The Nation Newspaper

Tag: AGM

  • ‘Uncontrolled growth hazardous ’

    The National Chairman, Environment Division of the Nigerian Society of Engineers (NSE), Mr. Peter Onyeri, has said uncontrolled development could be injurious to lives and the environment.

    He spoke in a paper at the 16th Annual Conference/Annual General Meeting (AGM), with the theme: “Safety in major hazard engineering facilities.”

    Onyeri said: “There is a relationship between development, health, safety and environment, which one can ignore at one’s peril.”

    He said: “Many of these facilities, such as chemical production and processing facilities and petrochemical plants and fuel tank farms can become dangerous and destructive if care is not taken to safeguard the engineering structural components and processes involved in their operations.”

    He said the simplest form of risk analysis was prior analysis, where risk is evaluated, based on statistical information and probabilistic modelling, prior to any decision or activity.

    “This is not a one-off thing. It may require regular monitoring and review due to changes in system needs, increased operating experience and accidents and other new information relevant to system performance.”

    Onyeri stressed two major techniques, which could be applied to identify, manage and prevent hazards: Hazard and operability studies (Hazops) and safety management system (SMS).

    Mr. Babatunde Oshodi, an ex-NSE national chairman, emphasised good sanitary habit, saying: “Good sanitation is essential. It is possible for everyone to have access to decent toilets. People should not die of diseases related to open defecation.”

    Highlight of the conference was the election of a 14-man executive: Mr. Musiliu Odumeru emerged national chairman; Mrs. Igboanugo, national vice- chairman; Mr. Adisa Yinusa, national coordinator and Afolabi Gege, ex-officio 6, among others.

  • Prestige Assurance promotes AGM, others

    Prestige Assurance promotes AGM, others

    Prestige Assurance Plc, has promoted some of its top management staff.

    Among those promoted were, Mrs. Jibrin-Yaro to Assistant General Manager (AGM)II from Senior Manager. She is a product of Obafemi Awolowo University and Lagos State University where she obtained Diploma in Business Administration and MBA Marketing. She is also a Chartered Insurer of both London and Nigeria (ACII).

    Also promoted is Mrs. Eunice Olufunmilayo Aina, who was moved from Senior Manager to Assistant General Manager (AGM)II. She is a 1992 graduate of Accounting from the Polytechnic, Ibadan, a Fellow of the Institute of Chartered Accountants of Nigeria, (ICAN), a certified Information Systems Auditor (CISA) and a Certificate Member of the Chartered Insurance Institute of Nigeria. She joined the firm in 2001 as Internal Auditor.

    Other elevated staff were those from Assistant Manager to Manager, Staff from Senior Superintendent to Assistant Manager, staff from Superintendent to Senior Superintendent, staff from Assistant Superintendent to Superintendent.

     

    In total, eight are in the category of Senior Staff while 11 are in the category of junior staff.

  • Community partners Chevron to develop Ilaje

    In a clear departure from the constant conflicts between oil communities in the Niger Delta and the oil producing companies, one of the oil majors and its host community in the riverside area of Ondo State are working to develop the area.

    Chevron Nigeria Limited and Ilaje Regional Development Committee,(IRDC) in partnership with the state government have entered into a Global Memorandum of Understanding (GMoU) to bring development to the coastal communities in the state.

    Following the need to cater for people in the coastal area of the state, the IRDC  was established in 2005.

    The GMoU is a new concept that allows the oil communities the opportunity for a pride of ownership and management of various projects in the area with Chevron providing the funds.

    At its fourth Annual General meeting (AGM), the Chairman of IRDC, Prince Jackson Nomiye, said about N91 million had been expended on the construction of a 4,500-metre wooden walkways, which link many of the communities in line with cardinal objective to stimulate development in Ilaje land.

    He said over 30 projects have been executed and most of them have been handed over to the communities.

    Among the projects are Housing Units at Ode-Ugbo and Jirinwo, multipurpose  town halls at Molutehin and Awoye, and a science laboratory at Molutehin.

    Nomiye said Reverse Osmo project equipment worth several millions of naira were also brought to site for installation for the provision of potable water to the mandate areas.

    On skill acquisition, the IRDC chairman said: “Several of our youths and women groups are sent to learn new skills at vocational training centres while many are employed at the end of their training.

    “In line with our commitment to the empowerment of all Ilajes covered by the RDC, each year almost N12million is awarded as scholarship to our students both in secondary and higher institutions beside call scholarship.

