Category: Business

  • ICAN holds Ikeja district meeting

    ICAN holds Ikeja district meeting

    The Institute of Chartered Accountants of Nigeria (ICAN) will hold a mostly members meeting of Ikeja District Society on Saturday, January 19.

    The meeting will take place at the training hall of Nigeria Civil Aviation Authority office Annex, domestic wing of Murtala Muhammad International Airport, Ikeja, Lagos.

    One of the facilitators is the Director of Banking & Payment System with the Central Bank of Nigeria, Mr. Dipo Fatokun,

    He will deliver a paper titled: “Mobile Money in Nigeria, Prospects, Opportunities and Challenges.”

     

  • Naira weakens as CBN cuts dollars sale

    Naira weakens as CBN cuts dollars sale

    The naira depreciated for a fourth day on higher demand for the US currency after the Central Bank of Nigeria (CBN) cut the size of its dollar sales this week, reducing supply.

    The naira weakened by 0.1 per cent to N157.09 per dollar. It gained 3.9 per cent last year, the strongest performance among African currencies tracked by Bloomberg.

    The CBN sold $108.48 million at an auction yesterday, bringing sales this week to $120.30 million, representing a 38 per cent decline, compared with $193.20 million sold last week, according to data on its website.

    The apex bank sells foreign exchange at auctions on Mondays and Wednesdays to stabilise the naira. Fuel imports have been a source of pressure on the naira, the CBN said.

    “Dollar demand exceeded the supply this week as businesses resumed for the year,” Tunde Ladipo, Chief Executive Officer of Lagos-based Valuechain Investment Limited, said by phone yesterday.

    Yields on 10-year naira debt rose 13 basis points to 11.44 per cent, according to yesterday’s prices compiled on the Financial Markets Dealers Association website.

    Borrowing costs on the nation’s $500 million of Eurobonds due January 2021 declined two basis points to 3.736 per cent.

     

  • Telecoms firms take inventory of damaged BTS

    Telecoms firms take inventory of damaged BTS

    Telecoms firms in Nigeria have started taking inventory of damage to base transmission stations (BTS) across the country, The Nation has learnt.

    At the end, they would approach the Federal Government for compensation since most of the damaged sites were damaged by terrorists.

    President, Association of Licensed Telecoms Companies of Nigeria (ALTON), Gbenga Adebayo, said the damage was enormous, adding that it would be too early to cost it.

    Adebayo lamented that the attacks have further compounded the huge interconnect debt of N20 billion in the sector, stressing that after the ascertaining the damage, the operators would seek the government’s intervention.

    “At this stage, we are still evaluating the magnitude of the losses we have suffered. Don’t forget that in some of the sites that were damaged in the northern part of the country, we have to carry out inetgrity test to ascertain the integrity of those sites. In some cases, we have to outrightly replace the entire site while in other cases, the foundation would have been seriously affected and may need to be decommissioned and reinstalled.

    “At this stage, we are at the level of information gathering, once we have all the facts in, we will know what to do and how to approah the government. We are not ruling out the fact that we may need to go to the government for intervention on behalf of members of the association,” he said.

    According to him, the flood that ravaged parts of the country also added to the problem. “We are hoping that we can get some interventions from the Federal Government in certain ways because the problem that we face (was not our making). We have the issue of attack on BTS. Our losses were quite significant. We lost money on account of the wilful attack on the infrastructure. We also had losses on account of the flood that swept some of the BTS across the country.

    “We are hoping that at some point, we can have some intervention from government to address this wilful and unwilful attack on these infrastructure because added to this is what you have seen about the state of the industry. Some of the players are actually struggling with the issue of the interconnect debt. So, it is not as rosy as some people feel it is with the industry,” the ALTON chief said.

     

     

     

     

  • Osun needs N100m for scales’ project

    Osun needs N100m for scales’ project

    Osun State government needs over N100million for its proposed uniformed scales project, a report has said.

    The report entitled: ‘Introduction of standardised weights and measures,’ said the government needs the money as take-off capital. The government would use the money to procure various range of measurements, and later sell them at subsidised rates across the local government areas, it added.

    The report said market associations are the major beneficiaries because they deal with wholesalers and retailers.

    It said the government’s decision to provide standardised measurements or scales for traders was a good idea, noting that the development is in accordance with the Weights and Measures Act of 1962 as amended and made effective in 1975.

