The Nation Newspaper

Category: Business

  • Conservationists, others bid Obot farewell

    It was a gloomy afternoon in Lagos on Tuesday last week when conservationists in Nigeria and abroad gathered to bid the Prof. Emmanuel Obot, who died in the Dana Air crash of June 3, farewell.

    The event, which included tributes, organised by the Nigerian Conservation Foundation (NCF), was part of week-long burial arrangements for the late Executive Director of the premier non-governmental organisation in Nigeria – the NCF.

    Though emotions pervaded the venue as some sympathisers and family members could not hold back tears, the grief-stricken family was comforted by glowing tributes from friends, professional colleagues and associates both local and international.

    Some ecologists, conservationists, students and representative of international organisations who gave few words about the experiences and encounters with the late Professor of Botany described him as a renowned environmentalist whose contributions to nature conservation in Nigeria and Africa were immeasurable.

    As a leader in civil society and NGO field and advocacy work on environmental conservation both in Nigeria and at various levels at the international scene, Obot represented Nigeria at many international conferences and participated in the negotiation and conclusion of several treaties and conventions related to nature conservation.

  • Nigeria, UK target N2tr trade

    Nigeria, UK target N2tr trade

    The Federal Government and the United Kingdom, said they have reached the final stages in their plan to double bi-lateral trade by 2014.

    Addressing a joint press yesterday, the Minister of Trade and Investment, Olusegun Aganga and the Secretary, Department for Business, Innovation and Skills, Dr. Vince Cable, said the factors militating against effective trade between the two countries have been identified and were now being addressed to ensure the actualisation of the 2014 deadline.

    The current value of trade between the two nations stands at £4 billion (about N960 billion). Steps are being taken to raise the figure to £8 billion (N1.9 trillion) by 2014.

    Identifying the areas being worked on by the two countries, Aganga explained that issues of barriers to trade were being looked into, in addition to the strategies aimed at the Small and Medium Enterprises sector.

    He said the meeting between the Ministry of Trade and Investment and its counterpart in the United Kingdom was a follow up to an earlier discussion between the leaders of the two countries, President Goodluck Jonathan and David Cameron, where they agreed to increase the volume of trade by 100 per cent.

  • 2012 budget: Reps frown at poor release of funds to power sector

    2012 budget: Reps frown at poor release of funds to power sector

    The face off between the Executive and the Legislative arms over poor implementation of the 2012 budget seems unending, as the House of Representatives Committee on Power yesterday said budget implementation of the sector fell short of the Appropriation Act.

    The Chairman of the Committee, Hon. Ibrahim Ebbo, said after carrying out over- sight function in six different locations in the power sector, the committee’s findings showed that the implementation of the 2012 budget, oscilates between 34 and 40 per cent of the budget, less than three months to the end of the financial year.

    Speaking with newsmen after a visit by members of his Committee to the Shiroro Hydro Power station, the Chairman stated that the development was not acceptable to the National Assembly and the country, adding that only 49.8 per cent of what was appropriated was released to them.

    Describing the situation as outright violation of an Act of the Parliament, Ebbo warned that the national assembly will not hesitate to sanction relevant authourities for their failure to adhere to and implement a law duly passed by the National Assembly.

    “My assessment on the impementation of the 2012 budget in the power sector is very pathetic. Here we are approving hundreds of billions of naira and we are still implementing at 34 -40 per cent. This is not acceptable at all. If I have my way, I will say there is no implementation of the 2012 budget in the sector.

    “That is not an acceptable situation especially since we are in October when all the funds should have been released. Any moment now, the President will be bringing the 2013 budget, and here we are dabbling with just 30 – 40 per cent implementation of the 2012 budget.’’

    He said the budget allocated to the Shiroro Hydro-electrical Power Station, showed that out of the N734,606,123 appropriated, only N365,901,817 was released to the station.

