The Nation Newspaper

Tag: drops

  • ECA drops to $3.593b in October

    ECA drops to $3.593b in October

    The three tiers of government have crashed savings in the Excess Crude Account (ECA) to $3.598 billion.

    The drop in the amount saved in the ECA was as a result of the withdrawal of $1 billion authorised by President Goodluck Jonathan to augment what is to be shared by the three tiers of government for the month of October.

    The withdrawal from the ECA to be shared in October is a departure from the agreement reached by the tiers of government that says as from August 2013, only actual accruals into the Federation account would be shared at the Federation Account Allocation Committee (FAAC) meetings.

    President Goodluck Jonathan was said to have authorised the withdrawal as a result of the dwindling fortunes from crude oil sales. The approval by the President for the withdrawal from the ECA, was reported to have excited the states as they have been groaning under tight financial strait following the from the oil revenue generation.

    News of the withdrawal from the ECA was made known by the Chairman of Commissioners Forum, Timothy Odaah yesterday at the end of the monthly FAAC meeting in Abuja, yesterday.

    He said: “The allocation for October 2013 was the worst in the year”, urging that states ahould re-alignment their expenditure by focusing on priority projects. He expressed appreciation to President Goodluck Jonathan for approving the release of the $1 billion from the ECA.

    Earlier, the Chairman of FAAC and Minister of State for Finance, Dr Yerima Lawan Ngama, said the federal, states and local governments shared N568.41 billion from the Federation Account for October.

    A breakdown of the amount showed that the Federal Government received N213.82 billion, state got N108.45 billion, while local governments had N83.61 billion for October.

  • NELSON MANDELA CHALLENGE: Keshi drops Enyeama

    NELSON MANDELA CHALLENGE: Keshi drops Enyeama

    SUPER Eagles goalkeeper, Vincent Enyeama, has been dropped from Coach Stephen Keshi’s plans for next month’s high-profile international friendly against the Bafana Bafana of South Africa.

    The Big Boss who unveiled his squad on Wednesday named the duo of Austin Ejide and Chigozie Agbim as his preferred goalkeepers to be in-between the wood work for the tie at the Moses Mabhida Stadium, Durban on August 14.

    Interestingly, Locomotive Moscow’s Victor Obinna Nsofor is set to make his much awaited Eagles return under the Big Boss, as his name was included in the list.

    AFCON 2013 top scorer, Emmanuel Emenike is also making his return to the squad for the first time since Nigeria’s feat in Johannesburg.

    Recalled, Emenike played in Spartak Moscow’s 2-1 victory over Krylya Sevetov last Sunday in the opening games of the Russian Premier League.

    Shola Ameobi decision to have his Eagles no show clause terminated by Newcastle has earned him a place in the Eagles squad. The bulky striker is set to make his second cap for the Eagles after his debut in an international friendly against Venezuela.

    Former junior international forward Uche Nwofor, of VVV Venlo in the Netherlands, is a surprise invitee in a list dominated by the squad that represented Nigeria at last month’s FIFA Confederations Cup tournament in Brazil.

    Coach Keshi has placed three Nigeria Professional Football League stars of Benjamin Francis and Solomon Kwambe and Muhammad Gambo on standby with little known Norway-based Samuel Aaron.

    The annual Mandela Challenge contest at the Moses Mabhida Stadium is in honour of ailing former South African President, Dr. Nelson Mandela, one of the world’s greatest statesmen.

  • Transcorp’s net profit drops by 57%

    Transcorp’s net profit drops by 57%

    Transnational Corporation of Nigeria (Transcorp) Plc suffered a major reversal in its last year operations year as sluggish sales compounded high costs to shave off more than N3.3 billion from the net profit of the conglomerate.

    Audited report and accounts of Transcorp for the year ended December 31, 2012 showed that net profit after tax slumped by 56.8 per cent from N5.86 billion in 2011 to N2.53 billion in 2012. The decline depressed earnings per share from 7.74 kobo to 4.38 kobo.

    The report showed a top-down negative performance with marginal decline in sales magnified down the line by external and internal costs. Turnover dropped slightly from N13.90 billion to N13.24 billion. Gross profit slipped from N10.44 billion to N9.77 billion while operating profit dropped from N4.59 billion to N3.76 billion.

    Substantial increase in interest income moderated equally significant increase in interest expense, mitigating the adverse impact of the conglomerate’s huge debt exposure. Finance income jumped from N276.67 million to N1.04 billion while finance cost rose from N261.32 million to N860.25 million. With these, profit before tax dropped from N4.61 billion in 2011 to N3.95 billion in 2012.

    Transcorp is seeking to recapitalise its business through a rights issue of 12.91 billion ordinary shares of 50 kobo each at N1 per share. The rights issue, pre-allotted on the basis of one new share for every two held, is expected to close on Friday.

    The net proceeds of the rights issue estimated at N12.52 billion would be used mainly to refinance the loan taken to acquire its power business-Ughelli Power Plc. About 79 per cent of the net proceeds amounting to N9.84 billion would be used to refinance Ughelli Power. The conglomerate would use N1.63 billion, 13 per cent of net proceeds, for exploration and development of its oil block, Oil Prospecting Licence (OPL) 281.

