The Nation Newspaper

Tag: deadline

  • Quoted companies in last-minute rush to meet Q3 earnings deadline

    Quoted companies that have not submitted their operational reports and financial statements for the third quarter must submit their reports to the Nigerian Stock Exchange (NSE) before the close  of work today in order to avoid poor corporate governance tag and sanctions that may range from N100,000 to about N100 million.

    Regulatory filing calendar of the NSE yesterday indicated that most quoted companies are mandatorily required to submit their interim earnings reports for the nine-month period ended September 30, 2017 on or before the close of work today, October 31, 2017.

    Post-listing rules at the NSE require quoted companies to submit their audited earnings reports, not later than 90 calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.

     

  • Quoted firms have tomorrow as deadline to submit Q3 earnings reports

    Quoted companies that have not submitted their operational reports and financial statements for the third quarter must submit their reports to the Nigerian Stock Exchange (NSE) before the close  of work tomorrow in order to avoid poor corporate governance tag and sanctions that may range from N100,000 to about N100 million.

    Regulatory filing calendar of the NSE at the weekend indicated that most quoted companies are mandatorily required to submit their interim earnings reports for the nine-month period ended September 30, 2017 on or before the close of work on Tuesday, October 31, 2017.

    Post-listing rules at the NSE require quoted companies to submit their audited earnings reports, not later than 90 calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.

    Most quoted companies, including banks, major manufacturers, oil and gas, breweries and cement firms use the 12-month Gregorian calendar year as their business year.  Not less than 83 per cent of quoted companies use the 12-month Gregorian calendar year as their business year.

    NSE tags and applies fines on companies that fail to meet earnings reports’ deadline. The Exchange had on January 1, 2017 launched a new sanction regime for delay in submission of companies’ results. Under the new sanction regime, companies may pay fines that range from N100, 000 to more than N100 million as penalties for delay in the submission of their corporate earnings reports.

    Companies that also delayed their financial statements and accounts face threats of suspension and delisting in addition to the monetary fines.

    Under the rules, quoted companies are required to file their unaudited quarterly accounts with the NSE not later than 30 calendar days after the relevant quarter, and publish it within five business days after the date of filing, in at least two national daily newspapers, and post it on the company’s website, with the web address disclosed in the newspaper publication. Also, an electronic copy of the publication shall be filed with the Exchange on the same day as the newspaper publication. Where the company chooses to audit its quarterly accounts, it shall be required to file such accounts not later than 60 calendar days after the relevant quarter.

  • Implementation of Govt/ASUU agreements yet to begin one-week to deadline

    Implementation of Govt/ASUU agreements yet to begin one-week to deadline

    ANOTHER round of strike is looming in the nation’s universities as Academic Staff Union of Universities (ASUU) counts down to the deadline for the implementation of agreements reached with the government.

    The deal led to the conditional suspension of the university teachers’ indefinite strike action in September.

    The government and ASUU had signed the agreement as a result of the strike embarked upon by the union to press home its demand for the implementation of the memorandum of understanding entered into between both parties in 2013 as well as the 2009 agreement.

    A time line of this month was reached between the government and the unions for the implementation of some components of the agreement, especially the payment of shortfall in salaries and earned academic allowances.

    But some lecturers spoken to informed The Nation that barely one week to the end of the October timeline, the government has not implemented any aspect of the agreement, even when they claimed during negotiation that implementation had begun.

    While suspending their strike action in September, ASUU President Prof. Biodun Ogunyemi had said the union was suspending its action conditionally to pave way for government to begin implementation of the agreement.

    He stressed that the union would not hesitate to resume the action if the government fail to meet its own aspect of the agreement.

    One lecturer, who craved anonymity, said: “The government has not done anything. We have not heard from them and it is just one week to the end of the October deadline. I can assure you that we are warming up and there is the possibility that from November 1, we will resume the suspended action.”

    However, ASUU President, however, decline to say whether or not the union will call out its members at the end of this month, if they are not satisfied with the level of implementation of the agreement.

    Prof. Ogunyemi told The Nation on phone that members of the union will determine the next line of action based on the level of implementation of the agreement reached between the government and the unions.

    He said both parties were making progress in the implementation of the memorandum of understating signed between them, adding that the union is still engaging the government and expressed the hope that the government will keep to their promise.

    He said: “We are engaging them and we are making some few progress and we hope they will keep their promise. Otherwise, our members are ready to activate their action. We are still in October, but we are on our guard.

    “We believe they will follow the process through and implement it fully. That is why we still engage them and we are talking. We are working with them and we hope they will continue to cooperate.”

    Asked whether they will embark on any industrial action at the end of October, he said: “I cannot say whether there will be any action at the end of October or not. It is what our members say that we shall do. I hope I am very clear? Our members shall determine what we shall do at the end of the deadline based on the level of implementation.”

