Port Harcourt routes, which the airline has been operating before the problem will be added as soon as the aircraft arrived.

  • Group donates bus to Down Syndrome foundation

    As part of its corporate social responsibility (CSR), the West African Ventures Group (WAV), an integrated oil service company, has donated a brand new 18-seater bus to the Down Syndrome Foundation of Nigeria.

    Making the presentation at the foundation’s office in Lagos, Mrs. Eno Agada, who represented the company’s president, stated that the gesture was part of WAV’s effort at giving back to the society and putting smiles on the faces of the needy.

    On the choice of the foundation as a beneficiary, Eno said the foundation was found to be in dire need and the WAV Group felt honoured to meet such need.

    She said: “Their fliers got to us, and we visited the premises and based on our findings, we presented a report to the president who immediately took decision that the company should donate a brand new bus to the foundation.”

    Receiving the key of the bus, the National President of the foundation, Mrs. Rose Mordi, expressed appreciation for the kind gesture from the company.

    Mordi said: “I think I’m short of words because I’m totally overwhelmed. I least expected this, but I think it is the best Christmas gift my children have had. This is the first time we are getting this type of gift at this time of the year. Usually, people give us food stuffs or give us some money or school equipment but I think this bus donation beats all.

    “It is one of the most important items that we need for the smooth running of the foundation. The children we have here have special needs and part of the programme we have is social integration and we have to move them around because they cannot take public transport, they cannot go out for events on their own and if we don’t have a vehicle to take them out, the programme will not be effective. This gift could not have come at a better time”

    She explained that the foundation takes care of Down syndrome in children and some adults that is caused by a genetic disorder resulting from the addition of an extra chromosome in a zygote, which according to her, predisposes them to mental retardation and a few other health issues.

    “The only way to take care of them is to carry out early medical intervention, early educational intervention plus vocational training and early social integration. And if these three programmes are effectively carried out, these children can live at least a semi independent life,” she added.

    Mordi called on the government and private organisations to help the foundation put in place structures that would help provide early intervention for the affected children. “We call on the Federal and state governments as well as corporate organisations to partner with us. In advanced countries, the basic structures for such organisations are provided by the government but unfortunately there is no such thing in Nigeria.”

     

     

     

     

     

     

     

     

     

     

  • How to grow cities, by experts

    TO promote development, all tiers of government must ensure “full” implementation of planning regulations, professionals in the construction sector have said.

    Speaking at a workshop on “Land administration and management in the emerging Lagos Megacity,” former Lagos State Commissioner for Physical Planning and Urban Development Francisco Bolaji Abosede and two university teachers Prof Modupe Omirin and Prof Bioye Tajudeen Aluko said that was the only way to meaningful development of cities.

    The workshop was organised by the Faculty of Land Administration and Land Information System of the Nigeria Institution of Estate Surveyors and Valuers (NIEVS), Lagos State branch.

    Abosede, who spoke on “Land use development and control in Lagos megacity,” said indiscriminate physical development and the government’s land acquisition without following appropriate legal channels through which people could buy land and develop in compliance led to the springing up of illegal structures and encroachment of open spaces in Lagos.

    He said competition for land got hotter as urbanisation and development raised the demand for land. This, he said, made new and more promising uses for land to replace original and older ones. Land went to the highest bidders as their demand for different uses lead to changes in their capacities, he added.

    Zoning, he explained, is the reservation of certain specific areas within a community for specific use with buildings and structures for certain reasons, limited in height, plot coverage and other stipulated requirements. He said it is a preconceived instrument for arranging the use and allocation of land for competing uses to attain optimal and efficient use for the community.

    He cited the rezoning of public facilities to residential plots as being done in Ilupeju Estate, an estate planned in the 60s by Ikeja Area Planning Authority as a self-sufficient industrial/residential estate.

    But over the years, Abosede said the central commercial area at Coker Road was re-zoned into residential plots by the government. “Now, almost 50 years later, there is a need for commercial zone in the estate and residential houses are being reconverted to offices, shops and even schools,” he said.

    Another example, according to Abosede, is Ikoyi Park, which for decades served the recreational needs of residents of Lagos Island and Ikoyi. But suddenly, the state government subdivided it into high-income residential plots and it became Park View Estate.

    Speaking on “Contemporary urban economic challenges in the emerging Lagos megacity”, Prof Omirin of the University of Lagos (UNILAG) said though Lagos contributes 30 per cent to the national Gross Domestic Product (GDP), it lacks infrastructure provision against other mega cities in the world.

    She said like most mega cities, Lagos is experiencing serious infrastructure and amenity deficits, such as poor roads, inadequate access to electricity, potable water and sanitation.

