The Nation Newspaper

Tag: cars

  • Disquiet in PDP as NWC member spends millions on choice cars, others

    Disquiet in PDP as NWC member spends millions on choice cars, others

    •Pro-Jonathan forces keep close tabs on chieftain

    There is unease in the ruling Peoples Democratic Party(PDP) over the spending spree of a top member of the party on choice cars for some Emirs and leaders in the North in case the region is opposed for the re-election of President Goodluck Jonathan.

    There were speculations that the big shot, who is a member of the National Working Committee (NWC), might be scheming for the Office of the Vice-President to displace the current holder, Namadi Sambo.

    But pro-Jonathan forces are not taking things for granted by keeping close tabs on the PDP leader.

    Investigation by our correspondent revealed that contrary to the posturing of some cabinet members and PDP leaders from the South, not all those working with the President from the North are backing his re-election aspiration.

    Some leaders of the PDP from the North are also being suspected of nursing covert plot against Jonathan’s second term bid.

    It was learnt that the attitude of the said NWC member is causing ripples in the party and within the  pro-Jonathan camp.

    The top shot is blowing cash running into millions of Naira to buy choice cars for Emirs.

    The bigwig has bought expensive cars, including Mercedes Benz 500, for some traditional rulers in Northwest, Northeast and Northcentral.

    It was gathered that the presentation of the cars was not accompanied with any solicitation for support for the President.

    The same leader is said to be at loggerheads with some PDP governors from the North over his surreptitious aspiration.

    A reliable source, who spoke in confidence, said: “In spite of the pro-Jonathan rallies in the South for his re-election bid, there are signs that not all the leaders and cabinet members from the North are totally in support of the second term aspiration. They are just tagging along till the right time.

    “A few cabinet members approached by the anti-Jonathan elements have said no to such a plot. They however warned the forces behind the plot against it because the President had been fair to all the six geopolitical zones.

    “Some of them are hoping that Governor Sule Lamido’s presidential project will work to make the presidential primaries competitive.”

  • Campari rewards distributors with cars

    The sole distributor of Campari in Nigeria, Brian Munro Limited, has rewarded outstanding distributors for their loyalty.

    The awards held at the De Renaissance hotel, Ikej, Lagos with many dignitaries from the industry in attendance.

    The firm’s Marketing Manager, Mr. Abayomi Ajao, said: “The Campari Distributor’s Award is aimed at showing appreciation and encouraging distributors to continue their unwavering loyalty to Campari, a World Class brand.”

    “The Campari brand is not only focused on selling, but also on giving magical moments to its valued customers, distributors and marketers.”

    The awardees expressed joy for the recognition. Mr. Onyenanu, a distributor, said: “I am glad to be recognised and rewarded this day by the Campari Group.

    ‘’This shows that the Brian Munro team truly appreciate and value our efforts in promoting and selling Campari.”  He won the Campari Overall National Awards with a Brand New Kia Sportage.

    Another distributor, Mrs. Odegbami, expressed her excitement on receiving her award, stating that the Campari brand is of great quality and it’s one of her best sellers.

    Highlights of the event were the presentation of brand new cars to eight outstanding distributors of Campari across the country by the Managing Director of Brian Munro Limited, Mr. Paul Wilson while guests were treated to an evening of good music, delightful cuisine and an amazing taste of Campari cocktails.

    The Campari Distributors Award is an yearly event and has over the years created excitement and fulfilment for its distributors.

    Campari is a contemporary and charismatic classic alcoholic liqueur solely distributed by Brian Munro Limited in Nigeria. Most often served as cocktails (mixed with soda, juice, beer and or stout).

    Campari is obtained from the infusion of herbs and fruits in alcohol and water.

  • Three banks fail liquidity test

    Three banks fail liquidity test

    The liquidity stress test conducted on 23 banks by the Central Bank of Nigeria (CBN) at the end of June showed that three lenders have problems.

    The CBN Financial Stability Report released at the weekend was okayed by the CBN Governor, Sanusi Lamido Sanusi.

    It said the industry liquidity ratio declined to 16.7 and 13.3 per cent after the five-day and cumulative 30-day shocks were applied, from the pre-shock position of 67.8 per cent.

    The liquidity ratios of most banks were below the regulatory threshold of 30.0 per cent for the five-day and cumulative 30-day scenarios.

    Similarly, three banks recorded negative liquidity ratios, following the application of a cumulative 30-day shock. However, the overall banking industry was resilient to liquidity shocks, though a few banks were found to be vulnerable.

    According to the report, the pre-shock liquidity ratios for the banking industry, large, medium and small banks rose by 14.14, 19.47, 3.15 and 3.07 percentage points to 69.70, 70.22, 75.45 and 68.47 per cent, compared with that of end of December 2012.