     

     

    The government had promised to meet the demand of the unions with a promise to release about N220 billion to the universities not later than this month to fund the revitalisation of federal universities and the payment of the shortfall in their salaries as well as payment of earned allowances which has accumulated.

    Minister of Labour and Employment, Senator Chris Ngige, who promised that his ministry will monitor the implementation of the agreement reached had told reporters after the conciliatory meeting in September that “we have concluded negotiations, the government and the leadership of ASUU. The ASUU negotiating team and the government discusses salient issues and most of those issues are well-known to the media…”

     

     

     

  • ‘N351b NHIS fraud’: HMOs get deadline on audited accounts

    ‘N351b NHIS fraud’: HMOs get deadline on audited accounts

    The House of Representatives Committee on Healthcare Services has issued a two-day deadline to 35 Health Maintenance Organisations (HMOs) to present their audited accounts.

    Chairman of the committee Chike Okafor, in a chat with reporters at the weekend, said the directive was part of the committee’s investigation into the alleged mismanagement of N351 billion paid to the HMOs between 2005 and 2016.

    He said of the 59 HMOs paid from the National Health Insurance Scheme (NHIS) in the last 11years, only 24 of them made their accounts available to auditing consultants appointed by his committee to ascertain amounts paid to them.

    According to the lawmaker, the committee decided to give defaulting HMOs till Wednesday to make their books available to the auditors.

    This, he said, is to allow HMOs present their own side of the matter.

    Okafor said: “As we announced on the final day of the public hearing on the allegations of fraud in health insurance administration and the maltreatment on enrollees on NHIS, the committee sent auditors to Lagos State to thoroughly scrutinise the books of HMOs.

    “This was done to compare the figures the NHIS said it paid HMOs overtime to what they actually received. So far, the auditors have gone through the accounts of 24 of them, with 35 of these companies yet to meet with those we sent.

    “The NHIS provided us with all the documents to show how much they paid. But we cannot conclude the investigation without checking what the HMOs received and this is why we have given them till Wednesday to allow for a checking of their account.”

    On the three-month suspension of the NHIS Executive-Secretary, Prof. Usman Yusuf and the mandate given to the committee to interrogate the Health Minister, Prof. Isaac Adewole, on the issue, Okafor confirmed that the minister will appear before his committee on Thursday.

  • July deadline for low-sulphur fuel remains unchanged, says NNPC

    July deadline for low-sulphur fuel remains unchanged, says NNPC

    The Nigerian National Petroleum Corporation (NNPC) is working to meet the July 2017 deadline  for switching from  fuel with higher concentration of sulphur to fuel with lower sulphur content.

    Its Group General Manager, Public Affairs Division, Ndu Ughamadu,  said by changing to lower-sulphur fuel, Nigeria wants to start using fuel that creates less toxic fumes as against the current grade of fuel, which produces black smokes with its attendant environmental hazards for the country.

    The NNPC spokesman said the decision to embrace low sulphur fuel was borne out of the need to reduce toxic emission and further join countries that have taken similar steps.

    In an interview with The Nation, Ughamadu said the issue of refining and consuming fuel with low sulphur content is a global initiative and that Nigeria cannot be an exemption. He said NNPC has taken some measures to meet the deadline for conversion into lower-sulphur fuel.

    Parts of the measures, he said, include liaising with reputable environmental protection institutions to ensure proper certification of lower-sulphur fuel and enlightening consumers on the benefits to derive from using the product.

    Ughamadu said: “We, at the (NNPC), are  working with the Standard Organisation of Nigeria (SON), the Ministries of Industry and Environment and other institutions that have quality control as their primary goal.”

    He said fuel has to be examined and certified before being supplied to the market for consumption. “Though the process of converting to lower-sulphur fuel in Nigeria is ongoing, the Corporation is working towards meeting the July deadline set for its introduction into the Nigerian market,” he said.

    He added:“The decision by the Federal Government to change the fuel used in the country from the one that has higher concentration of sulphur to the one with lower sulphur, would bring about a  socio-economic growth. Besides the fact that the idea would help in reducing toxic fumes and improve the wellbeing of the people, it would also assist users and owners of vehicles and other equipment in cutting down wastage.”

    NNPC fuel imports accounted for over 70 per cent of the total fuel Nigeria consumes per day. Also, the Ministry of Environment and the Standard Organisation of Nigeria (SON) have declared their intentions to help NNPC achieve its goal of introducing fuel with lower sulphur into the market. The two institutions have promised to ensure a switch to 150 parts per million (ppm) gasoline and 50 parts per million (ppm) diesels. Parts per million, is a measurement used in measuring the quality of the fuel produced in the country. Based on this, Nigeria will be joining South Africa, which currently use low sulphur grade diesel of 50ppm.

