Category: Business

  • Jakande Estates: Waiting to crash?

    Jakande Estates: Waiting to crash?

    The administration of the first civilian Governor of Lagos State, Alhaji Lateef Jakande, scored a political point with the construction of low-cost housing units in several locations in the state. While some residents got their flats by lucky dips, others rented from original landlords. But since 1983 when these estates were constructed, some houses are yet to be renovated by their owners, others are distressed, OKWY IROEGBU-CHIKEZIE, who toured some of the estates, reports

    In the heydays of Jakande estates in Lagos State, people scrambled for the flats in the estates sited in areas with perceived large population. The flats were ridiculously cheap compared with what is obtainable today; and they created many landlords. The estates, then, were the only places one would find a block of six flats with six landlords.

    But that was then; the euphoria has gone down as the years pass with each eating into the value of the buildings and flats as the owners refused to maintain them.

    The roads in most of the estates are bad with many overtaken by weeds to the extent that Okada riders find it difficult to meander through. Residents live in squalor. From the Jakande Estate in Oke-Afa, with over 2,000 flats and Aye in Isolo, to Iponri, Barracks, Agege,  Meiran,  Abeasan, Iyana  Ipaja, Adeniji Adele, Ketu, Ajah and others,  the story is the same — broken structures and severe deterioration of the environment.

    Though the management of the estates has been ceded to Lagos Building Investment Corporation (LBIC), most residents are still waiting for the government to provide not only the necessary facilities but also to give a face-lift to their flats. But the government has asked the residents to give their flats a face-lift.

    The estate at Oke-Afa, Isolo seems to be the worst of the lot. Two weeks ago, one of the buildings collapsed killing two sisters. The rainy and dry seasons present considerable challenge to residents of the estate. During the rains, the entrance to the estate is usually flooded, creating hardship for pedestrians and motorists. Even roadside offices and shops are not spared from the chaos. Motorists use one lane at particular periods on the road that leads to the estate from Isheri Osun Junction as the un-tarred road becomes extremely muddy at certain times in the year.

    During the dry season, clouds of dust envelop shops on the streets. The blocks of flats behind shops also get their share of the dust.

    A resident said: “Basically, most people in this place know too well that this is not a perfect place to live. But they also contended that this estate can’t be as terrible as other areas in the state.  There has been a gradual emergence of new blocks in the estate but they are still in the minority. Commerce is not entirely alienated from the area as almost every block has make-shift shops creating a kind of eyesore. It’s  difficult to imagine if there is any regard to town planning and building regulations. Small-time traders, shop owners, schools, clinics and other small office dominate every part of the estate, especially the roadsides. Even in its poor state, the rents are not as low as one can imagine.”

    A  tenant, Mr Raheem Imodu,  living in one of the old  three-bedroom flats,  said he pays  N180,000  per annum though he buys water from water vendors  while Mrs. Ifeoma Okoli,  who lives in  a two-bedroom flat pays N200,000 yearly. Her regret, however, is that no tenant is allowed to pound yam on the flats for fear that it may affect the structural integrity of the building. The notion is that the buildings were built without too much adherence to standards and quality as it was mass produced.

    Residents, Okoli complained are not allowed to use generating sets on the flats except to place them on the ground floor no matter how many floors one needs to climb down and up to attend to the generator. She pleaded with the government to assist the residents to check the integrity of most of the buildings at the estate as most are already showing signs of distress.

    A plot of land goes for N4.5million as against N375, 000 as at 2002, according to Mrs. Patricia Adeyemi, when her husband bought the plot of land that they built their bungalow.

    For some residents at Jakande Estate in Mile 2, Amuwo- Odofin, the estate is the place to live though they claim outsiders may claim otherwise.

    One of the residents in block 4 zone A, Mr Niyi said he has lived in the estate for 10 years after his father won their flat in a lottery.  He stressed that their estate is different from other Jakande estates in terms of quality of construction and so have nothing to fear regarding building collapse. He, however, asked for adequate protection for residents by night marauders who visit them occasionally. Another resident said she moved into the estate some 17 years ago but confessed that some buildings are in bad shape and asked relevant government agencies  to do more monitoring in the estate to identify distressed buildings.