    Vast settlements, she said, lack amenities, such as schools, hospitals, fire stations and police stations.

    Omirin said the magnitude of the problems in mega cities is partly because planners and urban managers respond in tandem to the needs for planning and development control. The don regretted that often responsible agencies lack the necessary tools, manpower and finance to keep up the necessary services. Even where master plans and development schemes are made, the logistics of monitoring what actually happens on ground renders them redundant, she lamented.

    Prof Aluko of Obafemi Awolowo University, Ile-Ife, Osun State, who spoke on “Legal framework for land market regulation in an emerging megacity”, said the methods and instruments of legislative intervention in the real estate market depend on the ideology, which is more of a capitalist economy. He called for the repeal of the Land Use Act, 1978 that superficially touches land tenure problem.

     

     

     

     

     

     

     

     

     

     

     

  • NAPTIN inaugurates training workshop

    The National Power Training Institute of Nigeria (NAPTIN) has stepped up power training technology with the installation and inauguration of electric power system simulator and mechanical training workshop in the NAPTIN Regional Training Centre in Ijora, Lagos State.

    The institute also upgraded its 36-room executive hostel at the Akangba Regional Training Centre in Surulere, Lagos. The facilities were inaugurated by the Minister of State for Power, Hajia Zainab Ibrahim Kuchi.

    The minister said the facilities would not only improve training and skills acquisition in the power sector but would ensure sustainable improvement in power sector supply in the country. She said the government has intensified effort to ensure that more power plants begin operation before the end of the year to boost power supply in the country.

    She noted that one of the key priorities of the administration of President Goodluck Jonathan is the provision of adequate, reliable and affordable power supply to Nigerians.

    She said: “I want to assured Nigerians that the current improvement in power supply witnessed nationwide would be continuous improved upon towards delivering the promise of the Federal Government to Nigerians.”

    She said in delivering these promises, it is common knowledge that the most important resource would be human capital.

    She said: “We are here to witness investment in the development of human capacity required to drive the provision and sustenance of electricity supply in Nigeria. Federal Government, in pursuit of the power sector reform agenda had long realised the gap in human capital, which bedevils the industry. In this regard, efforts are being made to consolidate the stranded erstwhile Power Holding Company of Nigeria (PHCN) training centres into national training institutions.”

    She stressed that the major impediment that has continued to plague the development of the Nigerian power sector had been the dearth of skills required to undertake some of the basic tasks of maintaining the power assets. “Today, we make an important landmark in the development of the Nigerian electricity supplyindustry. The facilities we commissioned for the Nigerian Power Training Institute of Nigeria (NAPTIN) would provide system training opportunities for the workforce,” she said.

    She lauded President Jonathan’s support to the ministry of power and all associated millennium development goals (MDGs) for the discharge of the ministry’s mandate.

    The Director-General, NAPTIN National Power Training Institute of Nigeria, Engr. Reuben Okeke, said that the electric power system simulator marked the move from theoretical approach to training in power engineering to more practical approach where experimentations can be taught and simulated in real life incidences.

    Okeke said the power simulator allows technologists, engineers and electrical system operators to gain knowledge-based learning and skills-based training in all aspects of electric power system.

    He said: “This would further add to the learning potential of our institute and bring us nearer to the dream of being a world class power system training institute. With a 10-person per session capacity per week, the installation of the power simulator will ensure an annual turnout of 520 well skilled engineers and technologist.”

    He said the contract for the procurement, installation and commissioning of the electric power system simulator was signed with Messrs Tecquipment Limited/Auskan International Limited in September 2010, adding that apart from the successful installation of the facility and workshop centre, five NAPTIN engineers/instructors have been successfully trained at the contractors site in Nottingham, United Kingdom, on the use and operation of the power system simulator.

     

  • Two firms partner on safety equipment

    TO  further promote safety in the oil and gas industry, Red Wing Shoe Company, a United States-based global leader in the manufacture of safety shoes and garments, has opened an ultra-modern depot and office complex in Lagos.

    The facility, which is operated in partnership with Future Concerns Nigeria Limited, is the first of its kind in Africa.

    Speaking at the inauguration in Lagos, the Managing Director, Redwing Shoe Company, Mr Tito Warren, said the partnership with Future Concerns, which have culminated in the new facility, was meant to deepen the level of services the company has been delivering to the country’s oil and gas industry over the years.

    H said: “This major step is our first direct investment in Africa in our over 107 years of existence as a company. We recognise the need to play better, not only in the Nigerian market, but also in Africa. That’s why we are opening this facility. Our desire is to provide customised safety equipment for workers in the oil and gas industry.