    “The banking industry was resilient to credit risk as the impact of the most severe credit risk shock (200 per cent rise in non performing loans, NPLs) resulted in Capital Adequacy Ratios (CARs) of 11.99 per cent, which was 1.99 percentage points above the 10 per cent threshold,” it said.

    According to the report, the large and medium banks were less vulnerable to the most severe shock, as they maintained CARs of 13.58 and 11.35 per cent. However, the small banks’ CAR deteriorated to 2.39 from 18.33 per cent, requiring N96.03 billion to raise their CAR to 10 per cent. Under this scenario, 11 banks maintained CARs above 10 per cent, six banks had between five and 10 per cent, three banks had less than five per cent but greater than zero per cent and three others recorded negative CARs

    It said the banking industry and the three peer groupings showed significant levels of concentration risk as indicated by the level of capital deterioration. “If the credit facilities of the five biggest corporate obligors were to deteriorate from “doubtful” to “lost”, the CARs of the banking industry, large, medium and small banks would decline from 18.69, 18.86, 18.25 and 18.33 per cent to 7.34 the banking industry resulted in the liquidity ratio falling to 33.48 per cent, though above the threshold of 30 per cent from 69.70 per cent,” it said.

    Also, large banks followed the same trajectory as their liquidity ratio deteriorated to 30.27 per cent from 70.22 per cent.

    “The medium and small banks showed more resilience as their liquidity ratios were 37.50 per cent for the medium and 45.37 per cent. Under this scenario, only five banks would be able to maintain CARs equal to or above 10 per cent, while the remaining 18 would record less than 10 per cent CAR,” it said.

    It said liquidity risk was moderate as the impact of a 10 per cent general runs on for the small banks, from 75.45 and 68.47 per cent. However, all the categories remained above the 30 per cent benchmark. The banking industry and the three peered banks were, therefore, resilient to the liquidity shock at the level indicated.

    Sanusi said in a statement that the efforts of the regulatory and fiscal authorities in addressing the challenges of the global economic and financial crises to achieve higher growth and employment were evident in the first half of last year.

    He said the projected weaker global demand, slower growth in key emerging markets and slow recovery of the Eurozone would require the monetary authorities to sustain the implementation of monetary and macro-prudential policies to achieve financial system stability.

    “The economy recorded some impressive macroeconomic achievements in the first half of 2013 despite some challenges. In specific terms, the country recorded strong GDP growth, single digit inflation, exchange rate stability, capital market recovery and growth in external reserves. As well, it maintained a stable banking system.

    However, oil production was less than expected owing to supply disruptions. Also, the high proportion of foreign portfolio investments (FPIs) in the financial markets presented a potential risk in the event of sudden capital reversals,” he said.

  • Cars to watch in 2014

    Cars to watch in 2014

    This year, automakers are gearing up for what may become one of the most productive years in recent memory. Manufacturers have big plans slated for the year, as the re-energised auto market continues to grow and nation’s economic makes slow but steady progress. TAJUDEEN ADEBANJO writes with agency reports

    While 2014 will be a big year for many highly anticipated 2015 model year releases, it will have plenty of big new vehicles from its own model year, as well. From a new entry-level model for Maserati to Jeep’s perhaps misguided efforts to renew the Cherokee name, here are 10 cars for the 2014 model year that symbolises some big changes at their respective manufacturers.

    Cadillac ELR

    The Cadillac ELR has been met with mixed sentiment since its introduction, as many see the car as a fancied-up Chevrolet Volt that is not worth its $75,000 sticker price while others see it as an important step in offering a luxury car that prides efficiency over power and performance. Regardless of where opinions fall, the ELR is an important car for Cadillac, as it represents a large step toward the growing trend of smaller, compact luxury cars aimed at a certain audience that has previously been too small for companies to concern themselves with.

    Jaguar F-Type

    Jaguar has built a legendary history via its E-Type roadsters from decades past, and the company is hoping to continue that trend with the new F-Type, its latest shot at the two-seater market. The F-Type has been met with largely positive reviews and enthusiasm, and appears to offer one of the best driving experiences for the coming year. While the base car is no slouch with a 340-horsepower V6, the monstrous 550-horsepower F-Type R is the model that folks will be talking about.

    Mazda6

    Mazda’s vehicles have largely sat on the sidelines as bigger companies duke it out for market share, though it is not for lack of quality, as the 2014 Mazda6 indicates. While the gasoline models available now offer near-class leading fuel efficiency — in the right spec, look for 40 miles per gallon highway — Mazda will be bringing a diesel edition in the spring, which will promise even further increases in efficiency.