    Another resident in Block 16 Zone C, Mr Ibrahim Babalola, who lives in a rented  two bedroom flat for N350,000 per year since 10 years ago,  pleaded with the government to construct and rehabilitate the drainages in the estate.

    Udoma  Okon said he rented his apartment  for N500,000 for two years in Block 16 Zone A.  He, however, called on the government to refurbish the buildings – majority of which he described as an eye-sore.

    Though Jakande Estate is wearing out daily, many residents are unwilling to leave even despite the fact that their lives are in danger. This is probably why when a building is even at its terminal stages some residents  still refuse to evacuate banking on ‘God’ to protect  them as it happened two years ago when the state government had to forcefully relocate residents of Princess Estate on the lsland to save lives and properties. The same scenario played itself out at Jakande Estate, Isolo were a building that had been previously marked  for demolition  by the planning authorities were ignored by the residents,  which resulted to avoidable casualties.

    Little wonder that recently when tragedy struck at Jakande Estate, it left in its wake trail of tears as a woman lost two of her children and sustained bruises.

    By now ‘If l had known’ will be one of the thoughts  going through the mind of the 68-year-old Mrs. Adebisi Coker, who lost her two daughters, who incidentally were her only children (Miss Toyin, 30 and Bukky, 25) at Jakande Low Cost Housing Estate, Isolo, Lagos on November 21.  The Nation  gathered from neighbours, that the lady had three additional houses in the estate, which rent  she has just increased  before moving into this almost derelict building that incidentally claimed the lives of her children.

    As if Mother Nature was on the offensive and arranged the fate of the young ladies, the eldest, Bukky, was to be on duty in the hospital she worked on the night of the incident but somehow she sought permission to be excused from work and got her colleague to stand in for her in one of the government hospitals in the state. The younger sister was undergoing her National Youth Service. Sadly for both of them, their youth and dreams were cut short in their sleep. Unconfirmed reports said their mother worked with an oil company.

    A neighbour, who didn’t want his name in print, said about 11pm on that fateful day, when he came and saw that the building had shrunk and was peeling off, raised the alarm and called all the tenants to leave but only the victims’ mother insisted that nothing would happen at least until the next day as it was already late to start looking for where to take refuge with her daughters.

    She was also quoted to have said that her daughters were already sleeping and she could not wake them. While some residents, who spoke to The Nation pitied her almost hopeless condition, others were full of harsh words for her for what they called intransigence, wondering how everybody hurriedly evacuated the building and she insisted to stay until the next day.

    Though Mrs. Coker lost her daughters in the building collapse, she, however, made it alive with few scratches. But what was in the mind of many is what kind of life she would live thereafter. She lived for her two daughters and now they are gone.What does life hold for a widow in this harsh climate? She said much about herself when the tragic news was broken to her last Tuesday at the Lagoon Hospital.

    Though her priest, church members and relations have been lifting her up through prayers, she is going to be faced with a grim future, which may not hold much hope for her.

    The other side to the tragedy is the apparent inaction of the government, according to observers, who wondered why the government did not order the immediate evacuation of residents from the building even after it was allegedly marked for demolition because of its derelict nature.

  • Total rewards dealers, pledges improved services

    The Total Nigeria Plc has rewarded the performing dealers at its filling stations in the seven zones of the country during its NIGOSCARA reward promotion held in Lagos at the weekend.

    The Managing Director, Total Nig Plc, Francois Boussagol, who revealed the motive behind the competition, said customer satisfaction is key and paramount on the company’s profile, hence the dealers are expected to treat customers as king.

    Francois stated that the company business and industry is characteriSed as being customer driven, highly competitive and volatile. Our vision and objective is to continue to sustain our leadership position by ensuring that refined petroleum products are delivered to our customers efficiently and safely.

    However, Lagos south petrol stations zone emerged as winner among other seven (7) zones competitors.

    The other zones that competed alongside Lagos south zone include; Lagos North Centre, Kaduna, Kano, Benin, Ibadan, Abuja and Port Harcourt who came second through effective time management as it was on same aggregate points with 3rd, 4th and 5th position.