    Earlier the Chief Executive Officer of Shiroro Hydro-electrical Power Station , Daudu Abdul-Aziz, told the lawmakers that the station has only received N365,901,817 (49.8 percent) out of the N734,606,123 appropriated for in the 2012 budget, only N365,901,817.

    Abdul-Aziz further said that out the funds released, the station has utilized N225,345,986 (61.6 percent) but disclosed that only the allocations for the first and third quarters were released while the second quarter was still pending.

  • Airtel appoints CEOs for Congo, Gabon

    Airtel Africa, yesterday announced the appointment of Louis Lubala and Antoine Pamboro as the new Managing Directors of its operations in the Democratic Republic of Congo (DRC) and Gabon respectively.

    The new development sees the two vastly experienced Airtel top executives, take leadership roles in the two African nations with diverse potential in the telecommunications sector.

    Gabon has one of the highest teledensity statistics at over a 100 per cent, whilst Congo, the second largest country in Africa by area, has an approximated 25 per cent penetration.

    Speaking on the appointments, Mr. Tiemoko Coulibaly, CEO Francophone Africa, Bharti Airtel, said:  “These appointments are a clear indication of our commitment to appreciate and tap into the deep reservoir of management skills of the blue chip executive pool in Africa. Mr. Luballa and Mr. Pambaro have the requisite experience and leadership skills to successfully steer our top francophone operations.” He added: “Both executives will bring different perspectives to two of Africa’s most dynamic telecommunications markets.”

    Louis and Antoine will add significant value to Airtel’s customers in each country, Mr. Luballa will lead an aggressive agenda in DRC to ramp up the organization’s network capabilities and grow availability across the vast country whilst Mr. Pambaro will build a strong data proposition for Airtel’s customers in Gabon.

  • ‘Why Ogun employed experts, firms for GIS project’

    The ogun State government has given an insight into why it employed experts and firms  to build its Geographic Information System (GIS).

    It said the aim of the project was to make land administration meet  the acceptable global standard, help the government eradicate double allocation of land, for easy processing of title documents and prevent loss of land to other states and country through clear border and boundary demarcation.

    The Special Adviser to Governor Ibikunle Amosun on Land Matters,  Mrs Ronke Sokefun, made this known to reporters in Abeokuta, the state capital, during  a chat.

    She listed other benefits of the project to include accuracy of surveying measurement, survey data revenue, precision agriculture, faster searches for property titles, instant online facilities, digital archive of valuable land documents and automated lands and administration system.

    Mrs Sokefun, who is also the Director-General, Bureau of Lands and Survey,  identified the firms/consultants contracted to carry out the project to include IQ System Solution Limited, GeoQinetiq, Spatial Matrix and Digital Spatial Solutions, who are Nigerian foremost geo-science, GR solutions and Electronic Document Management (EDM) System experts.

    She said the project would assist the government to respond quickly to increasing demand for land by investors who intend to establish businesses in the state.

    According to her, no fewer than 200 investors have filed proposals requesting for land with the majority of them preferring allocations on the Lagos/Ibadan Expressway corridor.

    However, she said because the state government is also interested in the even distribution of industries and other symbols of developments, it would build industrial parks in other parts of the state.

    One of the consultants handling the state’s GIS project and Executive Vice-Chairman of GeoQinetiq, Dr. Jerome Okolo, said the company would launch the first modern Continuosly Operating Reference System(CORS) network for Ogun State to simplify its survey system.

    Okolo said the network would enable the government to determine where the state was going to locate its infrastructure and address boundary dispute, loss of territory and income.

    He explained that the project, which was expected to be completed within the next five months, would allow surveyors, government agencies and members of the public to have access to data through radio satellites, GPRS, internet and post processing.

  • Abuja firm’s luxury flats target NHF depositors

    Abuja firm’s luxury flats target NHF depositors

    A PROPERTY developer, Propertymart Real Estate Investment Limited, plans to erect blocks of luxury flats under its highbrow ‘Grenadines Home in Lokogoma, in Abuja.