    Acura RLX

    Like the Cadillac ELR, the new Acura is aimed more at buyers looking for a car with greater efficiency but is still wrapped in leather and pampers its occupants. It is Acura’s latest entry to the large sedan market, and one of the few — if not the only — models not offering a V8. Instead, buyers can choose Acura’s clever torque-vectoring three-motor hybrid system, with gets nearly 400 horsepower and is built around a V6. It offers 30 miles per gallon combined, which isn’t spectacular in a hybrid context but is still impressive for a sedan of its stature.

    Jeep Cherokee

    A quick perusal shows that diehard Jeep fans are not quite smitten with the Cherokee’s new looks, but like it or not, this is the vehicle burdened with bringing back the Cherokee name, which in its earlier forms enjoyed a sort of cult status among off-roaders and utility aficionados alike. While the new model has not been warmly welcomed by Jeep’s fan base, there seems to be little wrong with it from a capability point of view. “The 2014 Cherokee feels planted on the road, more car-like than truck-like, with crisp steering, well-damped body motions, little or no roll in corners, and pinpoint braking control. The structure is solid, with no creaks or groans, even over seriously uneven terrain,” Car and Driver notes in its review.

    Chevrolet Corvette

    The 2014 Chevrolet Corvette has made numerous appearances on these kinds of lists, but for good reason: From what critics industry wide have been saying about the car, it is truly an amazing automobile, which addresses the prior weaknesses of the former models while adding so much more. A healthy 460 horsepower and a similar amount of torque will ensure no Corvette driver is ever lacking for power, but some clever computer applications and use of software can afford the ‘Vette about 30 miles per gallon on the highway.

    Mercedes-Benz CLA Class

    The Mercedes-Benz CLA is a big step for Mercedes’ U.S. division, as it will become the smallest Benz that the company has on sale here. It will also be the most affordable, with a base price just shy of $30,000. However, this by no means indicates that the CLA is a budget car; the compact sedan looks like a premium vehicle from just about every angle, which carries on inside, as well. Its 208 horsepower won’t be found in the record books, but the resulting 26 miles per gallon in the city and 38 on the highway make it one of the most efficient Benzes around.

    Volvo V60

    After a multiyear hiatus, Volvo will be returning with a wagon that is slotted below the XC70 and based on its flagship S60 sedan. The recently announced base price of $35,300 implies a $2,900 premium over the S60 and an $800 premium over the larger XC70, though the latter is an older vehicle. The V60 will be taking the place of the V70, which was pulled from the U.S. market about four years ago. The new V60 will likely carry on Volvo’s legacy of impeccable safety and offer all the comforts found in the S60 in a more utility-friendly format.

    Maserati Ghibli

    Maserati has historically been seen as a sort of higher-volume sibling of Ferrari, albeit still far lower in sales than other luxury manufacturers. In a bid to grow its footprint in the luxury auto world, Maserati has introduced the Ghibli — revived it, technically — a smaller version of the brand’s Quattroporte flagship. Starting at a base price of around $66,000, it is far and away the cheapest Maserati on the market at about half the cost of a base Quattroporte, thus making it one of the brand’s most significant cars for 2014.

    Kia Cadenza

    The Kia Cadenza is another attempt by the Korean manufacturer in its quest initiated by the ill-fated Amanti to determine what customers’ price threshold for the brand will be. While Kia built its name on economy cars and affordable compacts, it has been steadily working its way further upstream in efforts to become a serious luxury contender. The $35,000 price tag is not unheard of for an entry-level luxury vehicle, but it is fairly unknown territory for Kia. The Cadenza, along with the Kia K900, will be leading the Korean automaker’s charge to compete with the likes of Lexus and Infiniti.

     

  • Mexico’s booming car industry selling unsafe cars

    In Mexico’s booming auto industry, the cars rolling off assembly lines may look identical, but how safe they are depends on where they’re headed.

    Vehicles destined to stay in Mexico or go south to the rest of Latin America carry a code signifying there’s no need for antilock braking systems, electronic stability control, or more than two air bags, if any, in its basic models.

    If the cars will be exported to the United States or Europe, however, they must meet stringent safety laws, including as many as six to 10 air bags, and stability controls that compensate for slippery roads and other road dangers, say engineers who have worked in Mexico-based auto factories.

    Because the price of the two versions of the cars is about the same, the dual system buttresses the bottom lines of automakers such as General Motors and Nissan. But it’s being blamed for a surge in auto-related fatalities in Mexico, where laws require virtually no safety protections.

