The Nation Newspaper

Category: Business

  • Australian firm finds 488 MT of iron ore in Kogi

    Australian firm finds 488 MT of iron ore in Kogi

    An Australian Company, Energio Limited, said it has found a huge Iron Ore in Agbaja, Kogi State.

    In a statement, it said the discovery of 488 million tons in its Igbaja Project, with an In-situ Iron grade of 42.7 per cent, is bound to change the pace of iron ore development in Nigeria.

    Besides, the company noted that the discovery, from about 13.9km2 represents approximately 15 percent of the prospective areas and 9.2 per cent of the company’s 151km 2 landholding for Iron.

    This discovery according to the statement, is the first ever JORC Iron Ore resources discovery in Nigeria.

    Energio informed the Australian Securities that the resources update on the Agbaja project, would be released on June 2013. With improved geological confidence, the company according to the statement, believed the entire resources potentials of the project would have been classified by June 2013.

    The company said it would soon begin the metallurgical test work on approximately 300m of P.Q diamond core to beneficiate the In-situ Iron grade from 42.7 per cent to 58 pe rcent.

    The modern JORC resources estimate enables the admission of project development studies as inputs to the pre-feasibility study stage of the development of the Iron Ore production project.

    Expatiating further on the feasibility potentials of the Agbaja Iron Ore project, Energio noted that it is located in a shallow flat lying channel, adding that the Iron deposit is uniquely positioned to an existing, underutilised rail and port infrastructure.

    The Chairman of Energio Limited, Dr. Ian Burston, described the discovery as a “landmark result, considering that drilling at the site only commenced in late November, 2011. He added that within 12 months, the firm has released its JORC resource results.

  • Researcher seeks sweet potato flour as alternative to wheat

    A Rwandan Agricultural Scientist/researcher, Kirimi Sindi, has advised African countries to use sweet potato flour for confectioneries as an alternative to wheat.

    Sindi, in a paper presented at the 16th Triennial Symposium of International Society for Tropical and Root Crops, in Abeokuta, Ogun State, noted that sweet potato is rich in Vitamin A. His paper was entitled What is the consumers’ perception of bakery products made with Vitamin A rich sweet potato and wheat?

    He said the consumption of sweet potato could eliminate Vitamin A deficiency common in many parts of the continent.

    “Sweet potato is better than wheat because it is cheaper while imported wheat is costly,” Sindi said.

    He explained that Africa had many local alternatives to wheat flour that could reduce the cost of producing confectioneries.

    According to him, flour made from potato and cassava can be used to bake bread, doughnut, biscuits and cakes, reducing production cost by 15 per cent.

    Sindi said that a study, conducted by himself and four other researchers in Rwanda showed that confectioneries, made a combination of sweet potato flour and wheat, tasted better.

    He said that respondents in the research, preferred such confectioneries to those made from only wheat.

    “Manufacturers who import agricultural commodities like wheat are facing increasing costs due to rising commodity prices. Sweet potato can replace up to 40 per cent of the wheat in bakery products. This can lower production costs, save a country’s foreign exchange, and increase the rural farmer’s income,” he noted.

    Using the Rwanda study as a reference point, Sindi recommended the establishment of more and efficient distribution and supply chains.

  • Bad roads blamed for high cement price

    THE Cement Manufacturers Association of Nigeria (CMAN) has attributed the high price of cement in some parts of the country to bad roads.

    Briefing reporters after its quarterly meeting to review the performances of cement companies at the United Cement Company , Calabar, Cross River State, CMAN Chairman, Mr Joseph Makoju said manufacturers have done everything possible to bring down the price of the product, adding that road haulage has become a major challenge.

    Makoju said the cement industry has recorded remarkable success , adding that cement companies were succeeding when other manufacturing sectors were shrinking and facing challenges.

    Makoju said local production has risen from two million recorded in 2002, to 13 million in 2011, and even gone up to 17 million in the month of September this year, adding that the policy of the Federal Government in reducing importation has contributed to the availability and affordability of the product.

