The Nation Newspaper

Category: Business

  • Fed Govt to provide incentives for steel producers

    Fed Govt to provide incentives for steel producers

    THE Federal Government has assured that it will do every thing possible to assist in steel production in the country.

    The Minister of Mines and Steel Development, Mohammed Musa Sada, who gave the assurance during a visit to Western Metal Products Company Limited (WEMPCO) in Lagos over the weekend, said the government believes that steel is the backbone of industrialisation.

    “Government is passionate about what is happening in WEMPCO because we believe that steel is the backbone of industrialisation anywhere. There is no country that industrialises without using steel. That is why we are not leaving anything to chance that is available to us to participate in the production of steel products. It is something that we have to support and encourage for the interest of the economy and the country, “ he said.

    Sada said the 700,000 metric tonnes projected steel output from WEMPCO, would go a long way to meeting the government’s target of three million metric tonnes steel output for the country.

    He said products from the company would find use in the auto mobile and truck-body building sector, roofing sheets, pipes, as well as all kinds of metal containers for food storage.

    The Minister said steel furniture, enamelware, electric appliances and input for motor cycles are some of the products to be obtained from the WEMPCO plant.

    He described the WEMPCO plant as part of a comprehensive effort to actualise the country’s industrialisation effort, adding that the production of flat sheets is central to attaining an appreciable level of growth and development.

    On the nature of assistance for the sector, he said the government would provide “an enabling and appropriate environment for the private sector to function.”

    He said the government’s support for the sector is segmented and that “the government has introduced sector specific incentives.”

    He explained that machinery for the mining industry are brought in duty free. He said there are other areas the government is supporting the private sector initiatives. He listed these as tax holidays, waivers and capital gain tax, adding that the government was relaxing the rules to encourage the private sector.

    Musa said the biggest incentive to drive development in the steel industry is for the government to partner with the operators in setting up rules for the sector.

    The Group Managing Director, WEMPCO, Lewis S.N.Tung, who conducted the the Minister round the factory, said the steel plant was built with the strictest adherence to safety in mind, adding that there is full complement of water treatment plant, air and other waste products.

    He said the plant’s design eliminates human contact with machines in the production process, thus eliminating the possibility of work place accidents.

     

  • Ex-banker suspends hunger strike after Fashola’s appeal

    A former employee of Hallmark Bank Plc Mr Olubiyi Odunaro, who has been on hunger strike for 14 days over non-payment of his terminal benefits has suspended his action following an appeal by the Lagos State Governor Babatunde Fashola.

    The governor promised to intervene in the human rights aspect of the matter before Odunaro agreed to suspend the action.

    A delegation from Fashola, along with officials from the Lagos office of the Public Complaints Commission urged Odunaro to suspend the strike.

    Fashola’s Senior Special Assistant on Justice Sector Reforms, Lanre Akinsola, who ledof governemnt officials to the tent Odunaro had turned to his home on Mobolaji Bank Anthony Way, Lagos, promised to intervene.

    Akinsola said: “The attention of the Lagos State Government was drawn to the various media reports about the protest being embarked upon by Odunaro and it’s quite pathetic.

    “Governor Fashola, who was worried about his state of health, formed an inter-ministerial committee comprising medical, legal and welfare officials and directed me to lead the team to  persuade him to end his hunger strike.

    “As a responsible government, we don’t want a dead casualty in our hands as a result of this protest. Once he ends this protest, we would first provide him medical service while the Lagos State Directorate of Citizens Rights would engage the authorities concerned in a comprehensive dialogue.”

    Akinsola said the Lagos State Attorney- General and Commissioner for Justice, Ade Ipaye, had promised free legal services to Odunaro and other ex-workers of non-consolidated banks seeking the payment of their entitlements if the negotiations become unfruitful.

    In his words, “We will mediate and talk to the right people and we believe reason will prevail in this matter and if not, lawyers from the Lagos State Ministry of Justice will work in conjunction with the lawyer of the group and ensure that justice prevails and everyone of them gets their entitlement.”

  • SSANU may reject report on education sector

    SENIOR university workers have told the Minister of Education, Prof. Ruqayatu Rufa’i, that unless they are included in the NEEDS Committee she set up to investigate the problems in the education sector, they may reject its report.

    The General Secretary, Senior Staff Association of Nigerian Universities (SSANU), Comrade Promise Adewusi, said the union was not happy with the Minister on the constitution of the committee because his colleagues were not part of it.

    He said the union would reject the report of any committee that marginalised its members.

