The Nation Newspaper

Category: Business

  • Ex-Deputy Governor urges govt to create jobs through agric

    A  former Lagos State Deputy Governor, Mr Abiodun Ogunleye, has advised the Federal Government to promote agriculture, through better funding, to tackle unemployment in the country.

    Ogunleye gave the advice in Ikorodu in Lagos, at the fourth edition of the free computer training organised for youths in the area by a state lawmaker, Mr Sanai Agunbiade.

    He said agriculture could be the largest employer of labour in the country, adding that the neglect of the sector by successive governments had contributed to the economic woes experienced in the country.

    “’When a country that has large scale arable land cannot feed itself, it is a big shame and calls for urgent attention,’’ he said.

    The former deputy governor in the Tinubu administration, said agriculture would have to take the “centre stage’’ to eventually eradicate poverty in Nigeria.

    He commended the lawmaker for the yearly event, which, according to him, was to empower youths in Ikorodu and its environs.

    Earlier, Agunbiade (ACN-Ikorodu I), said that Information Technology is dominating the world, adding that the training will afford the beneficiaries the opportunity to earn a living.

    Mr Taiwo Hassan, one of the beneficiaries, praised the lawmakers for giving youths in the area the opportunity to acquire skill in computer appreciation.

  • RAV4: Impressive, stylish, aggressive

    RAV4: Impressive, stylish, aggressive

    The 2013 Toyota RAV4 possesses a six-speed transmission to replace the old four-speed automatic, which improves the RAV4’s fuel economy. It has been given style that is more sculpted and aggressive, enhanced by a body that is an inch narrower, lower and nearly an inch closer to the ground, writes TAJUDEEN ADEBANJO with agency addition

    n just half a decade, crossover Sport Utility Vehicles (SUVs) have become popular choices among car buyers. It is no accident; the full-size SUV craze of 10 years ago had most drivers addicted to their cavernous cargo spaces, elevated driving positions and eye-watering gasoline bills. The Toyota RAV4 was among the first models to downsize that addiction into a manageable package.

    With the 2013 Toyota RAV4, the fourth generation of the popular crossover, the automaker has given and also taken away. Notably, the RAV4 no longer offers a V6. Although the burly six-cylinder could catapult the mild grocery hauler from zero to 60 mph in just 7.3 seconds, it was more engine than the RAV ever needed and few buyers signed on for it. The 2013 RAV4 also dispenses with a third-row seat, another option that Toyota says fewer shoppers deemed important.

    The RAV4 does, however, get a six-speed transmission to replace the old four-speed automatic, which in turn improves the RAV4’s fuel economy. It has been given styling that is more sculpted and aggressive, enhanced by a body that is an inch narrower, an inch lower and nearly an inch closer to the ground. The new RAV4 also gets a roof-hinged liftgate, thereby eliminating the old design that swung out to the right and hindered curbside loading.

    The RAV4’s redesign could not have come soon enough. The small crossover class is full of interesting choices, including the Honda CR-V, Ford Escape, Hyundai Santa Fe Sport and Mazda CX-5. With impressive styling, a contemporary look and feel to its cabin and electronics, loads of cargo capacity and improved fuel economy, the RAV4 reclaims its standing as a top choice for a small crossover SUV.

    Body styles

    The RAV4 is a five-passenger compact crossover offered in LE, XLE and Limited trim levels. The LE comes standard with 17-inch steel wheels, automatic headlights, power folding mirrors, rear privacy glass, full power accessories, air-conditioning, cruise control, a tilt-and-telescoping steering wheel, a 60/40-split and reclining second-row seat, a rearview camera, Bluetooth phone and audio connectivity, and a six-speaker sound system with six-inch touchscreen, a CD player, an auxiliary audio jack and an iPod/USB audio interface.

    The XLE adds 17-inch alloy wheels, foglights, heated side mirrors, roof rails, a sunroof, dual-zone automatic climate control and sportier front seats. An optional package further adds a navigation system, Toyota’s Entune smartphone integration system, satellite radio, HD radio and voice controls.

    The top-level Limited comes with 18-inch alloy wheels, a height-adjustable power liftgate, keyless entry/ignition, an auto-dimming rearview mirror, a leather-wrapped steering wheel and shifter, an eight-way power-adjustable driver seat with memory settings, heated front seats and premium synthetic leather upholstery. The navigation system with Entune is available and can be bundled with a premium 11-speaker JBL audio system.