    He said because of the council relationship with Chevron, many contractors got contracts worth several millions of naira, while many job seekers got short and long term appointments with the oil giant and contractors working for the oil company.

    Nomiye, however, appealed for increase in funding as the seed money provided by Chevron was not enough for the execution of projects.

    Besides, he called for contributions from other stakeholders such as the state and local governments, agencies and parastatals, Niger Delta Development Commission (NDDC), Niger Delta Ministry and OSOPADEC.

    The General Manager Public Affairs of Chevron, Mr. Deji Haastrup, praised the IRDC leaders for their good management skills, which informed the tremendous achievements the body had achieved.

    According to him, the council has expended N800million in implementing both infrastructure and non-infrastructure projects most of which have been completed and inaugurated.

    Haastrup called for renewal of the GMoU to keep up with stakeholders’ expectations and emerging developments.

    He commended the state government for providing the leadership that has continued to create the enabling environment for the implementation of the GMoU.

    The Olugbo of Ugboland, Oba Frederick Akinruntan, who was represented by the Ajagajigi of Ugboland, Chief Adesola Fagbeye, urged Chevron to bridge the communication gap between him and the organisation to facilitate robust dialogue, especially on siting of projects in the area.

  • Health care providers make case for quality services

    For a better health care, care providers have been enjoined to seek partnership with private organisations.

    This will give the populace the opportunity of benefiting from the Community-Based Health Insurance Scheme (CBHIS).

    This was the recommendation of a panel of medical providers at the annual general meeting (AGM) of Healthcare Providers Association of Nigeria (HCPAN) in Lagos.

    The event had as theme: “Community based social health insurance”.

    The panel included medical doctors, pharmacists, lab scientists, nurses and health care information officers.

    It called on health care providers to join hands to ensure a workable community-based health insurance scheme.

    According to its recommendation: “CBHIS should be a contributory programme that should involve all in the society. It must be a Private-Public Partnership (PPP), which needs the co-operation of healthcare providers.”

    The panel called on the Federal Government to put in place an enabling environment, by appointing an Executive Secretary for the National Health Insurance Scheme (NHIS), adding that this will boost the CBHIS initiative.

    The Chairman, HCPAN, Dr Shehu T. Akintade, said the aim of the programme was to bring together medical practitioners to discuss how to deliver quality health services to Nigerians.

    He said: “The essence of this is basically to take primary health care to the masses having recognised that they are also the reason for the quoted health indices of this nation.”

  • NSE to suspend companies, sanction directors over AGM

    NSE to suspend companies, sanction directors over AGM

    •Rules out electronic reports alone •To vet corporate press releases

    The Nigerian Stock Exchange (NSE) will suspend any company and sanction directors of such company that fails to hold its annual general meeting (AGM) within nine months after the end of the company’s financial year-end, according to new rules on general meetings being proposed by the Exchange.

    Suspension implies that there will not be any transaction on the shares of the company at the NSE. By nine month timeline, this implies that companies that run the normal Gregorian calendar year as their business year, which most of the quoted companies use, must have done their annual general meetings (AGMs) on or before September 30 of the following year. For instance, companies with financial year ending December 31, 2013 must have done their AGMs on or before September 30, 2014.

    The new rules, which will undergo public review and comments till October 9, 2013, empower the NSE to sanction the directors of quoted companies or securities jointly as a board and individually as a member of the authorising organ in addition to suspension of trading on such companies or securities. While the rules place a cap of N5 million on fines, a clause leaves room for the NSE to impose other forms of sanctions “which it determines to be appropriate”.

    According to the new rules, where an issuer-a quoted company or securities such as bonds and mutual funds and other derivatives, fails to hold its AGM within nine months from the end of its financial year end, the company or such security shall file a report with the NSE within 14 days of the end of the stipulated period explaining the reasons for the default and it shall make an announcement in that regard in at least two national daily newspapers within seven days of receiving the Exchange’s approval to make the announcement.

    “If an Issuer or Trustees of a Bond fail to hold an annual general meeting of securities holders within the term prescribed by these Rules without justifiable cause, the Exchange shall suspend the listing of the securities, and shall require the Board of Directors or Trustees of the Bond to give explanations and make an announcement in that regard within seven days of receiving the Exchange’s approval to make the announcement,” a section of the rules states.

    In another significant review, the new rules require that notice for a meeting “shall state the right of securities’ holders to ask questions not only at the meeting but also in writing prior to the meeting; and the date by which such questions must be submitted to the issuer”.