    He said: “We urge President Jonathan to be suspicious and cautious of this report and call for a more all inclusive committee to establish the real reason for the rot. We have always maintained that it is not just about financing. There has been relative industrial peace in the universities. The universities are gradually returning to normal calendar. SSANU is determined to further entrench this welcome development. Nobody should be allowed to truncate this because of egoistic inclinations. One wonders what has become of the various visitation panels on the rot inthe system.

    “It is obvious but very unfortunate that the Minister is programming the universities for another implosion. The President Jonathan administration had managed to return relative industrial peace to the campuses through his equitable resolution of some long standing schisms in university administrations. But with the way the Education Minister is proceeding now, it is certain she is intended to rubbish all of that and return the campuses to turbulence.

    “When she set up the so called NEEDS committee, the non-teaching staff unions had complained about their non-inclusion for a more rational and balanced report. She had said it was an oversight which would be corrected. One is, therefore, surprised to read  snippets of a report already skewed against the non-teaching staff without fair hearing. What kind of equity or natural justice will suggest shaving a man’s head in his absence? How come the Minister is making persons judges in their own case without a neutral opinion or hearing from the other party. Those who have introduced politics of greed and selfishness into the university system which has resulted in the rot must not be allowed to use this so called report as a smokescreen to cover their tracks and witch-hunt others.”

  • CBN: Fed Govt earns N5.5tr in six months

    Provisional data from the Central Bank of Nigeria (CBN) indicated that total federally-collected revenue stood at N5.5 trillion as at June this year. This represents a 15.1 and 17.2 per cent increase in both the proportionate budget estimate for fiscal 2012 and the actual revenue in the corresponding period of 2011, respectively.

    The apex bank’s Half Year Economic Report released at the weekend showed that oil-revenue contributed 78.1 per cent and non-oil revenue accounted for the balance. Also, at N1.7 trillion, the government’s retained revenue was 12.4 per cent lower than the proportionate budget estimate but higher than the level in the first half of 2011 by 33.4 per cent.

    The report said aggregate expenditure of the government was N2 trillion, 20.9 per cent lower than the proportionate budget estimate, but exceeded the amount expended in the first half of 2011 by 3.3 per cent.

    It said the lower expenditure performance reflected the delayed disbursements of capital budget and transfers. However, the fiscal operations of the government resulted in an overall notional deficit of N281.82 billion or 1.5 per cent of Gross Domestic Product (GDP), compared with the proportionate budget deficit of N568.31 billion and the actual deficit of N650.23 billion at end-June 2011.

    However, at N7.1 trillion, government’s consolidated debt comprised domestic N6.1 trillion billion and external $6.04 billion (N950.61 billion) rose by 17.6 per cent above the level at end-June 2011.

    Also, aggregate institutional savings, at N7.5 trillion, declined by 11.5 per cent from the level in the corresponding half year of 2011. The commercial banks remained the dominant savings institution, accounting for 91.2 per cent of the total. Transactions on the floor of the Nigerian Stock Exchange were bullish as the All-share Index (ASI) and aggregate market capitalisation rose by 4.2 and 20.4 per cent, to close at 21,599.57 and N12.4 trillion, respectively, at end-June 2012.

    The GDP at 1990 constant basic prices grew by 6.4 per cent, compared with 7.4 per cent in the corresponding period in 2011. It attributed the growth to the non-oil sector which rose by 7.8 per cent and contributed 85.2 per cent of the GDP.

    Inflationary pressures which persisted through the first and second half of 2011 continued into the first half of 2012 as the composite Consumer Price Index (CPI) stood at 135.3 compared with 119.9 and 126.0 at end-June and end-December 2011, respectively.

    The year-on-year headline inflation edged-up to 12.9 per cent at end-June 2012, from 10.2 per cent in the corresponding period of 2011. However, the 12-month moving average trended downward to 11.3 per cent at end-June 2012, compared with 12.3 per cent at end-June 2011.

     

     

     

     

     

    The performance of the external sector improved, following the sustained high price of crude oil at the international market. Consequently, the current account recorded an estimated surplus of N1.4 trillion, or 7.7 per cent of GDP and engendered a balance of payment surplus of N438.93 billion or 2.3 per cent of GDP.

    The International Monetary Fund economic growth projections indicated that global recovery remained weak, thus growth was projected to moderate at 3.5 per cent in 2012 and the advanced economies were estimated to grow at an average of 1.4 per cent. Growth in the United States was estimated to strengthen modestly at two per cent and that of Japan at 2.4 per cent, following recovery from earthquake-related losses.