    The estate will host five three-storey blocks with 84 units of three-bedroom ensuite luxury flats.

    Propertymart’s Abuja Branch Head Adeyemi Adeniyi said the initiative was informed by the need to make housing more affordable to civil servants in the Federal Capital Territory (FCT), who are contributors to the National Housing Fund (NHF) and also entitled to access loans from the scheme.

    On costs, he said a three-bedroom unsuited luxury flat would go for N17.5 million, but that its Independence Day promo reduced the price to N14.5 million. The promo, which started last week, is expected to end on November 15.

    On mode of payment, Adeniyi said a beneficiary is expected to make a 10 per cent down payment and spread the rest between 18 and 24 months.

    He revealed the estate is targeted at NHF contributors, who can access a loan of up to N15 million from the housing finance scheme. According to him, Propertymart is in talks with an Abuja-based Primary Mortgage Institution (PMI) to facilitate the mortgage financing of the houses to lucky beneficiaries.

    Apart from the blocks of flats, Propertymart is also building for sale homes, such as the four-bedroom terrace house (with a boys’ quarter), four-bedroom semi-detached duplex (also with a boys’ quarter) and five-bedroom fully detached duplex. Some of the houses display penthouses with roof-top terraces for relaxation, loft-styled finish, personal car parking, glass curtain walling, jacuzzi and unique colour finishing.

    Located in Lokogoma District around the Games Village in Abuja, Grenadines Home Lokogoma sits on a five-hectare stretch of land, with about 2,000 square metres reserved for recreation facilities and open spaces.

    The estate will be equipped with facilities, such as swimming pool, gym and lawn tennis court. It is about 15 minutes’ drive from the Nnamdi Azikiwe International Airport and also 15 minutes’ drive from the Central Business District of Abuja. Located in a residential area, it is also about 10 minutes from Shoprite, touted as Africa’s largest shopping mall.

    Initiated through a partnership agreement between Propertymart and Omega Homes Limited, the Grenadines Home Lokogoma is targeting the middle and high income class.

    The Lagos-based architectural firm of Messrs Play In Architecture Limited designed the estate and the dwelling units, while Messrs Billing Cost & Associates are quantity surveyors to the project.

    On what informed the choice of Abuja for the estate, Adeniyi said: “We want to repeat the same feat we have recorded in the South-west over the on-going construction of ‘Grenadines Arepo,’ Ogun State, where the civil engineering infrastructure is being handled by the PW Group.

    “Apart from desiring quality homes to be delivered at an affordable rate and on time, we want to stand out in the real estate market and raise the standard being set by developers on construction of housing projects in Abuja.

    “The aim is also to advance the economy through real estate.”

    According to him, Propertymart nurses an ambition to build more estates in Abuja upon the completion of Grenadines Homes Lokogoma.

    He added that other cities being targeted by Propertymart include some unexplored areas in Ogun State, Port Harcourt in Rivers State and Karu in Nasarawa State.

  • SON to remove unregistered products from markets next month

    SON to remove unregistered products from markets next month

    • To hold Quality Summit

    The Standards Organisation of Nigeria(SON), said it would start removing all unregistered products from the market by the end of November.

    The Director General, Dr Joseph Odumodu, said SON will from next month start removing any product that is not registered with it, adding that the new Act of the SON will be out before the end of the year.

    He said in line with its plans to ensure standardisation, the body has trained more than 2,000 SMEs operators, adding that SON will soon be empowered to start prosecuting those who are dealing a substandard products.

    “The bill is already with the National Assembly. Apart from this, we will be publishing companies which meet standardisation. The agency will do everything to ensure standardisation in this country, “he said.

    Also speaking at the event, the President, Nigerian Chamber of Commerce , Industry, Mines and Agriculture (NACCIMA), Dr Ademola Ajayi, said the Organised Private Sector is in support of the SON initiative, adding that the OPS will also lend its input on the bill sent to the National Assembly by the SON.

