The Nation Newspaper

Tag: completes

  • Govt completes Abuja road 34 years after

    Govt completes Abuja road 34 years after

    Most visitors to Abuja will testify to the fact that Abuja roads can proudly rub shoulders with roads in the developed countries. Having seen beautiful ten-lane expressways in all entries into the city, beautiful highways, flyovers and over head bridges, these visitors will be shocked at the state of most Abuja inner roads.

    After the Minister of the Federal Capital Territory (FCT) Mallam Muhammad Bello was sworn into office, promised to concentrate on road repairs. He said he would not only concentrate on the city centre but would equally work on roads in the satellite towns, communities and area councils.

    In furtherance to fulfilling his promise, Mallam Bello recently opened the completed sections of roads B6, B12 and Circle Road, including three underpass bridges at the National Stadium end of the road connecting the Central Business District with the Airport Road.

    The underpass bridge project was designed to provide conduit for huge pedestrian traffic crossing to and out of the National Stadium from the proposed Stadium Railway Station after every sporting event.

    The road from the office of the Secretary to the Government of the Federation (SGF) to the Federal Secretariat beside the Millennium Park, which was abandoned for years, has also been completed and opened to traffic.

    A source said: “The minister pledged that his administration is embarking on massive completion of some critical roads within the Federal Capital City with specific promise to complete the 10-Lane Kubwa and Airport Roads by December 2016 and first quarter of 2017 respectively as well as B6, B12 and Circle road around the three-arm-zone.”

    FCT Director of Engineering Services Department, Adamu Abu, stated that the B6, B12 as well as the Circle road projects, which are nucleus roads traversing the Three-Arms-Zone, Central Business District, were awarded in phases and the first one, was in 1983.

    The Three-Arm-Zone houses the Presidential Villa, National Assembly and the Supreme Court. The Central Business District houses the federal ministries, cultural zone, diplomatic areas among others.

    The director stated that the second stage of the project, which included all the roads crossing the B6 and B12 along the Central Business District, was awarded in 1988. He also revealed that the second carriageways of the B6, B12and Circle Road project was awarded in 2007 but was moving at a slow pace due to poor funding, adding that this administration fast tracked it by making available adequate funding in the 2016 Appropriation.

    Abu added that the FCT Administration had paid contractors for the executed and certified work done.

    In a related development, the FCT Administration has completed and opened the Murtala Muhammed Expressway (Kubwa Road) to the public.

    Bello had pledged last month that his administration was embarking on massive completion of some critical roads within the FCT with specific promise to complete the 10-Lanes Kubwa road and Airport Road by December 2016 and first quarter of 2017.

    FCT Director of Engineering Services Department Adamu Alfa Abu said the Kubwa road has gone a long way in knocking off traffic congestion.

    The director revealed that the FCT Administration discharged all its obligations by making all outstanding payments to the contractors for the executed and certified work done, which has enabled the contractor to return to site and complete the job.

    According to him, minor works like the installation of streetlights on the bridges as well as the provision of access road to the Red Bricks Estate due to the elevation of the bridges would soon be completed.

    Some of the drivers and motorists who spoke to journalists commended the FCT Administration for keeping to its promise of completing the overhead bridges and bringing succor to the motorists as the knotty traffic logjam often experienced on that axis of the road has since disappeared.

    A taxi driver said their travel time has not only reduced but fuel being wasted in traffic bottlenecks has also reduced thereby increasing their profit.

  • Sterling Bank completes N19b special placement

    Sterling Bank completes N19b special placement

    Sterling Bank Plc has increased its equity funds by some N19 billion as the bank has rounded off the process for a multi-billion Naira special placement.

    Regulatory filing indicated that Sterling Bank successfully issued about 7.2 billion ordinary shares of 50 kobo each to a new strategic investor. The Nigerian Stock Exchange (NSE) has admitted the new shares to the outstanding shares in the name of Sterling Bank, rounding off the issuance process.

    With the new listing, total issued shares of Sterling Bank opened yesterday at 28.79 billion ordinary shares of 50 kobo each with market value of N67.08 billion.

    Shareholders of the bank had in November 2014 approved a resolution empowering the board of the bank to undertake the special placement as part of a N50 billion new round of capital raising. Shareholders approved a resolution authorizing the board of directors of the bank to issue about 7.472 billion ordinary shares of 50 kobo each at N2.65 per share to Messrs. Silverlake Investments Limited or such other identified strategic investor.

    In another resolution, the board of the bank was empowered to raise additional capital up to $200 million or its equivalent in Naira. The fund could be raised through any or a combination equity, global depository receipts, quasi equity, convertible loans, medium term notes, bonds and any other debt instrument.

    Besides, the bank plans to explore public offering, rights issue, private placement either as a standalone transaction or by way of a programme, in such tranches, series or proportions, at such coupon or interest rates, within such maturity periods, at such dates and time subject to such terms and conditions, including through a book building process or other processes as the directors may deem fit and subject to the approval of the regulatory authorities.

    The new capital is expected to strengthen the bank’s performance, which has successively improved over the periods. Interim report and accounts of the bank for the third quarter ended September 30, 2014 showed that while gross earnings grew by 12.1 per cent, net interest income rose by 32.8 per cent. This further bloomed into 41.3 per cent and 39.2 per cent in pre and post tax profits respectively.

    Gross earnings closed September 2014 at N73.01 billion as against N65.12 billion recorded in comparable period of 2013. Net interest income rose from N24.22 billion in third quarter 2013 to N32.1 billion in third quarter 2014. Profit before tax jumped to N8.50 billion in 2014 as against N6.02 billion in 2013. After taxes, net profit rose from N5.07 billion to N7.06 billion.