    The balance of N1.05 billion, representing 8.0 per cent of net proceeds, would be used to develop new hotels Port Harcourt and Lagos; in order to boost the conglomerate’s hospitality business in the South-South and South-West of Nigeria.

    Chairman, Transnational Corporation of Nigeria (Transcorp) Plc, Mr Tony Elumelu, in the rights circular to shareholders, said the recapitalisation was in recognition of the need to reposition the company for future challenges and business opportunities.

    He said the company’s vision is to create sustainable value for its stakeholders in its chosen markets.

    “In order to realise this long-term objectives, the company is making every effort to identify and take advantage of every investment opportunity that will complement its long-term strategic objectives. We will continue to look out for investment opportunities that will enhance value creation for our stakeholders,” Elumelu said.

    He urged shareholders to pick up their rights in order to continue to enjoy the full benefits of their investments pointing out that the company’s future holds plenty of interesting opportunities as it would continue to achieve progressive levels of success in all areas of its business.

     

  • Xstar Justice drops new single and Video No Be Me Na God

    Xstar Justice drops new single and Video No Be Me Na God

    ESTHER Justice is a definition of a woman with many hats. A fashion designer, interior decorator, she also has passion for gospel music. The member of evergreen evangel voices of The Redeemed Evangelical Mission, who goes by the stage name Xstar Justice, has just dropped her debut single No Be Me Na God and a video to follow up.

    Since dropping the single the Abia State born singer has been a different person because she no longer walks the street of Lagos unnoticed as the audio and video which was produced and shot by frontline gospel act and producer, Akin Alabi has been making waves on major radio and TV stations across the country.

    Revealing the message behind her lyrics Xstar said, “No matter the level you think you’ve attained in the society, it’s God who have blessed you with talent and given you the opportunity to be seen or heard. And that same God can do it for someone else but He chose you”.

    She added, “There are things that have happened to me which I could never have handled if not for God in my life. Growing up wasn’t easy. But today I have a company of my own. I’m an employer of labour. My life is indeed a testimony. I am dedicating No be Me Na God to everyman who is going through one situation or the other. Just hang onto God he will see you through. And to those who have made it in one way or the other, I want to remind them that No be you na God.

    Xstar is currently working on her album which she hopes will drop before June.

    The CEO of Dee Xtraz international, she was born into the family of Late Mr. & Mrs. Justice Ukpabi both from Ikwuano-Oboro Local Govt area of Abia State. She had her primary school in Kaduna from where she proceeded to Lagos for her secondary education and further went on to acquire a diploma in desktop publishing.

  • Sammie Okposo drops Praise Party Video

    Sammie Okposo drops Praise Party Video

    SENSATIONAL gospel act, Sammie Okposo is starting the New Year on a good note. Amidst some of his colleagues in the gospel music industry, Okposo recently shot the video for one of the songs on his latest album, Praise Party.

    Speaking on what inspired the Praise Party song as he is about to release the video this week, Okposo said “I looked around and discovered that as Christians, we want to be able to dance, have fun and still keep the environment sane and clean but this is not an easy thing to do because all the groovy beats and songs out there that we would really love to dance to all have very unclean lyrics.”

    Celebs present at the Praise Party music video shoot were Eric Arubayi, Bouqui, Nikki laoye, Anny, DJ Gosporella, Ochuko Usifo, Onos, Pflo, Xplicit Dance Crew, Duby, Gospogroove and lots more. The video was directed by T frizzle and co-directed by Sammie Okposo.

    Praise Party is part of the 15 tracks on Okposos’s album released last year with an album launch concert in Lagos and Abuja featuring American gospel star, Dietrik Haddon. The buzz created by Okposo’s album release concert, especially via the new media, made it one of the most anticipated albums of 2012.

  • Oluseyi drops Bamijo

    Oluseyi drops Bamijo

    MUSIC act, Oluseyi Solagbade, has finally dropped his much awaited album, Bamijo (Dance with Me). The Afro Gospel album, released after his USA tour in December 2012, is a 12 tracker with heavy percussive idioms presented under free style wind and string instrumentation.

    “The new album is a result of God’s intervention in my life. It is simply an invitation for people to come rejoice with me because I was once blind and now can see,” says the artiste who is also the leader of the Black Face band

    Bamijo is the fourth album from the easy going artiste, coming after Matuwo, Black face and No King as God. Oluseyi revealed that he is working diligently on the video for the title track, Bamijo, even as he had shot some of it in his just concluded USA tour.

    “My music is a fusion of different genre of music in Africa. I can conveniently say it is what we call pandiatonism, a combination of chords. So am just using that idea to create new kind of music style. To me, originality is a basic phenomenon; when your music is original your art will definitely be a futuristic one,” he further explains.

    Also, his monthly gig, ‘Art Café with Oluseyi’, is billed to resume very soon in collaboration the French Cultural Centre. The inspirational groove that will serve as ‘hypnotherapy’ to everyone is a platform to promote authentic music in all artistic forms, the artiste says.