    The chairman at the meeting must respond to such questions submitted prior to the meeting during the general meeting in addition to given ample opportunity to shareholders or securities holders to ask questions during the meeting.

    “Securities holders may submit to the Issuer written memoranda on their observations or concerns arising from the Annual Reports or Information memorandum to the company at least a week before the general meeting and forward copies to the relevant regulatory bodies,” the rules stated.

    Besides, every listed company or entity is expected to submit a draft copy of the notice of meeting, circulars and annual reports including press releases s well as copies of all supporting documentation that will be considered at the meeting to the NSE for review prior to publication or release of such documents.

    “Each Director or vendor of an Issuer shall accept responsibility for the accuracy of the information in any circular that is sent to holders of listed securities and a statement to that effect, shall be incorporated in the circular,” a section of the rules places individual liability on directors and authorising individuals besides the joint board and corporate liabilities.

    According to the new rules, after the notice convening a general meeting is issued, the meeting shall not be postponed or cancelled and no resolution proposals listed in the notice shall be cancelled without any justifiable cause. Where due to any unforeseen circumstance it becomes necessary to postpone or cancel the meeting, the issuer shall make an announcement in at least two national daily newspapers and explain the reasons in that regard at least three working days before the earlier scheduled date of the general meeting.

    In another rule that appears to circumvent the growing momentum of companies seeking to send electronic or “soft copies” of annual reports and other documents to investors, the new rules mandate companies “to forward to the email addresses of securities holders the soft copies of the documentation in addition to the hard copies which will be sent by post”.

    According to the new rules, companies are expected to ensure that the notice of meeting and the full or abridged copy of the annual reports or any other relevant documentation are dispatched and reach securities holders and the relevant regulatory authorities at least 21 days before the date of the meeting and evidence of postage shall be made available for inspection by the regulators at the meeting. Companies shall also allow at least seven days for delivery of the notice of meeting if sent out by post from the day the letter containing same is posted. These imply that such notice and reports must be sent at least 28 days before the meeting.

    Companies are also expected to publish on their websites notice of meeting, circulars, annual reports, scheme document and other information memorandum that will be considered at a general meeting immediately after receiving approval of the NSE.

    The new rules also encourage pre-general meeting interactive sessions between directors and all stakeholders to iron out issues that are likely to arouse high levels of interest and controversy at the general meetings.

    Besides, all directors, company secretary and where applicable supervisors of a company shall attend all its general meetings.

    However, in the event that managers and any other employees of a company are in attendance at a general meeting, they shall be treated as non-voting delegates unless they are holders of fully-paid shares or attending the meeting as proxies with specific voting instructions.

    The draft copy of the new rules obtained by The Nation was signed by head, legal and regulation, Nigerian Stock Exchange (NSE), Tinuade Awe. The draft rules are however still subject to approval of the final copy by the Securities and Exchange Commission (SEC).

  • Builders hold AGM

    The Nigerian Institute of Building (NIOB) has urged the National Assembly to expedite action in enacting a law for enforcing the National Building Code in order to check building collapses.

    At a briefing on its forthcoming Annual General Meeting (AGM) in Abuja, its President, Chucks OmeifEe said the non-implementation of the building code as a result of lack of a legal backing has given room for quacks to operate in the industry.

    He said: “It has been established that there is a missing link and in the existing regulatory framework, it is anticipated that if the legislation is put in place and the provision of the National Building Code is fully implemented and enforced at all levels, it would substantially reduce, if not eliminate, the menace of building collapse across the country.”

    He said irrespective of the volume of regulation being put in place , except it promotes local content, not much would be achieved.

    The 17 million housing deficit, he said, came about as a result of the absence of a virile mortgage system in the country, high cost of building materials, lack of political will and the Land Use Act.

    He said about 84 buldings had collapsed in the last 20 years, claming more than 400 lives.

    Fifty per cent of the causes are attributed to design faults, 40 per cent to construction fault and 10 per cent to material failure, he added.

  • FTAN holds AGM, gets new exco

    FTAN holds AGM, gets new exco

    The Federation of Tourism Associations of Nigeria (FTAN), the apex national tourism body for private sector practitioners, has elected a new executive to pilot the affairs of the body for the next two years. The new exco was elected during this year’s annual general meeting held at the Nanet Suites in Abuja.