    He described the government policy of not issuing import license as a land mark achievement and that cement manufacturers had in reciprocating the government gesture, tried to ensure there is availability in the market as well as ensuring a significant reduction in the price of the product.

    Makoju said CMAN is talking to government about investing more on infrastructure and that the main focus of the association include among others, working harder to ensure that there was availability of the product.

    CMAN, he said, is focusing on training and human capital, so as to have qualified Nigerians that would run the plants.

    He said cement manufacturing companies in the country were pooling resources together for the proposed Cement Technological Institute that is to be floated by the government which will soon take off.

    According to him, the institute would help in the area of human capital development.

    Besides, he said CMAN is considering producing new products that will meet the requirements of every body in terms of price so as to meet the various needs of the market.

  • Unilever set to unlock tea’s goodness with product

    Unilever Nigeria PLC, the producer of Lipton Yellow Label tea, has launched its first Lipton tea party tagged “Making Success a Habit.”

    Speaking at the launch of the tea party, the Managing Director, Unilever Nigeria Plc, Mr Thabo Mabe, said the company’s mission is to unlock the goodness of tea, hence, allowing people to drink better and to live positively.

    His words: “On the platform of the world’s number one tea brand – Lipton – we will be specially showcasing the power of a switched-on mind and the amazing things you can achieve when you cultivate the right habits.”

    “Just like good habits, Lipton tea is pleasurable, invigorating and uplifting. It also contains Theanine, which sharpens the mind.

    These qualities of Lipton tea endear it to us, which is why from the moment our tea leaves are picked, to when the tea is brewed, we go extraordinary lengths to deliver natural goodness.”

    The Brand Building Manager, Unilever PLC, Mr David Okeme said the Lipton Tea party is an event put together for young people who wants to achieve or aspiring to achieve in life and it’s about teaching them the habit of taking Lipton every morning to get the right start to the day.

    “The reality is that in 8 out of every 10 homes, you will find Lipton; eight out of every 10 times that tea is consumed in this country, it is Lipton that is consumed. That is leadership that we quite comfortable with.”

    “One of the uniqueness of Lipton is that we source all our materials from renewable sources; we got farms and the farms we pick our tea leaves from got practices that support sustainability. We source our tea from farms in east Africa and other parts of the world but the big chunk of the tea is got from Kenya.

    We grow our tea under a right condition and we are able to guarantee top quality right from the farm straight into your cup.

  • 21-year-old wins entrepreneurial competition

    A 21-year-old undergraduate of Ahmadu Bello University, (ABU), Zaria ,Ashbel Ngalabak Ayuba, has won the 2012 edition of the Global Student Entrepreneurship Awards (GSEA).

    Ayuba would represent Nigeria at the GSEA global final in New-York US on November 14th. In addition, Ayuba would also receive a free business support from Stambic/IBTC Bank and a free communications pack from Etisalat.

    At the event held at the auditorium of the Lagos State Chamber of Commerce and Industry Ayuba show enterprise by bringing the show to his feat as a lad who went into farming at 17, and earned his first millions by selling eggs and other agricultural produce at 20, while still in secondary school .

    The GSEA is an organisation that encourages through awards, cash rewards and trips outside the country to international competitions among other pecks, to youths that have distinguished themselves via exceptional talent in entrepreneurship through their ability to own and successfully nurture their businesses from scratch to some level of prominence.

    Other six finalists were Abimbola Amusan a 300-Level undergraduate of Obafemi Awolowop University (OAU) Ile-Ife; Ashefo Bezaleel Reuben, a 400-Level Computer Science student from the University of Ibadan; Aladasuyi Tolulope a 2011/2012 graduate of Crop, Soil and Pest Management from the Federal University of Technology Akure (FUTA); and Christian Nwosu another 300-Level Agric Economic undergraduate of the Federal University of Technology, Owerri.