    The report indicated that goods sold or distributed by weights, measures or numbers would be more regulated, when the proposal on standardised scales,is ratified.

    It said the success of the initiative depends on the application of the relevant laws prescribed by the Constitution, adding that the laws said a Superintendent of Trade, Deputy Superintendent and Inspectors must be appointed to supervise the project at various levels of governance.

    It said the new scales have the potential to eliminate mistrust, incessant arguments and disagreements that are synonymous with commercial transactions in the state.

    Others include easing trading, increasing the pace and volume of transactions among traders, attracting consumers from neighbouring states, creating employment opportunities, and impacting positively on the economy of the state.

    The report voided the measurements used by market men and women, saying they are inaccurate and inconsistent.

    “Findings from observational checklists showed that the measures are based more on rule of thumbs than any degree of accuracy and consistency. The measures are not accurate and reputable. The various measuring standards are full of inherent shortcomings as observed by the market men and women themselves. “

    It said local measurements are not hygienically produced, making users and consumers to be prone to diseases.

    “The health hazards associated with over exposure of food items cannot be over-emphasised. Most of the communicable diseases are as a result of the exposure to vectors carrying the germs. Sometimes, nursing mothers, after cleaning up their babies still use the unwashed hands to measure food items,“ it added.

    The report said the high level of illiteracy, portability and accessibility of the scales/ measurements to the micro-scale traders, negative perception of the people, among other problems, may affect the implementation of proposed uniform measurements or scales.

     

  • HP unveils Windows 8 PCs

    HP has launched a new set of consumer and business PCs that are designed to work with Windows 8 operating system.The products range from notebooks and desktops to a tablet.

    In a statement the firm explained that the new products have unique features, including a hybrid PC with a detachable screen, a business tablet with functionality-boosting HP Smart Jackets and an ultra-thin all-in-one (AiO) desktop that enable users to take advantage of Windows 8 along with the firm’s innovations such as HP TouchSmart technology.

    Speaking on the new products, James Mouton, senior vice president and general manager, Personal Computer Global Business Unit, HP, said: “HP’s portfolio of ultra-thin notebooks, sleek all-in-ones and high-performance business PCs is designed to meet the needs of customers anticipating the release of the Windows 8 OS. Consumers and organisations can choose from a broad range of HP PCs featuring multitouch displays, versatile form factors, sleek designs or customisable solutions that address their needs.”

    The HP consumer notebook portfolio featuring Windows 8 includes a hybrid PC and notebooks with slim and sophisticated designs, multi-touch display technology, strong performance and great value.

     

     

     

     

  • NPA re-deploys top management staff

    NPA re-deploys top management staff

    Nigerian Ports Authority (NPA), Managing Director Habib Abdullahi has re-deployed the top management staff, in a bid to reposition the organisation for effective performance.

    The reorganisation cuts across Assistant General Managers and Port Managers.

    General Manager, Public Affairs, Chief Michael Kayode Ajayi now heads the administrative department. The former General Manager, Marine, Capt. Iheanacho Ebubeogu, takes over from him.

    Abdullahi also approved the creation of a new department – New Business and Joint Ventures – to be headed by Mrs Ugo Madubuike. Mrs Madubuike was the former General Manager, Audit.

    The former General Manager, Procurement, Mallam Abdullahi Bashir, is now in-charge of Servicom department.

    But the General Manager, Board/Legal Adviser, Mrs Obiageli Anubi, retains her position. She was re-designated as Board Secretary/General Manager Board.

    Also affected are Mr. Sotonye Etomi of Eastern Ports, who is now General Manager, Special Duties. Mallam Nasri Kuliya, former General Manager Finance’s new portfolio is General Manager Audit, Mr Musa Danhassan, formerly Health Safety and Environment now takes charge of Physical Planning and Development.

    The exercise also affected the former General Manager, Western Port, Mallam Muhammed Bulangu, who is now in charge of Marine and Operations. The former General Manager, Human Resources, Miss. Adenike Sonaike, takes over from him

    Mr. Sunday Nwobi, the former General Manager, Physical Planning and Development, was moved to Eastern Ports. The former General Manager, Special Duties is now General Manager in-charge of Human Resources.

     

     

     

     

  • e-waste: Gunpowder waiting to explode

    e-waste: Gunpowder waiting to explode

    With the liberalisation of the telecoms’ sector more than a decade ago came the unbridled importation of fake and substandard phones. Incidentally, some original equipment manufacturers (OEMs) are also into computer products manufacturing. But while these products are being churned out, no effort is made to address the problem of wastes in the sector, reports LUCAS AJANAKU.