    He said all the competitors are winners irrespective of their positions, the performances have shown their capacities toward rendering standard sale and safety servicing to customer without worries.

    “This prove they are working, they know the job and understand the goal of Total, which is customer friendly oriented and training imparted on them is not lost of money or time”, he said

    He emphasised the significant impact of the competition scope to be a way to balancing check and encourage others to do better, adding that, it always has added value and good result on the company’s profile.

    However, the winner of this year’s competitor which is Lagos south will be receiving gift from the management including tours and other benefits.

    According to the helmsman, the NIGOSCARS is an incentive scheme used by the company to encourage and reward commitment and dedication to duty. It is a top service competition geared towards customer satisfaction centred on the delivery of the company’s service offered to customers regularly on its stations forecourts.

  • Investment One promises one-stop investment services

    Key indicators return northwards

     

    GTB Asset Management Limited (GTBAM) at the weekend changed its name to Investment One Financial Services Limited with a promise to create a one-stop investment services that meet all the requirements and peculiarities of all investors.

    The name change followed the sale through management buy out (MBO) of the former investment and wealth management subsidiary of Guaranty Trust Bank (GTBank) Plc. The divestment by GTBank was in compliance with the new regulatory regime of the Central Bank of Nigeria (CBN).

    CBN’s Scope of Banking Activities and Ancillary Matters No 3, 2010 requires banks to fully concentrate on core banking functions. The new model requires banks to either sell all non-core banking businesses or form a holding company to hold such non-core banking businesses including activities such as insurance, asset management and capital market operations.

    Most banks including GTBank, Access Bank Plc, Diamond Bank Plc, Fidelity Bank Plc, Skye Bank Plc, Sterling Bank, Zenith Bank, Unity Bank and Wema Bank have chosen to divest from non-banking subsidiaries. GTBank had earlier sold its insurance subsidiary Guaranty Trust Assurance, which subsequently changed its name to Mansard Insurance

    Investment One Financial Services Limited is now owned by management and staff of the company and few select investors that share the philosophies of excellence and service that form the core values of GTBank and its former subsidiaries.

    Speaking during the announcement of corporate rebirth in Lagos, managing director, Investment One Financial Services Limited, Mr Nicholas Nyamali said the company remains essentially the same in terms of its adherence to the tradition, vision and values that have been its guiding light since its formation as a subsidiary of GTBank.

    He said Investment One would build on its pedigree as an investment and wealth management firm of choice noting that except for the exit of executive directors of GTBank from the board of the company, Investment One was a full complement of the human resources, technologies and know-how of GTBAM.

    “The name ‘Investment One’ mirrors our desire to be a one-stop shop for comprehensive investment services and the first point of call for insightful and innovative financial solutions. The name also reflects the firms’ strategic positioning as a service-oriented firm that is responsive to the investment needs of its customers,”

    He pointed out that the firm’s payoff-forward thinking investment solutions, underscores its commitment to delivering financial services solutions backed by its long-standing core values of service excellence, innovation and market insight to individual and institutional investors.

    He noted that the firm’s chain of services from advisory to brokerage, fund management and trusteeship allow it to meet the lifetime investment requirements of all investors adding that the company’s innovative products allow low-income and high-income earners to participate in the investment marketplace.

    “With the rebranding, the company’s business is further broadened to deliver exceptional investment solutions in advising, executing, managing or transferring wealth to future generations, through its full complement of investment solutions,” Nyamali said.

    Nyamali said Investment One would commit itself to investment education and inculcation of savings and investment habits in the people pointing out that adequate knowledge about investment opportunities would empower the people.

    Meanwhile, investors last week staked N8.89 billion on 1.22 billion shares through 18,902 deals on the Nigerian Stock Exchange (NSE). The banking subsector was the most active during the week with a turnover of 471.559 million shares worth N3.856 billion in 7,836 deals.