    Credit to the domestic economy declined by 2.7 per cent due to the substantial fall in claims on the government. The Federal Government was a net creditor to the banking system as the credit to government (net) declined by 177.8 per cent at end-June 2012. Instruments of short-term maturity remained dominant in the structure of credit and deposit portfolios of deposit money banks.

    Banks’ average prime and maximum lending rates rose by an average of 125 and 127 basis points, respectively, while the spread between banks’ average term deposit and maximum lending rates narrowed to 16.46 percentage points from 17.60 percentage points in the first half of 2011. With the year-on-year inflation rate at 12.9 per cent at end-June 2012, all the term deposit rates were negative in real terms.

     

  • Insurer to pay $3m to avoid prosecution

    A  Bethesda-based insurance company that gained advantage over competitors by allowing its employees to inappropriately access a federal Medicare database has agreed to pay the federal government $3 million to avoid criminal prosecution, according to the Maryland United States’ attorney’s office.

    According to an agreement with prosecutors, top officials at Coventry Health Care Inc., which is incorporated in Delaware but headquartered in Bethesda and provides group and individual health insurance to some five million members nationally, knew of the inappropriate use of the database and did nothing to stop it until a federal agency raised concerns.

    The agreement says employees with Coventry, which administers Medicare Advantage plans for some of its customers, or its subsidiary First Health Priority Services, in appropriately accessed the federal government’s database between 2005 and 2006 to obtain eligibility information for customers who had separately filed a worker’s compensation claim, prosecutors said.

     

  • More ex-militants get employment

    ABOUT 113 former militants have been offered employment in maritime, welding and fabrication companies at home and abroad, the Presidential Amnesty Office (PAO) has said.

    In a statement signed by Mr Daniel Alabrah, PAO’s Head of Media and Communication, it stated that Proclad Group of Companies in Dubai, United Arab Emirates (UAE) offered employment to 30 of the 150 ex-militants, who were trained by the Proclad Academy because of their conduct and performance.

    “The office, in collaboration with the International Centre for Non-violence and Peace Development (ICNPD), secured the employment through a partnership with Proclad Academy.

    “Mr Kingley Kuku, who is the Special Adviser to the President on Niger Delta Affairs and the Chairman of PAO, also facilitated the immediate employment of 40 maritime trainees by the Century Energy Group in Nigeria,” the statement said.

    It said the office also offered employment to another 24 maritime trainees

    “Four welding and fabrication trainees have been employed in Nigeria by Plants and Processing Service Company, while five were offered jobs in South Africa by Ashland Investment Services.

    “Ten were offered employment by Learning Resources in Ghana,” the statement added.

    It added that the office was working with partners and stakeholders in the Niger Delta and abroad to employ some of the ex-militants who had successfully completed their training.

    The office urged companies in the Niger Delta to comply with the Local Content Law by employing graduating students under the programme to enable them to contribute their quota to the development of the country.

    It will be recalled that out of the 26,358 former militants whohad been documented, 12,000 had been trained.

  • CIIN holds induction Wednesday

    The Chartered Insurance Institute of Nigeria (CIIN) is set to induct new fellows and associates into its fold on December 5.

    In a statement CIIN’s Director of Corporate Communication, Joseph Obah, said 16 fellows and 134 associates would be inducted at the event where the Commissioner for Education, Lagos State, Mrs. Olayinka Oladunjoye would be special guest of honour.

    According to him, the fellows are Deputy President, Nigerian Council of Registered Insurance Brokers, Mr Ayodapo Ajayi Shoderu; a former President, Professional Insurance Ladies Association (PILA), Mrs Folashade Onanuga; and Abubakar Sabin Bello of the National Insurance Commission.

    Others are Chairman, CIIN, Port Harcourt chapter, Mr Uche Aniago; Managing Director, UnityKapital Assurance PlLC, Mr Kins Ekebuike; Aremo Adeniyi Ogunsanya of Oriwu Insurance Brokers; Abidogun Ademola Ayotunde of Cornerstone Insurance Plc, Adekeye Oluseyi Olasunkanmi of SCIB Nigeria & Co Ltd, Mrs Adekoya Adeyinka of Cornerstone Insurance Plc, Akingbade Akinjide Ajao of Sterling Assurance Nigeria Ltd, Apampa Moruf of AIICO Insurance Plc, Mrs Arusiuka Adetutu of AIICO Insurance Plc; Duru Japhet Ogueri, International Energy Ins. Plc; Olabiyi Festus Idowu, AIICO Insurance Plc, Popoola Samson Olugbenga, of Hogg Robinson Nigeria Ltd and Sogbesan Gregory Olanrewaju, SCIB Nigeria & Co Ltd.