    “Our company has a track record of innovation and satisfying the target market. Over the years, we have been providing customised equipment based on the needs of the market. We have been in Nigeria for a while through our partnership with Future concerns. By this, Future Concerns will be representing our interest in the whole of Africa. The company has worked with Redwing for many years and has earned our trust.

    “Future Concerns Nigeria Limited has achieved the highest level of representation of Red Wing by offering their quality services over the years. Therefore, it is entitled to sell all footwear, garments and accessory range of Red Wing Shoe Company and represent Red Wing brand in Nigeria.”

    He stressed that their motivation to invest in the country was not profit driven but the zeal to offer quality service in the oil and gas sector in Africa.

    Launching one of the latest safety shoes from the company’s stables at the event, Warren said the 8231 innovation has been in existence for over 107 years. He noted that what Redwing did was to improve on the quality without changing the DNA of the product.

    According to the Managing Director, Future Concerns, Tony Oguike, Red Wing decided to partner with Future Concerns to raise the bar in safety materials innovation and to offer clients first class safety equipment.

    He said: “We are glad that Redwing has agreed to partner with us in order to improve the quality of safety equipment in the oil and gas industry. We are looking forward to an exciting time with this world class company and we are sure that the country and the continent will benefit greatly from this.”

  • Verity Geosolutions boosts seismic imaging technology

    A  SERVICE company, Verity Geosolutions Limited, has enhanced the sub-surface technology with a key tool in hydrocarbon exploration.

    The company has completed the installation of 240 central processing units (CPUs) of power edge dual core servers, several high-end workstations, high capacity two phase uninterrupted power supply (UPS) and Cisco-based telecoms systems at its Lagos office.

    The Group Managing Director of the company, Yomi Adejonwo, said the hardware would enable the company to provide its seismic imaging, interpretation, reservoir modelling and characterisation, subsurface data management and geomatic services to its existing and prospects in Nigeria and the West Africa sub-region.

    He said: “With the installation of this equipment, we are moving closer to the realisation of our vision to be the leading provider of geophysical services in Nigeria and West Africa as well as meeting the increasing demand for our technologies.”

    The equipment he said would give adequate provision of timely high quality services in support of customers’ exploration and production activities. He added that it would, among other things, provide avenue for oil and gas reserves increase and reduction in the overall cost of exploration, development and production of oil fields as well as boost local development of advanced geophysical solutions to the oil and gas business in the country.

    Adejonwo said the company was established to provide leading-edge integrated geophysical services and to develop capacity in Nigeria’s oil and gas industry. He also noted that the company offers 2D, 3D and 4D seismic acquisition support services as well as integrated geophysical processing and inversion services.

    He said the services provided by the company would allow hydrocarbon exploration and production companies create value and optimise cost by reducing exploration risks, improving oil well placements and improving understanding of producing reservoirs.

    He said the company is positioned to domesticate geophysical activities in the country through training and employment of Nigerians.

    “Having worked in the oil and gas industry for several years, we saw an area where attention had not been paid and where we had acquired skills as Nigerians having worked with the international oil companies.

    “Our emphasis is to move away from being just commercial agents to foreign companies to bringing in our skills and investing in these technologies in Nigeria. To further enhance technological advancement in oil industry, the company said it collaborating with the Department of Geosciences, and Faculty of Sciences of University of Lagos on research to better develop the technology needed for the oil and gas industry,” he said.

    The collaboration, he said, is to enhance the development of best practices, workflows and methods for geophysics in Nigeria. It is also geared towards the development and support for research objectives in Nigeria as well as developing potentials of staff and interns.

    Adejonwo said the collaboration would strengthen the use of research in developing geophysics for the oil and gas industry in the country.

  • Ikeja Disco laments rising equipment vandalism

    The Management of Ikeja Electricity Distribution Company has raised the alarm over the increased rate of vandalism of its equipment.

    The vandalism, which reduced after the conviction of two vandals to various terms of imprisonment, assumed a wider dimension in the last six months. During this period, a total number of 69 distribution substations were vandalised and various electrical items were stolen from these stations. These acts threw the communities, which the vandalised facilities supply power, into darkness.

    The management said the socio-economic effect of this dastardly act of sabotage is high. It said apart from throwing communities into darkness, the cost of replacing vandalized equipment is colossal and the management can no longer bear such cost. The company spent over N20 million to replace the equipment in the 67 vandalised substations. This amount would have been better expended on new projects for network expansion.

    The management advised Community DevelopmentAssociations (CDAs) and other well-meaning community members to be alert and assist in curbing vandalism of electrical equipment within their locality.

    The management also sought the continued support of the Police, the State Security Service (SSS) and other security agencies in putting an end to vandalism of electrical equipment.