    Powertrains and performance

    The RAV4 is powered by a 2.5-litre four-cylinder that produces 176 horsepower and 172 pound-feet of torque. A six-speed automatic is standard, and the RAV4 is available with either front- or all-wheel drive.

    Toyota says the front-drive RAV4 will accelerate from zero to 60 in 8.9 seconds. The front-drive RAV4 returns an EPA-estimated 24 mpg city/31 mpg highway/26 combined, about the same as the CR-V and Escape. The all-wheel-drive model, meanwhile, achieves 22 mpg city and 29 mpg highway and 25 mpg combined.

    Safety

    Antilock disc brakes, stability control, traction control, whiplash-reducing front head restraints, front-seat side airbags, a driver knee airbag and full-length side curtain airbags come standard on every 2013 Toyota RAV4. The Limited model offers optional blind-spot detection and rear cross-traffic alert systems.

    Interior design and special features

    The new RAV4 features a striking new interior design that shares themes with the new Camry and Avalon models. Pronounced angles and lines form a more streamlined dash and center stack, replacing the rounded, pedestrian look of the outgoing model. It is a distinctly modern look, and overall interior materials quality is better than average for this class.

    It still embodies practicality, though. The rear seats recline, but no longer slide fore and aft, the result of the RAV4 scrapping its optional third row. Behind the rear seats are 38.4 cubic feet of cargo space, which opens up to a generous 73.3 cubes when the second row is folded – one of the largest capacities in the class.

    The almost flat load floor is also quite low for the class, minimising the strain of loading groceries, household project materials or even just a couple of large dogs. In a significant break from tradition, the new RAV4 gains a roof-hinged liftgate (height-adjustable on the Limited), replacing the right side-hinged design that often impeded easy curbside loading.

  • Fidson rewards workers for excellence

    Fidson Healthcare Plc has taken another step in its effort to ignite the passion for excellence among its employees with a newly instituted staff award.

    Named the Acknowledge and Celebrate Excellence (ACE) award, the maiden edition was attended by the company’s staff, who came to the venue from different parts of the country, wearing dark suits and ties.

    The Managing Director, Fidson Healthcare Plc, Dr Fidelis Ayebae, congratulated the staff on their commitment to duties in 2012, adding that the six recipients of the award, displayed exceptional performance.

    “We are here to acknowledge and celebrate the best among the best – our teammates who have shown exceptional capabilities in the course of a very challenging financial year in 2012. You nominated them for this award. You have shown exceptional team spirit by nominating them. They are being celebrated today because you not only played with them, but you played for them. You have lighted their candles. They sparkle today because of the light you shone on them. You are all worthy men and women of excellence”, he said.

    Six staff won in different categories of the awards. They are Mrs Adejoke Alli, Corporate Impact; Mr Kunle Ajayi and Femi Ajala joint winners in the Customer Services Excellence category; Mr Rotimi Afolaogun in the Leadership Excellence category; Mr Abubakar Elemeje Process Improvement while Mr Sunday Adeyeye the Role Model Award.

    Mrs Joke Alli, the Training, Learning and Development Manager, was nominated for the ACE, for starting the department from the scratch.

    Mr Kunle Ajayi, Credit Controller and Femi Ajala, Product Manager received the award for their exemplary performance in customer service.

    Rotimi Afolaogun, Divisional Manager (North and West) also won an award for his outstanding leadership qualities. According to the citation, he transformed the northern sales team from mediocrity to excellence and winning the Best Region Award consistently in the past two years.

    He was said to have instilled confidence and zeal in his team during a period of intense crisis in the north and leading them to expand the organisation’s business in the region.

  • NRC to recruit level crossing keepers

    The Nigerian Railways Corporation (NRC) is set to recruit more level crossing keepers to minimise rail accident.

    The corporation’s Director of Administration and Human Resources Mr Aminu Gusua, made this known to the News Agency of Nigeria (NAN) in Lagos.

    He said the NRC was about to hire new level crossing keepers to reduce the incidence of people being killed while crossing the rail line.

    He said there was also the need for public enlightenment on how to cross the rail line to minimise accident and death.

    Gusau said when the gate keepers are hired, they would be trained to meet the expectations of the reforms going on in the rail transport sector.

    He added that rail tracks would not be left unused after undergoing repairs, to forestall further damage.