    Turnover in the banking subsector was driven by activities in the shares of Access Bank Plc, FBN Holdings Plc, and Zenith Bank Plc, which altogether accounted 185.284 million shares, representing 15.83 per cent of the total turnover recorded during the week.

    The overall share pricing trend was positive with both the benchmark index and aggregate market value on the upswing. The All Share Index (ASI)- which tracks prices of all quoted companies, trended upward by 0.65 per cent from opening index of 26,322.18 points to close the week at 26,494.44 points. Total market capitalization of listed equities improved by 1.01 per cent to NN8.466 trillion as against its opening value of N8.381 trillion.

     

  • Nigeria, South Africa lead region’s growth

    Nigeria and South Africa account for major portion of Africa’s Gross Domestic Product (GDP), the International Monetary Fund (IMF) report has shown.

    It said intra-regional trade and financing links within sub-Saharan Africa have been expanding significantly in recent years. However, it recognised that there is a long road to travel in terms of achieving close economic integration at the regional and subregional level.

    “As this integration proceeds and economic linkages deepen, the importance of spillover effects from large countries to the rest of sub-Saharan Africa, and within their own subregion, will grow: closer economic linkages inevitably imply increased exposure to shocks, both favorable and unfavorable, in partner countries,” it said.

    IMF African Department senior economist Cheikh Gueye said that to a large extent, South Africa is shaping the structure of trade within sub-Saharan Africa. He said that at least 12 countries in sub-Saharan Africa export to South Africa and this represents one per cent of their GDP.

    “On the investment side, we have noticed that South African companies are investing in the rest of Africa, and this has an impact in shaping trade flows. Third, there are linkages in the financial system,” he said.

     

     

     

     

     

     

     

  • ‘Prestige Assurance, Dana Air insincere’

    Five months after the Dana Airline crash which claimed about 200 lives, families of some of the victims have accused the insurer of the ill-fated aircraft, Prestige Assurance, of insensitivity for refusing to pay the claims of their dead beloved ones.

    A lawyer said the law stipulates that within 30 days from crash date, the advance payment of $30,000 should be made to those who are entitled to it.

    Some of the family members, who spoke with The Nation, lamented that they have been subjected to untold hardship since the sudden death of their breadwinners and the failure of Prestige Assurance to pay them. They also lamented that they had submitted all the papers demanded by Dana Air and the insurance firm for payment only for them to remain mum.

    Mr James Okafor, who lost his brother, Nwabuwa, in the crash, said he conveyed the body from Lagos to Anambra State, bore his burial expenses, and has since been taking care of the late man’s children from his meagre income.

    Also, Mrs Titi Shobowale, who lost her husband, Femi, said she had submitted the papers demanded by the airline and the insurance firm but had not received any response from them.

    “I have completed all the fromalties, yet I have not recieved any positive response from either Prestige Assurance or Dana. I am tired of the ‘come today, come tomorrow’ by the two of them,” she said.

    For Chief Obi Awani, a retiree, who lost his daughter and a nine- month-old grandson, it was a bitter tale too. According to him, after submitting all the documents demanded by the airline and the insurance firm, he was told that there was a division in his family and was advised to go and sort it out. “That was strange to me because there was no such problem among my family members,” he said.

    Efforts to get the reaction of the management of Prestige Assurance proved futile as phone calls put to its Managing Director, Dr Anand Prakash Mittal, were not picked while the short message service (SMS) sent to him failed to elicit any response.

    But the spokesman of Dana Airlines, Mr Tony Usidameh, said it was not true that Dana is uncaring. According to him, the families of about 80 families out of all the victims have been paid the mandatory $30,000. The balance would come from the reinsurers abroad, he said.

    He said the cause of the delay was not from Dana and that it was difficult for the families to obtain letters of administration from the court as demanded by law. He assured that the Nigerian Civil Aviation Authority (NCAA) and Dana Air were working with the Lagos State government to simplify the process.

    He said the insurers would only pay if they have the right documents.

    He said Dana does not delight in the suffering of the families of those who died in the crash. On the $15,000, he said it was not true. He said the law stipulates $30,000 as compensation for a victim and that is what they were paying.

    He added that another cause of the delay for payment was of multiple family members coming for claims.