    Other finalists would also enjoy Etisalat free communications packs with a potential mentoring programme courtesy the Lagos Chamber of Commerce and Industry internship opportunities.

  • Finance Minister, NNPC can’t validate crude oil output figures, says Sanusi

    Finance Minister, NNPC can’t validate crude oil output figures, says Sanusi

    The official figures for daily production of crude oil, on which the yearly national budget is premised might not be correct, it emerged yesterday.

    The Governor of Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, said neither the Nigerian National Petroleum Corporation (NNPC) nor the Minister of Finance has the mechanism to verify or validate the presented figures.

    Sanusi, who appeared before the House of Representatives joint Committee on the consideration of the Mid Term Expenditure Framework (MTEF) 2013-2015, however, tacticfully evaded queries on the usage of the country’s excess revenue, huge defict and borrowing.

    The CBN governor, who told the committee that he was comfortable with the $75 benchmark for 2013 budget, lamented the secrecy in the operations of the NNPC and the petroleum sector.

    He said it is impossible for the Minister of Finance to validate figures presented before her. “How do you verify that the numbers you were given are correct. What access does the Minister of Finance have for confirming the number she is given for oil output was in fact correct, he queried.

    “This is what the Petroleum Industry Bill (PIB) should be doing, opening up that process so that the person who is responsible for managing the finances of the country have access to validating the number they have given her for primary source of revenue.”

    Saying that he would not want to stir any controversy concerning the subject, the apex bank’s boss stressed that the Federal Government has no financial capacity to address infrastructural deficit in the country.

  • Sweet Sensation opens outlet in Ikorodu

    Sweet Sensation, Nigeria’s leading quick service restaurant, has opened another outlet in Ikorodu.

    According to the MD/CEO, Sweet Sensation ,Mrs Kehinde Kamson, the new outlet is to consolidate the brand’s leading position as the trail blazer in the quick service restaurant sub-sector and the resolute desire to continue to take wholesome meals closer to customers irrespective of class and status.

    “The outlet is simple, compact with the Sweet Sensation trademark of enviable ambience, affordable meals and excellent customer service. It also boasts of an ample parking space,” she said.

    ‘Go Sensation’, the delivery arm of Sweet Sensation also commenced operation to cater for the needs of the busy residents of Ikorodu and environs who may not afford the luxury of time to visit the outlet. “With this introduction, customers can be assured that they will still be able to enjoy all Sweet Sensation meals no matter how busy they may be,” Kamson said.

    The highpoint of the opening was the courtesy visit of top management staff of Sweet Sensation led by the CEO to the Oba of Ikorodu, Oba Oyefusi, the Ayangburen of Ikorodu to formally acquaint the royal father with opening of the new outlet and to receive the royal blessings.

    The Ayangburen gave the visitors his blessings and promised to give all necessary support to the brand whenever necessary.

  • Jonathan to present budget Oct. 11

    Jonathan to present budget Oct. 11

    Barring any last minute changes, President Goodluck Jonathan will next Thursday (October 11) formally present the 2013 Appropriation Bill to the National Assembly.

    The presentation will come two days after members of the House of Representatives might have returned from the on-going inspection tour of the capital projects in the 2012 budget.

    The Nation’s finding revealed that the Presidency has communicated the new date to the leadership of the National Assembly.

    It was learnt that the government bowed to the decision of the National Assembly to shift the initial October 4 date because the Executive found the reason given as cogent.

    The House of Representatives had rejected the October 4 date to enable its Finance and Appropriation Committees go through the Medium Term Expenditure Framework.

    President Goodluck Jonathan had on September 18 presented the Medium Term Framework to the National Assembly in line with the Fiscal Responsibility Act of 2007.

    A reliable source, who spoke in confidence, said: “The Executive accepted the shift of the October 4 date for budget presentation in good faith because of the reasons advanced by the Legislature.

    “The President believes that the National Assembly acted in good faith and he chose to appreciate its argument to postpone the date. This is a sign of a rapprochement between the two tiers of government.