    The former National Deputy President, Chief Tomi Akingbogun, emerged as the President. Other members of the new exco include Chief Ini Akpabio, the CEO of Nanet Suites who emerged as the First Deputy President, while Mallam Rabo Saleh Kareem of All States Travel emerged as Second Deputy President; Chief Biodun Odunsanwo, Vice President, South West; Anofiok Ekong, Vice President, FCT; Arch. David Binga, Vice President, North East; Chief Alex Edom, Vice President, North West; Rev. E. Yakpogoro, Vice President, South-South; Mr. Shemshak Gompil, Vice President, North Central; Ngu Darlington, Vice President, South East. Other officers are ZakariAbdullahi, Treasurer; Prince Gani Adebiyi,Membership Secretary; Mr. Shola Ilupeju,Membership Secretary; Mazi Chuzy Nnodu, Membership Secretary; Nma Jennifer Iwuanyanwu, Internal Auditor; Mr. Lucky George, Publicity Secretary; Mr. Segun Adetayo, Publicity Secretary II and Mrs. Joy Dike, Legal Adviser.

    In his speech on the occasion, the former FTAN President, Chief Samuel Alabi, decried the poor funding of the tourism sector,saying it is hampering the development of the sector. He called on the incoming executives to put pressure on the government to increase the funding of the sector.

    He also called on the ministry to involve the FTAN in the planning and staging of the Abuja Carnival.

    On the decree setting up the NTDC, Alabi said the NTDC Decree of 1992 was obsolete and needs urgent review. He called on the FTAN to improve on its liaison with the members of the National Assembly for it to be amended.

    In his acceptance speech after the election, Chief Tomi Asigbogun called on members to support the new FTAN executive. Some of the areas he said the new leaders of the FTAN will focus on include: expanding the membership base of the association; reactivating member associations that are not doing so well and reconciling associations with erring members. He promised that the FTAN shall continue to work with media and government agencies to encourage Nigerians to patronize domestic tourism products.

    He also said FTAN would continue ‘to push for development and expansion of Nigerian Domestic tourism products; the situation as we have it leaves a potential tourism investor with inadequate information as to areas of tourism products needing investment. Hence we have over concentration of investments in some sectors resulting in undue competition for limited customers while many areas of Tourism are left undeveloped.’

     

     

  • NNPC co-operative declares N157.3m dividends for shareholders

    The Staff Co-operative Multi-purpose society Limited of the Nigerian National Petroleum Corporation (NNPC) has declared N157.3 million as dividends for shareholders of the company for the 2012 financial year.

    The President of the co-operative, Mr Ojeyemi Adeleke, declared this to shareholders during the co-operative’s Annual General Meeting (AGM) in Lagos. He called for prompt remittance of deductions from staff emoluments, saying irregular remittance of deductions is one of the main challenges facing the cooperative society.

    He said: “This is our greatest challenge. It is hampering our operations and delivery of service to our members. It also puts enormous financial pressure on us. Just as blood is to life, so is prompt remittances of our deductions from our members’ salaries to the society. We, therefore, on behalf of our society and sister societies in the NNPC Group, appeal to the NNPC management to regularly remit our deductions together with the payment of salaries.”

    He listed the projects carried out by the society as construction of office complex in Lagos comprising a new secretariat, multi-purpose hall, consumer shop and a new parking lot. He said the co-operative is partnering Aqua Production Technology of Israel on agricultural scheme, import replacement with export.

    He said the cooperative society’s financial statement showed that year 2011 was better when compared with the dividends of 2012. He said N201,332,568 dividends was declared in 2011 as against N157,317,832 in 2012.

    A member of the co-operative, Mr Ignatius Christopher, blamed the decline in 2012 dividend on capital projects embarked upon by the society. “The management has many projects at hand when compared with previous year and these projects are being financed with mainly bank loans.

  • Pharmacists worried over maternal, child mortality ratio

    The West African Postgraduate College of Pharmacists (WAPCP) has expressed concern over the disturbing maternal and infant mortality ratio in Nigeria.

    Its president, Prof Fola Tayo, said pharmacists had crucial roles to play to reduce the death of mother and child.

    Tayo spoke to reporters on the body’s Annual General Meeting (AGM) and Scientific Symposium in Freetown, Sierra Leone.

    The event was organised by WAPCP and Pharmaceutical Society of Sierra Leone (PSS). It was themed Opportunities and challenges of pharmacists in maternal and child health.

    According to him, there is a lot that pharmacists can do to improve the statistics, especially through training.

    He said the college was building capacity to ensure standards across the West African region.