    A  middle class tenant had moved out of his apartment in Ayobo, a Lagos suburb, and abandoned a disused 24-inch carthode ray tube television set outside the gate. When 15-year-old Yakubu Tsakede pushed his cart to where the TV set was, he picked it, hauled it into his cart and rolled off his ‘loot’.

    A few minutes later, he was seen using a hammer to dismember the cathode tube, ignorantly exposing the toxic phosphor dust inside. He put the circuit board over the fire to melt the lead in it, producing toxic lead fumes.

    Tsakede is not alone in this ‘business’. There are several others in his age group who eke a living from moving from one dumpsite to the other in the cities, picking disused computers and electronics products, dismembering them in the hope of removing the lead, gold, copper, and other valuable metals to resell them.

    Electronic items that are hazardous include televisions and computer monitors that contain cathode ray tubes, liquid crystal display (LCD) desktop monitors, laptop computers with LCD displays, LCD televisions and Plasma televisions, portable DVD players with LCD screens.

    According to experts, hazards to human health stem from over 1,000 different chemical substances found in e-waste, many of which are toxic. Toxic heavy metals found in e-waste include lead and tin, copper, cadmium, mercury, brominated flame retardants, barium, antimony, and beryllium.

    Beryllium, Felix Momodebe, a computer engineer, said is used in manufacturing computers’ motherboards and finger clips to facilitate the tensile strength of connectors while maintaining electric conductivity. It is classified as a human carcinogen because it can cause lung cancer, primarily through inhalation, while workers who are exposed to the chemical, even in small amounts, can develop a lung disease called beryllicosis.

    Another component of electronics that is hazardous to human health is mercury It is estimated that 22 per cent of the yearly world consumption of mercury comes from electrical and electronic equipment. It is said to be dangerous because it easily accumulates in living organisms and becomes concentrated through the food chain when it combines with water and turns into methylated mercury.

    “In humans, mercury can cause damage to vital organs, such as the brain and kidneys. One of the greatest dangers, is in developing fetuses, which are highly susceptible to mercury poisoning through maternal exposure. The harmful effects of beryllium and mercury are just two examples of the health risks that e-waste poses,” a publication entitled: Northwestern University Journal of International Human Rights; recycling electronic wastes in Nigeria: Putting environmental and human rights at risk, noted.

    In Nigeria as well as other parts of the world, the poor are daily being exposed to dangerous chemicals and work conditions while dismantling e-waste sent from developed countries. The released chemicals can have impact on entire communities and natural habitats.

    Burning wires in open piles to melt away the plastics; burning plastic casings, creating dioxins and furans; throwing the unwanted hazardous leaded glass into ditches; and dumping pure acids and dissolved heavy metals into nearby rivers, are some of the dangerous ways of disposing off e-waste in the country. Experts say these things find their ways into the water bed and end up threatening the environment.

    In 2010, the United Nations Environment Programme released a report called “Recycling – from E-Waste to resources.” The report used data from 11 representative developing countries to project current and future e-waste generation. Although the available data on e-waste is incomplete and imprecise due to the unregulated nature of the trade, the UN predicts that the amount of global e-waste should rise by about 40 million tons per year. The e-waste trade continues to grow at an alarming rate, and the need for more stringent legislation and enforcement will become increasingly significant.

    According to the report, more than 24 million personal computers (PCs) and about 139 million portable communication devices, such as cell phones, pagers and smart phones, were manufactured in the United States in 2006. The report highlights that the highest growth rate has occurred in communication devices between 2003 and 2008. During those years, the number of communication devices skyrocketed from 90 million in 2003 to a projected 152 million in 2008. The increasing number of electronics manufactured and sold inevitably leads to a growing number of discarded products. Most often, consumers throw away their discarded electronics or turn them into a store for recycling without a second thought. The growing number of discarded electronics has resulted in an increasing volume of e-waste. In 2000, more than 4.6 million tons of e-waste ended up in US landfills. In Hong Kong, it is estimated that 10-20 per cent of discarded computers end up in landfills. Landfills are problematic because the toxic chemicals in e-waste can leach into the land over time or can be released into the atmosphere, impacting neighbouring communities and the surrounding environment.