    “We are paying for cars that are far more expensive and far less safe,” said Alejandro Furas, technical director for Global New Car Assessment Program, or NCAP, a vehicle crash-test group. “Something is very wrong.”

    In 2011, nearly 5,000 drivers and passengers in Mexico died in accidents, a 58 percent increase since 2001, according to the latest available data from the country’s transportation department. Over the same decade, the U.S. reduced the number of auto-related fatalities by 40 percent. The death rate in Mexico, when comparing fatalities with the size of the car fleet, is more than 3.5 times that of the U.S.

    Nevertheless, Mexico hasn’t introduced any safety proposals other than general seat belt requirements for its 22-million strong auto fleet. Even then, the laws don’t mandate three-point shoulder belts necessary to secure child safety seats.

    Culled from AP

     

  • Poly distributes cars to staff

    Poly distributes cars to staff

    The Rector of the Rivers State Polytechnic (RIVPOLY), Bori, Rivers State, Obianko Nwolu, Elechi, has donated 10 new cars to senior staff of the institution.

    He said management was determined to provide vehicles to deserving members of staff, saying that the second phase of the donation was in the offing.

    Nwolu-Elechi called on the beneficiaries to use them with care. He condemned the culture of some people treating government property with a care-free attitude, warning that the management may be forced to take disciplinary measures against members who misuse the vehicles.

    He urged the staff to see the gesture as management’s way of motivating them for improved performance, adding that the gift should spur the staff to be committed to their responsibilities.

    Speaking on behalf of other beneficiaries, the Director of School of Engineering, Abbey Olakada, thanked the Rector for the gesture. He praised the management for fulfilling its promises to staff, saying the donation would motivate them to add value to the institution.

    He assured the Rector that the cars would be used responsibly, adding that the gesture has boosted his morale.

    High Point of the ceremony was the handing over of the keys to the affected staff and the test-driving of the cars by the Rector.

  • Homes, cars destroyed as flood sacks Enugu

    Some parts of Enugu East Local Government Area of Enugu State have been sacked by flood. Properties worth several millions of naira were destroyed.

    The disaster affected several residential houses, schools, vehicles and household property.

    Some ‘lucky’ houses that were not badly touched were submerged, trapping some occupants in and rendering many homeless.

    An eyewitness said the three-hour rainfall at the weekend prompted the flood.

    The worst hit areas include Umuchigbo, Iji Nike, Ugbene I, Ogburugbu and some parts of the Nike Express Road all in Enugu East Local Government Area.

    At Umuchigbo, several cars, houses, a school, shops, stores, near the Ava River were flooded, making it impossible for motorists to cross the Ava Bridge.

    A patient with a broken leg at the Foundation Gracia Medical Clinic, Livinus Idu, was trapped in the hospital.

    It took the intervention of the combined team of the Chairman, Enugu East Local Government, Prince Cornelius Nnaji, the representatives of the National Emergency Management Agency (NEMA), the State Emergency Management Agency (ESEMA), the Ministry of Environment and some other agencies to save Idu.

    He was rehabilitated by Nnaji, who paid his hospital bill, bought his drugs and paid his fare to his home town, Eha-Amufu.

    At Ugbene I, the situation was the same. The stream in the area rose to an astronomical level and all structures near the water ways were sacked.

    The Chairman, Enugu East Local Government, Cornelius Nnaji, said that his council would address the situation.

    “If parts of my council start experiencing this type of flood in May, what would happen in June, July, August, September and October?”

    He called on the Federal Government to enlist his local government as an ecological problem area.

    Commissioner for Environment John Agbo called on the Federal Government to expedite action towards handling the ecological problem that resulted in the flood.

    Some victims-Mrs. Beatrice Jideofor, Daniel Obetta, Crescent Ibekwe and Mrs. Edenoma Justina- blamed the flood on the activities of greedy landlords, who built houses and fences on the water ways.

  • Police to impound unregistered cars in Edo

    Worried by the spate of car thefts and general insecurity across the country, Motor Dealers Association in Edo State has asked the Nigeria Police to apprehend drivers and impound any vehicle plying the roads that does not have a dealer’s number.

    Chief Andy Omokaro, chairman of the association, gave this indication yesterday at a press conference in Benin City, where he exonerated registered car dealers of complicity in the general insecurity in the state

    He said, “We have just written the FRSC, Motor licensing office, Commissioner of Police and the Directorate of State Security Services (SSS) asking them to arrest persons who drive unnumbered vehicles without dealers number. Such vehicle must be impounded because they may have been stolen to be used for criminal activities.

    The Chief Executive of Andy Motors also said motor dealers task force has the duty of visiting motor shops across the state once in a week and keeps a record of the history of the vehicles sold in a dealer’s shop.