    Obah said a lecture entitled: The professional and nation building, would be delivered by Mr Wole Oshin, Managing Director, Custodian and Allied Insurance Plc.

     

  • My people want me as senator in 2015, says Akpabio

    My people want me as senator in 2015, says Akpabio

    Governor Godswill Akpabio of Akwa Ibom State yesterday said his people from Ikot Ekpene Senatorial District have asked him to represent them at the Senate in 2015.

    The governor, while speaking during an interview with The Nation on Sunday at the newly constructed Government Office in Uyo, Akwa Ibom State, said his people asked him not to retire politically but go ahead to represent them in Abuja.

    The Nation on Sunday had a few months back exclusively reported that the governor was eyeing the Senate.

    When asked what he would be doing after the expiration of his tenure in 2015, Akpabio said: “By the grace of God, I will see myself as a Senator in 2015. My people have approached me and told me not to retire politically. They said I should go and become a Senator and I have accepted their request.”

    While commenting on the state of development in the state, the governor said his government has changed the face of infrastructural development in the state, stressing that he would want anybody that would take over from him to do more for the people.

    The governor traced the source of the country’s problem not to lack of natural resources but how to utilise the resources for the betterment of the citizenry.

    According to the governor, without true federalism, there won’t be real progress. He said there was a need to decentralise the policing system in the country.

    He said: “Without true federalism, there will never be real progress in Nigeria. We must begin to look at how to decentralise the policing system because the current one is not working.

    “We shouldn’t be afraid that a governor will use state police wrongly. Also we should also remove some things on the exclusive and allow state to legislate.”

    Akpabio, who will turn 50 on December 9, said the journey so far has been a mixture of sadness and joy.

    He said: “I owe a lot to my wife. I didn’t see myself as a successful man at 50 because I am still working. My children have also given me support. I thank them for their sacrifice.”

  • Blackberry customers get carrier billing

    Blackberry customers get carrier billing

    More than 50 carriers have implemented integrated carrier billing on the BlackBerry App World storefront for their customers. The announcement marks a great milestone for RIM and a big benefit for carriers, developers, content providers and customers.

    Integrated carrier billing enables a customer to purchase apps or digital goods on their BlackBerry smartphone, and simply and conveniently have the purchases put directly on their regular monthly bill from their carrier. Integrated carrier billing is also integrated with the BlackBerry Payment Service, which enables developers and content providers to offer in-app purchases (such as additional levels in a game), as well as supporting one-off and recurring (subscription-based) purchases, without interrupting the customer’s app experience.

    Ronjon Nag, Vice President for the BlackBerry App World storefront at RIM, said, “We’re delighted to announce that over 50 of our carrier partners are now offering integrated carrier billing to customers on BlackBerry App World. We remain committed to developing innovative ways to support our carrier partners, while providing a platform that benefits the whole mobile ecosystem.”

    Dario Talmesio, Principal Analyst, Informa Telecoms & Media, said, “Mobile operators recognise that RIM works closely and constructively with them and with more than 50 operators now offering integrated carrier billing, it’s a great milestone that shows these relationships are productive. Mobile operators recognise the business benefits this service provides and the opportunities for repeated customer engagement on BlackBerry App World.”

  • Monarch initiates economic empowerment programmes

    Monarch initiates economic empowerment programmes

    The Olofa of Offa, Oba Mufutau Gbadamosi, has restated his resolve to initiate policies and programmes aimed at economically empowering the people in his kingdom.

    The monarch made this resolve known during an interactive session with reporters recently, where he unfolded plans to pursue youth empowerment programmes as well as initiate others which would help to economically empower the people.

    One of such initiatives is the Ijakadi festival, a cultural festival of the people underscoring their uniqueness, and for which the Olofa has enumerated plans to showcase in December.

    He said the festival will create a platform for the people to showcase their rich traditional heritages while also creating an avenue for commerce.

    Expatiating, he said the Ijakadi is almost synonymous with the Offa people, and which full meaning is Ijakadi Loro Offa, a Yoruba phrase meaning ‘wrestling is Offa’s game’. “What we are looking at is doing something that would sustain the culture, not only lifestyles of our people, but would also boost tourism and increase earnings accruing to both the state and the people,” he emphasised.