    The boom in the telecoms sector also led to massive flooding of the local market with handests. According to the Nigerian Communications Commission (NCC), telecoms subscriber base reached 109.4 million by the end of October last year. With poor telecoms services, the average subscriber carries a minimum of two handsets. Added to this is the unbridled importation of fake/substandard handsets into the country with very short lifespan. The chargers, batteries and other components of these devices are recklessly discarded. It is not uncommon to find kids playing with disused handsets while their parents feign ignorance.

    But this illicit trade continues to flourish despite that Nigeria is a signatory to the Basel Convention, a multilateral agreement which places restrictions on the trans-boundary movement of hazardous waste, and the Bamako Convention on the Ban of the Import into Africa and the Control of Transboundary Movement and Management of Hazardous Wastes within Africa, which made the trade of hazardous e-waste illegal in sub-Saharan African countries..

    The Nigerian Computer Society (NCS) said it is worried about the development. Its President, Sir Demola Aladekomo, said Nigeria has no business importing fairly used computers. He urged the Federal Government to step up efforts to stem the tide, insisting that insinuations about low quality of the products of indigenous OEMs is balderdash.

    For the Standard Organisation of Nigeria (SON) and the Computer Professionals Registration Council of Nigeria, (CPN), it is an uphill task. Richard Adewumi, the Group Head, Electrical/Electronics, SON, said the agency is helpless because the handests do not come in containers. According to him, the handets come through the airports in small quantities such that no law enforcement agency would be suspicious.

    The Computer and Allied Product Dealers Association (CAPDAN) disagrees with SON. Its General Secretary, John Oboro, said it is the absence of the political will to enforce laws that is responsible for the dumping of e-waste into the country.

    Oboro, who is also a member, Committee on E-waste Evacuation in Lagos, said the problem is that of people who violate the laws and are never punished to serve as deterrent to others. “We have laws in this country but the laws remain paper tigers. People just do what they like while law enforcement agents look the other way,” he said.

    According to him, worried by the dangers of e-waste, the Lagos State government set up the committee and through the Lagos State Environmental Agency (LASEPA) engaged the services of Messrs. Maintenance System Consultant to evacuate electrical/electronic waste of industries, markets, organisation, manufacturers and other stakeholders to its new site at Tamalo Village, on the Ogijo Shagamu Road. He blames ignorance for the prevalence, lamenting that the promise of state government to step up enlightenment campaign was stalled by paucity of funds.

    Of all the OEMs in the country, only Nokia has taken pratical steps in addressing the problem. Through its ‘Take Back’ initiative, Nokia encourages people to drop their disused mobile phones, chargers and other components at its Care Centres. However, Nokia’s Vice President, West & Central Africa, James Rutherfoord, said the programme is not getting the desired effect, promising to restrategise.

    “We have not made enough progress. We will do some more take back. Cans are available at our care centres where we can collect them (the disused phones, batteries, chargers). I think we need to do more in the coming years. We will focus on it and probably put some very good initiative in place. We will continue and put some new initiative in place too,” he assured.

    “Consumers in many countries are unaware of the environmental benefits of recycling their broken or unwanted mobile phones. The reality is that mobile phones contain many valuable and useful materials that can be recycled, including precious metals and plastics. In fact, for every one million phones recycled, it is possible to recover nearly 35kg of gold and 350kg of silver, which can be re-used in the production of future electronic goods,” Bruce Howe, a Senior Executive of Nokia, said.

     

  • Engineers seek help for NigComSat-1R

    Engineers seek help for NigComSat-1R

    THE multibillion naira satellite firm, NigComSat-1R, should not be allowed to die, the President, Nigeria Society of Engineers (NSE) Mustapha B. Shehu, has said.

    He made this call when he and other executive members of the NSE toured the ground control station of NigComsat-1R in Abuja.

    According to a statement by Sonny Aragba-Akpore, Head, Corporate Communication, NigComSat Ltd, the Managing Director Timasaniyu Ahmed-Rufai, Shehu said if the potential of the satellite are fully explored, the nation would have no reason to fear about achieving the Vision 20:2020 goals.

    He recalled that the multibillion naira moribund Ajaokuta Rolling Steel Mill started well until it became a conduit for embezzlement, noting that this should be allowed to happen the agency.

    The top engineering body, therefore, wants the Federal Government to put policies in place that would encourage ministries, departments and agencies (MDAs) to leverage on the power of the satellite facility for improved service delivery to the citizens of the country.