    “So, instead of forwarding the budget, the President will present it on October 11. The Executive does not want any row over budget with the National Assembly again.

    “The leadership of the legislature, members of the Federal Executive Council and Ministries, Departments and Agencies (MDAs) have been informed of the new date.”

    Some of the assumptions for the 2013 budget are as follows: crude oil production of 2.48 million barrels per day; crude oil price of $75 per barrel; and Gross Domestic Product (GDP) growth rate of 6.85 per cent.

    As at press time, it could not be immediately ascertained whether the Executive will adjust the planned estimates in the light of the holes spotted in the 2013-2015 Medium Term Expenditure Framework and Fiscal Strategy Paper by the House of Representatives.

    The Joint House Committee on Finance, Legislative Budget and Research, National Planning and Economic Development increased the oil benchmark from $75 to $82.

  • Stakeholders seek reform of intervention funds

    Worried by intervention funds’ lack of impact on businesses, stakeholders have called for the restructuring of the funds and the mechanisms for disbursment .

    A communiqué on the recent bi-annual dialogue on the “Impact of Government Intervention Funds in the Transformation of the Nigerian Economy,” by the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), said the fund’s impact was not being felt as currently being implemented.

    For the funds to have the desired impact on businesses, they must be restructured to meet the objectives .

    The intervention funds include the N100billion Cotton, Textile and Garment revival Fund, the Rice Cultivation Funds and the N500billion Cassava Funds, among others.

    The stakeholders involved in the dialogue include NACCIMA; the National Association of Road Transport Owners; Nigerian Association of Small and Medium Enterprises (NASME); NACCIMA Women Group and other independent firms.

    The communiqué noted that in terms of operation, some segments of the business community had been left out of the catchment focus of the funds, while in most cases, amounts offered were too small to make the needed impact, especially in the area of achieving the expected turnaround in operation.

    Participants at the session had identified the impediments to accessing the various funds to include the low awareness on the various intervention funds; the very low percentage of beneficiaries in the funds; and the “significantly” low level of access to the funds, which they blamed on structural compositions and mechanisms of access to the funds.

  • NUPENG decries persistent fuel scarcity

    NUPENG decries persistent fuel scarcity

    The Nigeria Union of Petroleum and Natural Gas Workers, (NUPENG), has called on the Federal government and its agencies, to live up to their responsibilities and stop the persistent fuel scarcity in the country now.

    In a statement signed by the Ag. General-Secretary, Comrade Isaac Aberare, the union said that the reserve the Nigerian National Petroleum Corporation (NNPC) said it has could last for 45 days is a ruse and called on the government to do the right thing and stop the current fuel scarcity. NUPENG, said its members, especially the Petroleum Tanker Drivers were at work, but have no sufficient products to load at the depots for distribution.

    It condemned the non-challant approach of government in addressing the shortage, and hoped it was not another strategy to introduce deregulation of petroleum products through the back door.

    The union said the government should be held responsible for the current shortage, as repairs have not been effected at the vandalised pipes at Arepo village in Ogun State.

    It called on the security agencies to recover the bodies of those slained and fish out the killers immediately so they could be brought to book, adding that government should pay verified oil marketers’ subsidies on products supplied, so that they can import fuel and pay monies owed to banks.

    NUPENG said Nigerians should not be allowed to suffer and pay more for petroleum products, because the appropriate agencies and government are not proactive enough, stressing that the persistent fuel scarcity must not be allowed to go into the Sallah and Christmas festive periods, as hoarding may become the order of the day.

    It called on the Department of Petroleum Resources (DPR) to monitor product sales and sanction filling stations that sell above the approved rate.

    The union urged the federal government to take the Turn-Around-Maintenance of the nation’s four refineries seriously to avoid a national embarrassment, stating that “these issues have been the standpoint of the union over time, but it seemed the government is bent on deregulation of the petroleum products when the economy is in tatters,” it added.