Category: Business

ARRANGEMENTS have been concluded to host the famous digital printing solution expo in the country on Wednesday and Thursday at The Syrian Club, Ikoyi, Lagos.

Tagged: “Tagged digital printing, possibility and profitability”, it will be declared opened by the president of Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dr. Ademola Ajayi, who will also double as the chairman of the event.

The expo, which is the brainchild of Skysat Nigeria in conjunction with Konica Minolta, a Japan based machine manufacturer, is part of effort to providing lasting solution to the problem of cost and quality of printing in the country.

According to the managing director of the company, Mr. Izzat Debs, the two days event is being organised to bring the best digital print solution that enables Nigerians pay less and at the same giving the machine users the best and more for all your printing needs.

Expatiating, Debs said the expo will run concurrently with presentations and seminars, where resource persons from the organisation in Japan will educate the public on the power and versatility of the various digital print solutions at the stable of Konica Minolta.

Also expected at the expo are printing practitioners and prospective investors, among others.

EDO State Governor Adams Oshiomhole has been asked to fine-tune the new Land Use Charge Act in the public interest.

In a statement, the Secretary, Edo Unity Club Lagos Osagie Idemudia said when the Bill was first introduced in the state House of Assembly, there was an outrage against it. As a result, the House promised to hold a public hearing on it to enable the people to know more about it. But the promise was not fulfilled before the Bill was passed into law, he said.

Idemudia, who said he supports the Act, noted that it would assist the government in revenue generation to enable to provide basic amenities to the people. However, the Bill was improperly introduced by the lawmakers, who he accused of being partisan, Exercising poor judgment and lacking the people’s feelings.

“While it is true that tax policies formulated by different governments are generally aimed at taking from the rich to give to the poor as a way of creating an equitable society and sustaining peaceful co-existence among citizens across the socioeconomic strata of society, it is also true that the government must not target and humiliate a single individual in order to press home its point. Government has a duty to demonstrate decorum, respect and impartiality to citizens it wants to give up their hard-earned money to assist the implementation and realization of its welfare programmes,” he said.

The Federal Government has taken a bold step aimed at facilitating payment of entitlements of the Power Holding Company of Nigeria (PHCN) by hiring a foreign firm to help steer the process.

The payment of entitlements of the PHCN workers will mark the finishing point of the privatisation of the PHCN successor firms.

The Federal Government has mandated the Bureau for Public Enterprises and representatives of workers’ unions to meet with the proposed firm, Alexandra Forbes, a reputable foreign firm, known for providing financial and risk services.

The meeting between the Bureau of Public Enterprises, representatives of workers’ unions and Alexandra Forbes is scheduled to hold tomorrow. The meeting is scheduled to run for three days.

According to the Secretary-General, National Union of Electricity Employees, Mr. Joe Ajaero, Alexandra Forbes will provide an assessment and evaluation of entitlements of each PHCN worker prior to the final privatisation of the firms.

He said, “They (government) have written a letter to us to meet next week. We are going to be meeting with Alexandra Forbes, an international company of actuarial valuer, as well as the BPE. At the meeting, we will look at the actual calculations, as Alexandra Forbes is an internationally recognised actuarial valuation firm.”

On the precise date of the meeting, Ajaero said, “It will hold from January 14 to 16, and it will involve representatives of the unions, Alexandra Forbes and the BPE to calculate the workers’ accurate entitlements.”

Ajaero said, “On the issue of the PHCN reform process, an agreement was reached but there has been no implementation yet. Until the agreement is religiously implemented, we will not say it has been rested or cleared. The issue of casual workers who are to be regularised has not been addressed. This has to be addressed once and for all, so that we will know that the number of casuals in the power sector is adequately captured when calculating workers’ entitlements.”

No fewer than 21 Nigeria’s crude cargoes for loading in February, or 31 per cent, remain unsold because of reduced European refining margins and rising United States’ shale oil output, said three traders who participate in the market.

That’s more than normal for this stage of the month, according to the people, who asked not to be identified as the information is confidential.

Unsold grades for export next month according to Bloomberg, include six lots of Qua Iboe, four Brass, three Forcados, two each of Bonny Light, Erha and Usan grade and one of Abo and Yoho, the people said.

Nigeria, Africa’s largest oil producer, plans to cut exports in February to 67 cargoes totaling 2.19 million barrels a day, compared with 75 shipments this month, according to shipping schedules obtained by Bloomberg . US oil production exceeded seven million barrels a day for the first time since March 1993, Energy Department data show.

Sales of Nigerian crude to the US are set to fall in 2012 to the lowest in 27 years. The US imported an average 422,550 barrels a day in the first 10 months of last year. That would be the least since 1985, data compiled by Bloomberg show.

European margins have fluctuated between minus four euro ($5) a metric ton and zero this month after averaging 14 euro last month and 29 euro in November, according to data from French refining group, Union Francaise des Industries Petrolieres, which represents refiners in the country including Total SA and Exxon Mobil Corp.

The management of MRS Oil Plc has begun investigation into the fire, which destroyed one of its barges.

The incident occurred before noon on Wednesday. Although there was no casualty, some people who helped to put out the fire sustained minor injuries, the firm said, adding that the terminal would open soon.

In a statement yesterday, the company said the prompt intervention of the Fire Service and other agencies helped in putting out the fire.

The statement reads: “This is to inform the general public that on January 9, 2013 about 1130hrs, one of our barges (S215) caught fire at our jetty. The cause of the fire is yet to be determined, but investigation is ongoing.

“We would like to assure the public that no life was lost, although minor injuries were reported by members of staff who were on duty at the time of the incident, while trying to contain the fire.”