    “That is why the corporation will soon start the recruitment of new workers to enhance rail service.

    “The more people with new knowledge and approach are employed, the better the service they will render,’’ he said.

    The director said with efficient service, the NRC would make more profit, especially in freight services

    He appealed to private business operators to patronise the corporation in transporting their goods across the country.

    Gusua said law enforcement agents would ensure adequate security of the goods and other luggage.

    “It is of essence to ensure adequate security of the goods because that is where the money is coming from.

    “We charge very low tariff on passengers because it is for affordability and comfort,’’ Gusua said.

    He said rail service would help to reduce the number of road accidents caused by articulated vehicles.

  • Fidelity asks Citi to raise $100m debt

    Fidelity Bank Plc has mandated Citi to raise $100 million via a two-year loan from the international debt market, to help increase its foreign currency lending capacity, a senior executive told Reuters last Friday.

    Head of Strategy Francis Ikenga said Citi was in the debt market to secure the loan through a book building process and that yield on the paper will be determined at the end of the transaction. Ikenga said Fidelity had seen an increase in demand for foreign currency loans from all sectors of Nigeria’s economy especially within the oil and gas and telecom sectors.

     

  • Civil servants seek holistic reform

    The Association of Senior Civil Servants of Nigeria (ASCSN) has urged the Federal Government to ensure a genuine restructuring of the civil service for an effective service delivery.

    Comrade Alade Bashir Lawal, ASCSN’s Secretary General gave this advice this while fielding questions from reporters at an interactive session in Lagos.

    This advice is coming against the backdrop that the Federal Government was about restructuring the civil service. Head of Service, Alhaji Isa Sali, had given the hint at a strategic planning retreat for permanent secretaries and directors in Lagos that the Federal Government had called for a review of the vision and mission of the civil service.

    Lawal said only a genuine reform would help the government to achieve its planned review of the public service.

    “There should be new ideas to enhance capacity to deliver public services. Restructuring should not be a way to embezzle government fund.

    “In the past, consultants had used reform or restructuring to make money from civil service without any impact. It should no longer be like that,’’ Lawal warned.

    He lamented that civil servants, instead of reporting cases of corrupt enrichment they discover, usually turned the other way for fear of being sacked.

    The union’s scribe further warned of a nationwide strike or court action if Governor Adams Oshiomhole of Edo State failed to reverse the appointment of a retired military officer as permanent secretary in the state.

    He said the appointment contravenes Section 282 Subsection 2 of the Constitution on appointment of civil servants.

    “The appointment of a retired military officer as permanent secretary breaches the provision of the constitution. You can only appoint qualified civil servants as permanent secretaries,’’ he said.

    He urged the governor to reverse the appointment in order not to promote the culture of impunity.

    Lawal said the union had invited the governor to a roundtable meeting without success.

    He added that civil servants in the state were disappointed about the appointment and the recent sack of their colleagues.

    About 22 Chief Inspectors of Education and 19 Local Education Secretaries were sacked recently for not being on their duty posts when the governor paid unscheduled visits to their schools.

  • Imo acquires oil spill, sabotage detection equipment

    The Imo State Ministry of Petroleum and the Environment has acquired an equipment called Ultrasonic thickness Metre (UTM) for detecting oil spill and sabotage.

    The equipment, which measures the integrity of the pipe, can detect if an oil spill is caused by equipment failure or by sabotage.

    Industry experts say oil spill can be as a result of equipment failure resulting into corrosion.They say with time as the equipment gets weak, they are corroded. Crude oil itself, according to them, can also cause corrosion if the pipe is weak. He said the nature of the pin hole would tell whether spill is caused by sabotage or not.

    A Director in the ministry, Ifeanyi Onyicha, said: “There is what we call clock reading of the pipe; so any leak between 12 and three pm or between 10 am and noon is suspected to be sabotage. In most cases, it is sabotage except the pipe is weak.

    “At times, an oil company may write to us for joint investigation about oil leakage or spill. It is unfortunate what we see at times. We see a situation where technically a valve between an oil pipelines is being technically or operationally opened and the valve is being fixed with a long host drawn to a tanker.”

     

     

     

     

     

     

     

     

  • Costs threaten job growth, competitiveness

    Manufacturing businesses are being challenged by increasing costs, including corporate taxes and energy, Director-General,Kaduna Business School,Dr Dahiru Sani has said.