    He also called on state governments and the organised private sector (OPS) to patronise the facilities provided by NigComSat-1R so that they could leapfrog improve on quality service delivery.

    “I am quite impressed with what we have seen today. The Federal Government, which came up with this project, means well and after spending huge sums of money, cannot allow this to go the Ajaokuta Steel way,” he said, adding that the Federal Government would do the citizens great good if it puts in place policies that could encourage MDAs to leverage on what NigComSat has for the people.

    The society expressed confidence in the ability and resolve of NigComSat to bring affordable broadband access to Nigerians.

    At the event, Ahmed-Rufai explained the capabilities of the Micro-Electronic Centre (MEC) and the Direct to Home (DTH) satellite broadcasting platform which, he said, enables viewers to receive a minimum of bewteen 200 to 300 channels.

     

     

     

     

  • Fed Govt to triple insurance market to N1tr

    Fed Govt to triple insurance market to N1tr

    The Federal Government plans to more than triple the value of its insurance market in four years by improving the reputation of the industry, Insurance Commissioner Daniel Fola said.

    “Our people don’t trust insurance,” he said in an interview with Bloomberg yesterday in Dubai. “We’ve done a considerable amount of housekeeping to make sure the companies respect the rules.”

    The value of insurance contracts should rise to about 1 trillion naira ($6.4 billion) in 2017, about 3 per cent of gross domestic product (GDP), from N300 billion now, or less than 1 per cent of GDP, he said. Penetration should increase to 22.5 per cent of the insurable population in four years from 10 percent currently, Fola said.

    Compulsory motor-vehicle insurance, which makes up most contracts now, should remain at about 10 percent by 2017, while life insurance should constitute 7 per cent, general business insurance 3 percent and petroleum companies’ insurance 2.5 per cent, he said.

    Oil and gas businesses will continue to contract international companies to insure their Nigerian operations as the capacity of local insurers is limited, Fola said. As Africa’s largest oil producer, Nigeria produced about 1.9 million barrels of crude a day in December, according to Bloomberg data.

    The Bloomberg Nigerian Stock Exchange (NSE) insurance index, a measure of the 10 most liquid insurers on the Lagos-based bourse, has gained 11 per cent so far this year, outpacing a 5.8 per cent rise in the All Share Index. (NGSEINDX) Continental Reinsurance Plc (CONTINSU) shares gained 4.9 percent today, while Aiico Insurance Plc (AIICO) was up 3.9 per cent.

     

  • ‘Why 2013 budget is yet to be signed’

    ‘Why 2013 budget is yet to be signed’

    Emodi seeks expedited action on PIB

    Special Adviser to the President on National Assembly Matters, Senator Joy Emodi, yesterday blamed the delay in signing the 2013 budget into law on some transmission processes that needed to be concluded.

    Senator Emodi also said it is the expectation of most Nigerians that the National Assembly would expedite actition to the Petroleum Industry Bill (PIB) to ensure its passage in the early days of 2013

    The Presidential Aide, stated this in a statement welcoming Senators and members of the House of Representatives “from a deserved Christmas and New Year break.”

    She said the concerted effort of the Executive and the National Assembly that culminated in the unprecedented early passage of the national budget remained a milestone.

    “The short delay in time between the actual passage and the processes that will lead up to the eventual signing of budget into law, is due to some other transmission processes and does not in any way detract from the significance of this landmark Executive and Legislative achievement since the return of democracy in 1999,” she stated.

    “As we expect the 2013 budget to kick-start in earnest, it is imperative for the Executive and the Legislature to rise up to the collective challenge of ensuring full implementation for the benefit of all Nigerians,” she added.

    Senator Emodi said the Performance Contract, which President Goodluck Jonathan entered with the Ministers, “remains valid and will surely help ensure an excellent budget performance and service delivery in the 2013 fiscal year.”

    She commended members of the National Assembly for their interest in the PIB and the work done on the Bill so far.

    “It is therefore the expectation of the generality of Nigerians that the PIB would receive expedited due legislative attention and passage in the early days of 2013, and in the form that will not deviate from the intention of reforming the oil and gas sector,” she said.

    She noted that the passage of the PIB will certainly accelerate Jonathan’s Transformation Agenda for the oil and gas industry.

    “Above all, while expectations are high and challenges enormous, I urge continued Executive and Legislative collaboration, for together, we can always move the nation forward,” she said.