  • Candidates seek extension of registration deadline

    Candidates seek extension of registration deadline

    Candidates applying for the 2017 Unified Tertiary Matriculation Examination (UTME) have pleaded for extension of registration deadline following what they called”rigorous registration process”.

    Many of them, in conjunction with other stakeholders, are now calling for the extension of the examination beyond its February ending deadline.

    “I’m tired,’ said one of the candidates at the Joint Admissions and Matriculation Board (JAMB)registration centres called Connexion in Iyana Ishashi on Thursday.

    “I’ve been coming here since Monday, but the crowd is too much. You can see what is happening today too,” she said pointing to the horde of candidates on cue for registration.

    “I arrive on time today but you can see how large the crowd is. If it has taken me a week or two to complete the registration, when will I start reading for the exam?” she asked our reporter rhetorically.

    Another candidate, who introduced herself as Ramat, said she would rather go home and come back this week. She hoped the pressure will have reduced.

    “I can’t stand this pressure. I am asthmatic and there is so much dust everywhere,” Ramat lamented.

    Candidates keep besieging some of the designated JAMB registrations centres every day.

    The Nation learnt that after parting with the mandatory N6,200 for the examination form, creating an e-mail and a personal profile on JAMB’s website, only a handful were able to generate the Personal Identification Number (PIN) code due to poor internet service.

    However, the stringent but slow process the registration has taken is now making many to wonder if the examination body will meet the deadline for registration.

    This development, The Nation learnt, is also creating a friction between JAMB and bank officials over accusations and counter accusations following the slow pace of internet.

    A candidate, who visited JAMB registration centre in Festac Town, Lagos, alleged that due to the huge number of candidates, some of the officials connived with bank officials to extort money from frustrated candidates to have them registered on time.

    “It is not compulsory (to pay) but many candidates here are doing it because we are all frustrated. If you have to pay N1000 or N2000 to do your registration, is it not better than coming here to waste your precious time every day?” the candidate said.

  • Reps issue deadline for Eurobond, Committee reports

    The Speaker of the House of Representatives, Yakubu Dogara yesterday issued an ultimatum for the submission of reports on the request of the Federal Government for a resolution of the National Assembly for the issuance of $500 million Eurobond in the International Capital Market (ICM) for the funding of the 2016 budget deficit.

    Speaking yesterday at plenary, Dogara  said the House Committee on Aids, Loans & Debt Management should submit the report on the  $500 million Eurobond request by  March 7 to enable members debate and if necessary adopt its recommendations.

    The committee is headed by Olayinka Ajayi (APC Osun).

    The Federal Government had requested for a resolution of the National Assembly for the issuance of $500 million Eurobond in the ICM for the funding of the 2016 budget deficit.

    The request was contained in a letter signed by the Acting President Prof. Yemi Osinbajo and addressed to the Speaker of the House of Representatives.

    According to the government’s letter, in line with the requirement of securities issuances in the ICM, a specific resolution of the National Assembly is required as a firm confirmation of the approval of the Legislature for the Federal Government of Nigeria to borrow the $500 million through the issuance of a Eurobond Debt Instrument in the ICM.

    Also, the Speaker at plenary yesterday announced tomorrow as deadline for the reports from standing committees of the House on the 2017 budget Defence sessions held with Ministries, Departments and Agencies (MDAs)

    The Green Chamber had earlier announced February 24 deadline for the submission of the reports on budgets from the various standing committees. However, many of the committees could not meet the deadline.

    The House had twice suspended plenary to allow committees have robust budget defence sessions with the MDAs under their supervision, with the hope that they would also have adequate time to prepare and submit their reports.

    The budget session reports which were meant to be submitted to the House Committee on Appropriations, According to the Speaker, Is holding up further deliberations and forward movement in the consideration of the 2017 budget.

  • Ondo contractors rush to meet deadline

    Contractors in Ondo State are rushing to meet deadline of projects ahead of the February 24 handover.

    It was gathered that the government had released funds for their completion .

    The accident-prone ‘Okealabojuto hill’ in Ikare-Akoko and the Okeagbe-Arigidi- Ikare Road are now receiving prompt attention.

    Another project is the Ajowa-Ikaram -Erusu-Arigidi-Ikare Road awarded over four years ago.

    On Okealabojuto and Ajowa roads, contractors were on site, leading to speculations that the projects may be inaugurated before the exit of the Olusegun Mimiko administration.

    Similar work is going on at the Oba-Ile- Akure -Airport Road, where contractors are working to beat the deadline.

    A community leader in Okeagbe, Owolabi Abannikanda, said completion of the projects, including Okeagbe-Arigidi- Ikare Road, would excite the people and serve as parting gift for residents.

    Another community leader in Afin-Akoko, Ibrahim Kilani, bemoaned the neglect of Okeagbe- Afin- Eshe to Ogbagi Road, which was awarded by the late Adebayo Adefarati’s administration and re-awarded by the late Olusegun Agagu’s administration and abandoned since then.