    “We are fully in support of your activities and we urge you to please carry on the good work. Infact, we are also working on a bill which has to do with prosecuting those dealing in substandard products. Now that we are aware that you have sent one to the National Assembly, we will send our own thinking to you,” he said.

    Meanwhile, SON said it would host the first Nigeria Quality Summit at the Transcorp Hilton hotel, Abuja, next week, with the theme: ‘Less waste, better result: Standards Increase Efficiency.’

    The one day event will pull together captains of industries and agencies, as well as Quality Control Directors for the purpose of learning first hand from global authorities and quality assurance leaders from emerging markets.

    Experts said if a tenth of Nigeria’s SMEs and conglomerates can learn and apply global standards and become efficient, they would increase productivity, profits, work force and effectively fill the void the current zero-tolerance to substandard goods campaign would create, and take control of the market currently dominated by foreign goods.

  • FCTA raises technical committee on housing guidelines

    The Federal Capital Territory Administration (FCTA) has constituted a Ministerial Committee to work out the policy guidelines and modalities for the its affordable housing programme.

    The committee  is chaired by the Director of Satellite Towns Development Agency (STDA), Alhaji Tukur Ibrahim Bakori.

    Members include: Director of Mass Housing, Federal Capital Development Authority (FCDA), Mr Jibrin Gambo; Director of Resettlement and Compensation, Mr Francis Okechukwu; Director of Survey and Mapping, Mr Ade Medupin; Director of Urban and Regional Planning, Mr Abubakar Sulaiman, and Director of Abuja Geographic Information System, Dr Mohammed Isah Jalo.

    The Permanent Secretary in the FCT Administration, Mr Anthony Ozodinobi,an engineer, who inaugurated the committee, charged the members to establish a viable and sustainable partnership between the public and private sector in the delivery of affordable housing.

    “We need pragmatic policy guidelines that would deliver affordable housing in FCT. The administration is committed to realising its affordable housing programme, which has necessitated the setting up of a Technical Committee to work out the policy guidelines,” he said.

  • NNPC eyes 40b barrels reserves, 4m bpd production by 2020

    NNPC eyes 40b barrels reserves, 4m bpd production by 2020

    The Nigerian National Petroleum Corporation (NNPC) has said it is determined to grow oil reserves from its current level of 37 billion barrels to 40 billion barrels by 2020.

    Speaking in Kaduna State at a reception organised by the state government in honour of some of its illustrious sons and daughter, the Group Managing Director of NNPC, Andrew Yakubu, who also is one of the illustrious sons of the state, stated that apart from ensuring an increase in the level of proven oil reserves, the corporation is working assiduously towards increasing daily production from the current 2.4 million barrels per day (bpd) to four million bpd by 2020.

    Nigeria’s production of crude oil now averages at 2.4 million barrels daily after recording an all time high of 2.7million bpd late July.

    Yakubu said: “As we endeavour to achieve effective transformation of the oil and gas industry in line with the transformation agenda of Mr President, our target is to ensure that we grow our proven crude reserves to 40 billion by 2020 and also increase our production to four million barrels per day by 2020.”

    Yakubu assured that the NNPC and its Joint Venture partners, are strategically focused on power generation through effective alignment with the power supply aspiration of the Federal Government.

    He said the NNPC is also working on strategic upgrade of gas infrastructure in Kaduna and other Northern states to help resuscitate the ailing textile industry in that part of the country. He reassured residents of Kaduna and adjoining states of adequate supply of petroleum products, noting that Kaduna Refinery is producing about four million litres of Premium Motor Spirit (PMS) per day.

    “The Kaduna Refinery is one of the best run in the country today. It produces four million litres of PMS every couple of days and this has helped us to stabilise supply in Kaduna and its environs especially at this trying period,” he said.

    He pledged that the plan to ensure complete turnaround and rehabilitation of the country’s refineries is still intact as the lead equipment for the TAM of Port Harcourt Refinery has since arrived. “Once we are done with Port Harcourt Refinery, Kaduna will be next in line and from there we move to Warri Refinery,” he added.