    Tayo identified the challenges facing the body as funding, space for infrastructure and acceptance by various agencies across the country.

    Chairman, Joint Faculty Board of the college, Prof Mbang Femi-Oyewo, said the body will ensure pharmacy practice of highest quality and safeguard the lives of the people.

    “There is a need to protect lives. Losing lives through negligence and omission should be prevented, which is what the college is doing,” she added.

    Mrs Femi-Oyewo said drugs are the most intervention in any facility, as such there must be total quality assurance (TQA) in everything pharmacists do.

    She said the data from the International Pharmaceutical Federation (IPF) and World Health Organisation (WHO) on child and maternal health care show the urgency of the crisis facing the country.

  • ‘Cooperatives central to bridging housing gaps’

    The widening housing gap, near absence of a vibrant mortgage banking system, rising cost of building materials and land have made the public to embrace cooperative societies, The Nation has learnt.

    This was the consensus among participants at the Annual General Meeting (AGM) of Prime Asset Housing Cooperative and Multipurpose Society Limited (PAHCMSL), a company that has helped several low and middle income earners to own homes.

    Owning a house through cooperative societies, according to them, is gaining ground as institutions responsible for providing houses appeared to have failed the nation.They said pooling funds through cooperatives has helped tenants to ‘sack’ their landlords.

    The President of Prime Asset Housing Cooperative and Multipurpose Society Limited Mr. Debo Adejana said a way to stimulate the economy is through housing for the people.

    He said two years after it was established, the society was reassigned with broader responsibility of entering into alliances and getting other things necessary to improve its position.

    According to him, 2011 signified the beginning of “our real estate project with the commencement of Prime Asset Housing Estate Igbesa with acreage of 20 acres.”

    “This feat has further re-emphasised our resolve to ensure that every member, ultimately, becomes a landlord. There have also been very strong alliances with the Federal Mortgage Bank of Nigeria (FMBN) on the National Housing Funds (NHF), Informal Sector Cooperative loan, which we have made available to qualified members as an option that can be used to purchase either of the two house types we have in our co-operative,” he said.

    Adejana said the society has been able to improve on the basic requests and needs of its members through the provision of credit facilities and household electronics.

    “To this effect, our Co-operative made a surplus of N3,803,141, which translates to 114 per cent increase when compared to 2010 surplus record (N1,771,211),” he added.

    He said the achievement was only possible through dedication and commitment of the team, who tirelessly ensured that the income earning capacity of the cooperative grew.

    “We shall be sharing over N2million of this surplus among members who made it happen being one of the cardinal benefits of the society.

    “The most delighting thing to me as a person is the take-off of our housing provision scheme for members. To date, well over 140 of our members have commenced the housing ownership journey in our Igbesa Estate project and about a 100 more are to take possession of our newly acquired site in Epe, Lagos State,” he said.

    To realise home ownership dreams for majority of members who believe in the cooperative option of raising funds for housing, he said the society has been positioned to start a Housing Microfinance Scheme while using the FMBN window for informal co-operatives like theirs to the advantage of the members.

    He said: “We are committed to providing housing for all our members and prospective ones as our cardinal values as a response co-operative.”

    A member, Mr. Tunde Ibitokun, commended the cooperative system, which allowed many of them to own houses in the shortest period possible. He said: “The system is an initiative tailored to make home ownership easy for its members. It has helped and encouraged us to imbibe savings culture. Through this cooperative, it has been easy for people apart from me to have access to land and housing. Before I joined the cooperative, it was not easy for me to get any form of financial assistance in form of loans to carryout housing project.”

    Another member, Mr Mathew Obi, said he decided to join the housing cooperative to have access to credit facility to facilitate his housing project. “People in our income bracket cannot continue to wait for the government to provide loans for us to build our houses. The mortgage system we have in the country right now does not even qualify as mortgage. But if we have more of housing cooperatives like PAHCMSL lots of people can secure loans and reap from surplus on investments to solve their housing problems,” he said.

    Registrar of Cooperative Societies, Lagos State Ministry of Agriculture and Cooperatives, Mr. Babajide Bakare, said housing cooperative societies remain a veritable means of empowering a lot of people to own their homes.

    Commending PAHCMSL’s achievements in its short period of existence, he urged the public to embrace cooperative as a way of funding housing projects.

    According to him, 10 persons of like minds or more with sources of income can come together to achieve a common purpose.

    He said Lagos has established a Cooperative College to tackle the challenges associated with cooperative societies, which he said has become a problem solving mechanism in the country.