    Meanwhile, lawyers representing some of the victims’families have accused the airline and its insurer of playing games with Nigerians and the families of the dead to frustrate them.

    They said it was a deception against Nigeria and its people and wondered why the management of the airline and the insurance firm were treating Nigerians like that.

    They appealed to President Goodluck Jonathan, members of the Senate and the House of Representatives, the Minister of Aviation, Mrs Stella Oduah and the National Insurance Commission (NAICOM) to prevail on the Prestige Assurance’s and Dana Air’s management to pay the mandatory $30,000 due to the surviving family members of the victims.

    They called on the Senate and House Committees on Aviation and the NCCA Director-General, Mr Harold Demuren and other Nigerians to compel Dana Airline and Prestige Assurance to pay the mandatory compensation to alleviate the sufferings prevailing in these families

    A group of legal practitioners, Dr Bunmi Awoyemi of the M.O. Awoyemi & Co., Mr Gbenga Eguntola, an aviation lawyer and Mr Aminu Ayama of H. Ibrahim & Co, Kano, who represent about 40 of the affected families, said they had done everything possible to get Prestige Assurance and the airline to alleviate the sufferings of the family members of the victims.

    Awoyemi said the law states that within 30 days from the crash date, $30,000 should be paid to those who are legally entitled to it.

    But after over five months, he said, Dana and its insurers have only paid 13 out of the 40 families. He said Prestige Assurance paid $15,000 instead of $30,000 to four more.

    He gave their names as: Rajulie Oyosoro; Ugabio Oyosoro; Jessica Ibe and Echendu Ibe. He said the others had not had any payment even after submitting their documents.

    Eguntola accused the airline and its insurer of not doing enough for the 18 ground victims whom, he said, had approached him to help seek redress.

    Dana Air was not interested in bearing their responsibilities, he alleged.

    Ayama said of the five families he represents, about 25 orphans were left without resources, adding that many of them were out of school.

  • N220b coming for  MSMEs

    N220b coming for MSMEs

    ABOUT N220billion set aside by the Central Bank of Nigeria (CBN) for Micro, Small and Medium Enterprises (MSMEs) will be released in the first quarter of 2013, it was learnt.

    An official of the CBN, who spoke on condition of anonymity to The Nation, said the fund might be released in the first quarter of next year to enable the banks to strengthen their liquidity position for growth.

    He said: “There are indications that the fund will be released in the first quarter of next year, going by the CBN’s efforts to make the banks start 2013 on a positive note. The apex bank is making frantic efforts to finalise some issues pertaining to the operations of the banks by the end of 2012. One of the issues has to do with the conclusion of the recapitalisation and subsequent grouping of MFBs into unit, state and national levels.”

    CBN is waiting for December 31, this year to categorise the banks into different levels, based on their recapitalisation efforts.

    Chairman, National Association, Microfinance Banks (NAMBs), Southwest, Mr Olufemi Babajide, said the MSME development fund could not come earlier than 2013.

    He said the banks were expecting the apex bank to release the money to them early next year, arguing that this year was almost gone.

    “Though CBN has not made an official statement on the issue of releasing the fund, but I think it would certainly be next year. The reason is because the banking watchdog would like to conclude the issue of categorisation of the banks by December end before releasing the fund. The categorisation is going to determine what each bank would get from the fund,” he said.

    He assured that the banks would meet the deadline, since recapitalisation has been made more flexible for the operators.

    He said operators were free to discuss mergers and acquisitions, in the event that they would not get the recapitalisation fees.

     

  • Civil servants ask lawmakers to stop govt’s borrowing

    The Association of Senior Civil Servants of Nigeria (ASCSN) has called on the National Assembly to stop Federal Government’s plans to borrow to execute projects in the country.

    ASCSN’s President Comrade Bobboi Bala Kaigama stated this at an interactive session with reporters after the asociation’s National Executive Council (NEC) meeting in Lagos.

    He said: “We hereby challenge NASS to be more resolute in its oversight function to stop not at merely criticising the borrowing plans of the Executive arm, but to protect present and coming generations by forbiding new loans plans under any guise, and insist on prudent management of our resources through diligent performance of their legislative duties.