    Yakubu thanked the government and people of Kaduna State for the special recognition, noting that it is reassuring to know that “you are loved back home when embarking on a journey like this.”

    The event, which had Vice-President Namadi Sambo as special guest of honour and former Chief Justice of Nigeria (CJN), Muhammadu Lawal Uwais as Chairman conferred awards to three other prominent indigenes of Kaduna State. These include: Minister of the Environment Hajiya Hadiza Mailafia; Justice of the Supreme Court, Hon. Justice Kumai Akaahs and National Organising Secretary of the Peoples Democratic Party (PDP), Alhaji Abubakar Mustapha.

    In his remarks, the Vice-President commended Yakubu for piloting the corporation in the right direction especially the recent effort to resuscitate the search for oil in the inland sedimentary basins particularly the Chad Basin, which has shown some significant breakthroughs.

    The Kaduna State Governor, Sir Ibrahim Yakowa, corroborated the Vice-President and praised Yakubu for his focus and sterling leadership qualities.

  • Ikeja PHCN spends N501m to strengthen network

    Ikeja PHCN spends N501m to strengthen network

    he Ikeja Electricity Distribution Company said it spent N501 million on old and new projects to strengthen its network aimed at ensuring improved electricity supply.

    The Chief Executive Officer of the company, Mr Chris Okaa Akamnonu, disclosed this when the members of House of Representatives Committee on Power, paid a visit to the company as part of its oversight functions.

    Akamnonu said the money was spent on 65 projects, including completed and ongoing ones and promised that once there are funds, which he said that the government is committed to providing, the majority of the ongoing projects would be completed before end of the year.

    He said the materials needed to complete the projects would be sourced from Nigeria, therefore it would not be difficult to procure and install.

    He said the company has worked hard to ensure that customers within the network do get get regular power supply, which some customers present at the event testified to.

    The Chairman of the committee, Hon. Patrick Ikhariale, urged the company to follow due process in its activities and ensure accountability and quality service delivery. He also urged Akamnonu to be committed in implementing constituency projects of House of Reps members that fall within his company’s areas of operation.

    When the committee members visited the Eko Electricity Distribution Company, the Chief Executive Officer of the company, Mr Oladele Amoda, told them that millions of naira belonging to them is still trapped in some branches of Firstbank following Mareva court order secured by the Lagos State Government, which restrained the utility company from accessing the fund.

    Amoda told the lawmakers that Eko’s funds totalling N480,331,269.28 is still stalled in the banks as a result of the order. He noted however, that the order affects only PHCN’s funds in First Bank. Further enquiries by The Nation, showed that the Mareva order, which was handed down by a high court in May, affected all PHCN’s deposits in First Bank until perhaps lodgements were stopped

    A breakdown of the trapped funds are as follows: May N138,904,214.75; June N289,457,059.68; July N51,734,351.10; and August N235,643.75 but Amoda said that the issue was being handled at the highest level of the power sector management.

    It was also learnt that if other companies’ funds trapped in the banks as a result of the court order are added, it would run into tens of billions of naira.

    The Chairman of the House Committee, Hon. Patrick Ikhariale and his members including Hon. Abike Dabiri-Erewa, promised to unravel the complexities in the case and seek ways to resolve the conflict.

    The presentations by the two distribution companies showed that the government is yet to release the budgetary allocations to them.

    Ikhariale stressed the need for the distribution companies to follow due process in the ongoing privatisation of the assets of the PHCN. He said such due process will not only boost investors’ confidence, but also enable the companies to know the cost incurred in carrying out their businesses and how to recoup their investment.

    The committee advocated that the Federal Government should have a stake in the power sector in spite of the privatisation programme. The chairman said there is nowhere the power distribution, generation and transmission is left for the private sector.

    He said: “The government must still have a stake in the power sector. The fact that privatisation of the power sector is ongoing does not mean the government should hands off its duties and responsibilities in the sector.”