    He said manufacturer’s performance is under threat following rapid escalation in cost of production and profit-sapping demands which drove spending to record highs.

    On the balance, Sani said the underlying costs are slowly eating away at the ability of manufacturers to compete effectively.

    The burden coming from such costs, he explained, puts the sector at a substantial competitive disadvantage with its largest industrial trading partners.

    He said concerted efforts should be taken to address challenges, adding that this would yield positive results for the economy.

    According to him, the loss of a strong manufacturing base will have unfortunate consequences for the standard of living as well as national security.

    He said these challenges underscored why manufacturing was low.

     

     

     

     

     

     

     

     

  • NAGAFF to protest non-refund of container deposits

    The National Association of Government Approved Freight Forwarders (NAGAFF) has warned that unless urgent steps are taken to correct the anomalies being perpetuated against them, the nation risks industrial disharmony and unrest in the maritime sector.

    Its Secretary-General,Increase Uche, said the group’s grouse is the refund of container deposits to importers by shipping companies instead of paying to them who made the deposits.

    The group said it has written to the Registrar, Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) of the likely implication to the nation if the issue was not sorted out soon.

    Uche said: “We have drawn the attention of the Registrar to the seeming unprofessional conduct and disregard to the relevance of freight agents whose names appeared in the register of Freight Forwarders of Nigeria by the shipping companies. It is a fact that CRFFN under Act 16 of 2007 of the National Assembly has the mandate to regulate and control the freight forwarding agents in Nigeria.

    “It is also a fact that the statutory responsibility of the Act is to protect and enhance professional conduct and practices of the members whose names appeared in the register. It is also a fact that under common contract law the freight forwarders act on behalf of the principals and that explains why non-negotiable import documents are endorsed and entrusted to registered members to act on behalf of the principal.”

     

     

     

     

     

     

     

  • CBN loans banks N356b to shore up liquidity

    CBN loans banks N356b to shore up liquidity

    THE Central Bank of Nigeria (CBN) advances an average of N356 billion to deposit money banks monthly to boost their liquidity, The Nation has learnt.

    The fund, a Standing Lending Facility (SLF), is given at 14 per cent as approved by the Monetary Policy Committee (MPC).

    The SLF is an overnight fund available on banking days between 2 pm and 3.30 pm, with settlement done on same day value. The SLFs are available only to banks and discount houses that have executed the Nigerian Master Repurchase Agreement (NMRA) with the regulator.

    According to a CBN Financial System Stability Report, the total SLFs granted to banks last November was N356.83 billion, compared with N319.71 billion in the preceding month. Average daily request for SLF was N16.99 billion, compared with N15.99 billion in October.

    Also, total assets and liabilities of the deposit money banks (DMBs) amounted to N21.8 trillion, showing an increase of three per cent compared with the level at the end of October.

    Such funds were sourced mainly from mobilisation of time, savings and foreign currency deposits (N324.8 billion) and demand deposits (N317.4 billion). The funds were used, largely, to buy Federal Government securities (N454.7 billion), extend credit to the private sector (N250.2 billion) and unclassified liabilities (N173.0 billion).

    At N13 trillion, commercial banks’s credit to the domestic economy grew by 5.4 per cent, compared with the growth of 3.4 per cent in the preceding month. Monthly, the credit to the private sector rose by 2.7 per cent, while credit to the government rose by 17 per cent relative to the level in the preceding month.

    On January 21, the CBN retained the Monetary Policy Rate (MPR) at 12 per cent for the for eighth time consecutively, since November 2011, due to inflationary concerns and uncertainty in the global economy.

    The CBN retained the MPR at 12 per cent with a corridor of plus or minus two per cent, Standing Deposit Facility at 10 per cent and SLF at 14 per cent.It also maintained the Liquidity Ratio (LR) at 30 per cent and Cash Reserve Ratio (CRR) at 12 per cent.

    Analysts insist that the decision means that other forms of monetary policy, such as Open Market Operations (OMO), would continue to be the preferred method for managing liquidity.

    Razia Khan explained that with the threat of a higher benchmark crude price being adopted in this year’s budget, there is the likelihood that the CBN would leave the rates unchanged today. She said there are some interesting points to note about the December inflation figure, which decelerated to 12 per cent yearly from 12.3 per cent.

    According to her, the key driver of Consumer Price Index appears to have been a rise in core inflation – up to 13.7 per cent as at December last year.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

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