    “We are worried that we will soon be back in the forest of mounting debts that may this time around consume the entire country because from records, Nigeria is negotiating a new debt deal of about $7.46billion, which has nothing  to show that our earning from daily crude oil sales is being judiciously used.

    “We also call on well-meaning Nigerians, including the labour movement to reject this loan move as keeping quiet may translate into mortgaging the future of our unborn children,” he further said.

    Kaigama, who said the nation’s leaders have bad track records on borrowed money for executing projects, said: “The International Monetary Fund (IMF) report reveals that for every N100 Nigeria spends as service, about N80 goes into private pockets.”

    According to him, ASCSN insists on  Ministries, Departments and Agencies (MDAs), both at the federal and state levels, to embrace trade union best practices and act proactively to promote industrial harmony in the system, adding that the use of strikes to address labour issues was not the best.

    He advised MDAs, particularly the Federal Ministry of Education, to embrace dialogue with labour, it is done in other parts of the world.

    ”I wish to recall that in 2009 the leadership of this union and the management of the Federal Ministry of Education agreed to institutionalise quarterly meetings where outstanding labour issues and nascent ones including the vexed issues of non-payment of promotion arrears and inappropriate placement of officers after promotion will be discussed and amicably resolved in line with contemporary trade union best practice,” he said.

    He noted that the formulation and implementation of policies without taking input from stakeholders, is not in tandem with democratic cultures.

    “It is, indeed, surprising that a country that wants to be among the best 20 economies in the world by 2020 cannot guarantee basic social needs, such as electricity, potable water, and good road network, decent housing, and healthcare delivery, affordable and qualitative education, among others for its citizenry eight years to the envisaged Eldorado.”

    “We call on the federal, state and local government to open up more frontiers of employment opportunities to engage millions of idle youths who are willing and eager to earn a living because there is no doubt that if the various government embark on massive road construction, building of housing estates, extensive agriculture farm projects, there will be lots of job opportunities for the able-bodied youth to be productively engaged,“ he said.

    He, however, pleaded with them to unit e, preach love and avoid acrimonious tendencies that would not add value to the system.

  • ‘How ALSCON was sold’

    ‘How ALSCON was sold’

    Fresh facts have emerged over the circumstances surrounding the shoddy privatisation of Aluminum Smelter Company of Nigeria (ALSCON) at Ikot Abasi, Akwa Ibom State.

    Mr Nicholai Nicoshelivy, it was alleged, single-handedly endorsed the share purchase agreement (SPA) of the aluminum smeltering firm with the Bureau of Public Enterprises (BPE), although he had no authority to do so.

    Dr Reuben Jaja, Chairman of BFI Group, the consortium that was declared winner of ALSCON by the Supreme Court told The Nation that Nicholai alone signed the SPA with the BPE under fraudulent circumstances.

    He said: “When we pressed Nicholai in the US court, he testified under oath and submitted written document that he had no such power or authority to sign that document. In other words, the agreement is null and void.

    “He has realised that he has committed a fraud against Nigeria. He is not going to come to Nigeria if the judge transfers our case from New York to Nigeria.”

    According to Jaja, the company that bought ALSCON is known as Daison Holdings Limited and it is registered in the British Virgin Island. It is the only name on the SPA between Nigeria and RUSAL, adding that there is nothing about RUSAL in the document.

    “If you want to enforce anything on ALSCON, it will be against Daison Holdings Limited. We sued them all in the USA (Daison, RUSAL all of them). We forced them to come and tell the world who they are. Daison came and they have only Mr John Martin Parker as the sole director with no overlap of board or management position with RUSAL,” the BGI Group boss said. The company has no ownership interest with RUSAL. RUSAL, he said, also denied this and fraudulently described Daison as an indirect subsidiary of an unknown company.

    Jaja said three Nigerians identified as a former security topshot, the son of a former military head of state and another son of a civilian president, colluded with Daison to perpetrate the fraud.