  • That December deadline on Boko Haram

    SIR: Lieutenant General Tukur Buratai, Nigerian Chief of Army Staff on Sunday December 4, urged the gallant Nigerian Army to embark on the final offensive action and a comprehensive sweep of the operational theatre in the North-east with a view to ending the war against Boko Haram on a high note.

    On a similar note, President Muhammadu Buhari, on Tuesday December 6, while speaking at a panel of Heads of State in Dakar, Senegal, at the Third Dakar International Forum on Peace and Security in Africa, assured the international community that the security situation in Nigeria has improved significantly – thus the end of Boko Haram terrorists was in sight. The two generals are not mincing their words; it is a show of political will from the political class and determination from the Nigerian Army to defeat the terrorists.

    While some people have questioned the feasibility of completely clearing the remnants of Boko Haram terrorist in the northeast by December, majority of the people in the northeast have confidence in General Buratai; his gallant officers and President Buhari’s political will to win the war against Boko Haram. They are very happy with the level of success recorded by the military so far. The people of the northeast are experiencing the difference between the former administration’s sloppy handling of the war and the doggedness and commitment being shown by the Buhari government.

    Anyone who comes to the North-east now will see the obvious resolve of the Nigerian army to win the war; confidence on the faces of the soldiers on ground. The number of war planes and their activities in skies especially from Yola airport will certainly tell any doubting Thomases that Buratai and his men are matching President Buhari’s words with action.

    Now Boko Haram is being chased out of villages and their camps in bushes, unlike before when they were capturing big towns and annexing local government areas and renaming them. Boko Haram is no longer holding a single territory in the 774 LGAs in Nigeria. This is a sweet thing to hear and every Nigerian should give Buratai and his men a pat on the back.

    The people of the northeast are with Buratai, because they now see the Nigerian soldiers are very confident; fully kitted; well-armed and tackling Boko Haram head on. The people of the Northeast are appreciative of Buratai’s approach to the war- because now, the rights of people and their humanity are always protected by the soldiers while the war rages on. People now see the military as their shield and protectors unlike before when they feared both Boko Haram and the military.

    Buratai and his men have a resolve to clear remnants of Boko Haram by December, the people of the North-east are happy and have strong confidence in Buratai, the feet on the ground and the commander-in-chief.

     

    • Zayyad I. Muhammad,

    Jimeta, Adamawa State.

  • JAMB gives Nov 30 deadline for admissions

    The Registrar of the Joint Admissions and Matriculation Board (JAMB), Prof Is-haq Oloyede, has said the Board would ensure the conclusion of the 2016/2017 admission into tertiary institutions by the approved deadline of November 30.

    Oloyede, the immediate past Vice-Chancellor of the University of Ilorin, gave this assurance last Monday while declaring open the 2016 Technical Committee Meeting on Admission into the First Choice of Institutions at the Bayero University, Kano.

    At the meeting attended by Admission Officers of tertiary institutions in the country, Oloyede assured them that the Board would not usurp their powers to admit.

    The JAMB Registrar said admission would only be based on specified national policies.

    “It must be made categorically clear that the task of JAMB is coordination and not substitution of the traditional responsibilities of the Senates/Academic Boards of tertiary institutions.

    “Consequently, no candidate must emanate from any other source (JAMB inclusive) outside the list prepared and recommended by the institutions. JAMB has the right to reject candidates for non-compliance with extant rules and regulations but will not be allowed to substitute or originate any names without the prior concurrence of the institutions” he said.

    Oloyede listed the national policies to include: guidelines stipulated by the proprietors of the institutions; 60:40 (Science/Arts) ratio for conventional universities; 80:20 (Science/Arts) ratio for non-conventional universities; 70:30 (Technology/Non-Technology) ratio for National Diploma Awarding Institutions;  Use of 2016 JAMB UTME results printouts for all candidates who scored 180 and above;  adherence to subject combinations of various courses as specified by the Senate/Academic Board and included in the 2016 UTME Brochure;  adherence to the 2016 Admissions Quota as prescribed by the regulatory bodies (NUC/NBTE/NCCE); and for Federal universities, the criteria stipulated by the Federal Executive Council concerning Merit, Catchment and Educationally Less Developed States.

    “In the discharge of this national assignment, it is important that we act with focus on what is beneficial to the largest number of Nigerians. We must avoid adding to the burden of the masses of our people who rightly yearn for higher education as a veritable means of active participation in public life,” he further stressed.

    While urging Admission Officers to work hard and exhibit commitment, synergy and cooperation between JAMB and their various institutions, Oloyede assured them that he would strengthen the work of his predecessors, especially Prof. ‘Dibu Ojerinde, who lifted the Board to an enviable standard of international repute.