    The bank’s pre-tax profit margin rose from 9.24 per cent in third quarter 2013 to 11.6 per cent in September 2014, underlying the improving profitability of the bank.

    Managing director, Sterling Bank Plc, Mr Yemi Adeola said the performance of the bank was driven by increasing brand acceptability as shown in its growing revenues and reduction in impairment charges.

    He noted that the 41 per cent growth in profit before tax despite pressures on earnings arising from monetary policy changes was driven by improvements in revenues and a 30 per cent reduction in impairment charges.

    According to him, interest income increased by 15 per cent, while interest expense declined by three per cent resulting in a 32 per cent growth in net interest income. The bank recorded a 20 per cent growth in total assets to N847 billion and a 19 per cent growth in deposits to N679 billion with a 100 basis points reduction in cost of funds to 4.9 per cent.

  • Luol Deng completes move to Miami Heat

    Luol Deng completes move to Miami Heat

    Great Britain forward Luol Deng has completed his move to the Miami Heat as a free agent.

    Deng, who featured for Team GB at the London Olympics in 2012, has spent 10 years playing in the NBA.

    He joins the Heat following spells with the Chicago Bulls and recently at the Cleveland Cavaliers.

    The 29-year-old’s move follows hot on the heels of LeBron James leaving the Heat to return to the Cavaliers last week.

    “Luol Deng is one of the most important free agent signings that we have ever had in the history of the franchise,” Heat president Pat Riley said.

    “He is a proven All-Star and quintessential team player, both as a scorer, as well as an All-NBA defender.

    “He brings the attitude of a warrior and competes every single night against the very, very best. We are thrilled to welcome him to the Heat family.”

    Meanwhile, guard Dwyane Wade has re-signed with the Heat and will join Deng in Miami.

    Deng is missing from Great Britain’s squad for this weekend’s friendlies against Latvia, but British Basketball remain hopeful the NBA star could figure in this summer’s EuroBasket qualifiers.

    Deng was absent from a 17-man group named by coach Joe Prunty on Wednesday, meaning none of the NBA players included in the provisional 22-man group last month have made the final list.

    But while Joel Freeland and Byron Mullens have been ruled out for the summer, talks are continuing with Deng.

    Freeland has chosen to focus on playing for the Portland Trail Blazers’ summer league team, while Mullens, a free agent after leaving the Philadelphia 76ers, is seeking a new employer.

     

  • Etihad Airways completes passenger services transfer

    Etihad Airways completes passenger services transfer

    Etihad Airways’ ‘Big Switch’ to its new Sabre Airline Solutions ‘SabreSonic’ Customer Sales and Service (CSS) system has been completed with minimal operational disruption across the airline’s global flight network during the cutover period.

    Etihad Airways’ President/Chief Executive Officer, James Hogan, said: “The cut over to the new SabreSonic Customer Sales and Service system has been an outstanding operation involving thousands of Etihad Airways’ staff and months of hard work.

    “To have achieved a cutover of this magnitude with such minimal disruption to our operations and customers is testament to the excellent teamwork between Etihad Airways and Sabre Airline Solutions.

    “We now have a passenger services system that is world class, and the ten year deal with Sabre means that we can continue to enhance and improve it year on year, which will ensure we’re always ahead of the game.”

    Chairman/Chief Executive Officer of Sabre Holdings, said, Sam Gilliland: “Over the past few days, teams from Etihad Airways and Sabre have worked diligently on the successful migration onto our SabreSonic Customer Sales and Service system. The success of the migration is directly related to the outstanding project management by Etihad Airways and Sabre.

    “We are confident that SabreSonic will deliver outstanding value to Etihad Airways through increased revenues, the ability to personalise the travel experience to their customers and improved operational efficiency. We welcome Etihad Airways to our community.”

    The mammoth cutover operation involved hundreds of members of Etihad Airways’ staff who initially implemented, tested and configured the new software. They then worked on transferring all existing 530,000 bookings into the new system and restructuring the airline’s website.

     

     

    The SabreSonic CSS cutover team reworked the business processes, rewired all of the links into the airline’s operation and back office systems, and transferred all of the network connections, before doing a final check to ensure the system was ready to go live.

    SabreSonic CSS is state-of-the art in every way and transforms Etihad Airways’ reservations, inventory, eCommerce, distribution, and departure control activities, as well as providing customers with significantly enhanced mobile and communications access.

    The transformation, involving the training of more than 6,700 Etihad Airways and third party staff, is the most challenging IT and business-critical initiative Etihad Airways has ever undertaken and is at the centre of a US$ 1 billion technology agreement with Sabre Airline Solutions.

    The new SabreSonic CSS enables customers to take greater control of their journey and have more choice about how they interact with the airline. Customers can also complete transactions, such as purchasing upgrades at check-in, more easily than ever before.

    In addition to Etihad Airways’ Abu Dhabi hub, 23 other airports around the world cutover to the SabreSonic CSS platform during the weekend with the implementation in the remaining destinations set to continue until the end of March.

    Etihad Airways’ cutover took place a month after its equity partner Virgin Australia made its own Big Switch to SabreSonic CSS. airberlin, another member of the Etihad Airways equity alliance, also uses a wide selection of Sabre products.

    Mr Hogan added: “The bonds between Etihad Airways’ alliance airlines continue to strengthen and it is extremely beneficial that Virgin Australia and Etihad Airways both now have the Sabre CSS system and others also use Sabre products. It is a further example of the synergies that tie Etihad Airways and our equity partners together.”