    “They all hid behind Daison, so John Martin Parker is like a trustee of a blind trust and the Daison Holding is a commonwealth trust registered in Totola British Virgin Islands,” he explained.

    He said as a result of this development, BFIG has requested to be joined in the case at the International Court of Arbitration. “We will reveal that there is no valid contract. They illegally occupied the plant and ran the plant down thereafter, the EFCC (Economic and Financial Crimes Commission) will take over the case because it’s an absolute crime against the nation,” he said.

    Jaja noted that before BFIG went to court, “RUSAL made sure that the share purchase agreement specifically made mention of us that if we should come after them, the Federal Government of Nigeria will pay.”

    RUSAL has threatened to go to the International Court of Arbitration demanding that Nigeria pays $500 million when its audited financial statement says that the plant it got for a value of N127 billion is worth N14 billion.

    Speaking as a leading Niger Delta figure, Jaja disclosed that following government’s inability to execute the Supreme Court order instructing the government and the BFIG to adopt a mutually agreed share purchase document with the government collecting 10 per cent of whatever is the agreed price of the plant, the Niger Delta people have vowed to resist any disobedience to the country’s rule of law by a foreign business interest.

    Jaja said the involvement of the Niger Delta region in the ALSCON saga “is the struggle of the Niger Delta people, my great grand father was a pioneer of the struggle in the region, King Jaja of Opobo.”

     

     

     

     

     

     

     

     

  • Unified Payment begins as MasterCard processor

    Unified Payment Services at the weekend began live services as a MasterCard third party processor. In a statement, the firm said the service underscores the company’s drive to be a one-stop-shop and a shared infrastructure that offers clients electronic payment solutions cut across different card schemes.

    The firm said it does not discriminate against any card or payment option.

    MasterCard Worldwide is a leading payments technology company with over four decades of experience in stimulating commerce globally through its best-in-class dynamic electronic payment solutions. MasterCard offers cardholders innovative payment solutions specific to their individual needs, making payments easier, quicker and more convenient.

    Formerly ValuCard Nigeria Ltd, Unified Payments is owned by a consortium of 18 leading Nigerian banks. The firm is into processing, merchant acquisition, switching, payment terminal service provider and provision of value added services and solutions.

    According to the statement,Unified Payment Services pioneered the issuance and acceptance of EMV Chip + PIN cards in Nigeria, leading to reduction of ATM fraud in Nigeria by over 95 per cent.

    “The company enabled Nigerian banks and merchants for the first time ever to accept foreign cards at ATMs and Points of Sale (PoS) and has maintained the highest risk management standard in sub-Saharan Africa,” the statement read in part.

     

  • NDDC begins roads projects in Abia

    Niger Delta Development Commission (NDDC) has commenced construction of 15.5 kilometre Amaba-Ezere-Ozara-Acha-Ivo Road with two bridges and three double culverts.

    The commission’s Head of Public Affairs, Mr Iditoye Abosede, said this in a statement in Port Harcourt last Friday.

    It stated that the 15.5 kilometre road project in Abia North Central district would connect Abia and Ebonyi states.

    It also stated that the construction of Lekwesi-Isiagu Road and Ugwube-Nkwoagu-Mbala Road projects had commenced.

    The statement said Sen. Uche Chukwumerije, representing Abia North Senatorial district, said the road projects would improve the living standard of the people.

    “We will collaborate with the NDDC and the contractor to ensure the early completion of the roads which will connect two states in the Southeast,” he said.

    He said the host communities would provide the necessary logistics that would fast-track the early completion of the projects.

    The statement said the Managing Director of NDDC, Dr Christian Oboh revealed that the commission is giving priority to “big-ticket projects” that would fast-track development of the Niger Delta.

    Oboh, represented by Mr Aniete Usen, an official of the commission, called on the people to cooperate with the contractor to ensure early completion of the project.

    According to the statement, the Chairman of Isukwuato Local Government Council, Mr Enyinnaya Nwosu, promised to assist the commission in monitoring the performance of the contractor.

    “These are good projects that have come to our communities; so we will do everything within our powers to ensure that the projects are delivered on time,’’ he said.