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Tag: firm

  • Firm faults govt’s take-over of Cross Country boss’ trial

    Firm faults govt’s take-over of Cross Country boss’ trial

    A firm, AG Moeller Limited, has faulted the Federal Government’s bid to take over the trial of Cross Country Limited’s Chief Executive Officer Bube Okorodudu.

    The Economic and Financial Crimes Commission (EFCC) charged Okorodudu, Cross Country and Car Link Limited with nine counts of conspiracy, stealing and forgery at the Lagos State High Court.

    It accused them of stealing N82.8 million through the fraudulent sale of 17 units of Volkswagen Transporter buses belonging to AG Moeller, which they denied.

    The Federal Government, through the office of the Attorney-General of the Federation (AGF) and Minister of Justice Mohammed Adoke (SAN) had sought to take over the trial.

    The AGF’s office, in a letter to the EFCC by the Federal Director of Public Prosecution, Akin Akintewe, had demanded to takeover the case with the view to forming an opinion on what to do considering the existence of a sister case at the Federal High Court in Lagos involving Okorodudu.

    Subsequently, an order was obtained during the Lagos High Court’s long vacation empowering the AGF to take over the case.

    But AG Moeller’s President and Chief Executive Officer, Kemi Adeloye, in a petition to Adoke, insisted that the AGF lacked the constitutional power to take over the case filed under state laws.

    Adeloye said given Adoke’s antecedents of outstanding success in the legal profession, he (the petitioner) had every reason to believe that the AGF was wrongly briefed by his officers as to the facts of the case.

    According to him, there had been a court decision that the charge against Okorodudu and his companies was not an abuse of court process.

    Adeloye, who insisted that there is no other authority that can be superior to the courts, argued that Akintewe’s letter to EFCC demanding to take over the case was done in utter contempt of court.

    To him, the Federal prosecutor arrogated to himselve the power of adjudication when reaching the conclusion that the charge is an abuse of court process, as against the subsisting ruling delivered by Justice Lawal Akapo of the Lagos High Court on May 26.

    Adeloye alleged there is a bid to frustrate and lay a foundation for eventual failure of the case, thereby denying him justice for the alleged fraud committed against him and his company.

    He added that despite two bench warrants issued by Justice Akapo, Okorodudu had allegedly refused to appear for trial, adding that it would be absurd for the AGF to be associated with an absolute illegality.

    Adeloye, therefore, urged Adoke to investigate the circumstances of Akintewe’s letter to the EFCC demanding to take over the case.

    He further wants the AGF to direct Akintewe to immediately cleanse himself of alleged contempt of court by retracting the September 4 letter.

    Adeloye also urged Adoke to initiate the process of vacating the order empowering the AGF to take over the case because vital facts were allegedly concealed before it was made.

  • Firm, ministry partner on hybrid sorghum development

    Nigerian Breweries Plc has signed a Memorandum of Understanding (MoU) with the Federal Ministry of Agriculture and Rural Development (FMARD) to collaborate on the development and commercialisation of sorghum as part of its sustainability programme.

    Speaking at the ceremony, which took place at the minister’s conference room in Abuja, the Chairman of Nigerian Breweries Plc, Chief Kola Jamodu said the company has invested heavily over the years in the research and development of hybrid sorghum aimed at improving sorghum productivity through breeding and selection programme.

    He expressed optimism that the partnership  will further expand and strengthen the company’s efforts in developing the sorghum value chain in Nigeria.

    Jamodu pledged the commitment of Nigerian Breweries to deploy the high yield hybrid sorghum seeds for large scale commercial production to support the agriculture transformation agenda of the federal government. He praised the  Minister of Agriculture and Rural Development, Dr Akinwumi Adesina, for his focus and commitment in driving the agriculture transformation agenda, pointing out that the initiative has recorded commendable success so far.

    He pointed out that Nigeria has no business depending on food importation hence the need for backward integration. He stated that the ban on barley importation in the 1980s and 1990s made the company to seek for local alternatives; this was what formed the basis for the research into local alternatives. Even after the ban was lifted, the chairman said the company maintained its stand on sourcing local substitute for barley.

    As a result of the backward integration which he describes as “the only way we can create jobs,” Chief Jamodu stated that 250,000 jobs have been created as a result of the introduction of the new hybrid seeds.

    Responding, Dr Adesina welcomed the partnership and thanked the company for its efforts in developing the sorghum value chain, especially the research and development of hybrid sorghum seeds.

    He also applauded the commitment of Jamodu to the development of the country’s economy through his selfless service at the Manufacturers Association of Nigeria (MAN) and as a member of the National Economic Management Team.

    The minister, who described himself as “a great fan of Maltina” (one of the products of Nigerian Breweries) said agriculture, is serious business because elsewhere like in the US “farmers are some of the richest people around” pointing out that we have no business importing food because we have all the potentials – sunshine, cheap labour, diverse ecological environment and rivers  to be self-sufficient.

    He applauded the research done by the company which produced the hybrid seeds that opened new windows of opportunities for Nigerian farmers because sorghum is no longer a subsistence seed, but one needed by industries “which is one of the best ways in creating jobs for Nigerians.”

    By adding value to Nigerian farmers, Adesina also commended the company for its ongoing research in using cassava syrup to replace sugar. The hybrid seeds increased farmers yield from 0.5 tonnes to 4 million metric tonnes in less than two years and presently 2.5 million farmers will have access to the seeds as the Ministry and Nigerian Breweries organise them into buying clusters where they can have easy access to purchase the seeds.

    The Minister reiterated his commitment to the agriculture transformation agenda and the preparedness of the Ministry to involve credible stakeholders in the development of the sorghum seed sector, as well as provide seed companies access to finance through the Seed Venture Capital Fund (SVCF).

  • Firm unveils online portal

    To infuse new standards  into shopping, a fashion e-commerce platform, Traclist, has upgraded its portal to provide its customers with unique online experiences.

    The platform, designed to ease   fashion shopping, would create seamless connections between merchants and buyers of local and international labels.

    The portal shows customers can register and log into personal accounts with opportunities to add various products from diverse fashion merchants into one shopping cart. The e-commerce platform also provides customers with an all-in-one comprehensive two to  five days’ delivery service via its logistics partners to destinations nationwide.

    Traclist’s Managing Director, Traclist, Mr. Emotu Balogun, said: “We are introducing a unique and superior customer experience to lovers of fashion, which will deliver a proper online marketplace with a guaranteed return policy like never before.”

    It provides a rounded service where customers, subscribers and followers of the brand can access a self-styled fashion professional for tips on mixing colors and dress combinations.

    The portal is a niche online fashion marketplace, which supports local and international products from Small and Medium Enterprise (SMEs) in the industry.

    Other offerings on Traclist include products ranging from sport gears to fragrances, shoes and flats, shirts, accessories, fashion adjacent in men and women clothing among others.

    Adolescents and children also have colourful varieties of casuals and sport collections provided on the Traclist e-commerce platform.

  • Institute, firm sign MOU on membership drive

    The Nigeria Deposit Insurance Corporation (NDIC) has said that it is working on achieving a no policy, no cover policy for the Nigerian financial sector.

    NDIC Managing Director, Umaru Ibrahim said the corporation, HAS included in the ongoing amendments to its Act, a section that will empower it to cover only institutions that have paid their premium.

    He said the implementation of such act, will enable it plug some loopholes and ginger the insured firms to pay their premium promptly.

    He said the Corporation is also working on establishing a ‘Resolution Fund’ that will enable it create more buffers to handle cases, should a bank fail.

    The NDIC covers all deposit taking financial institution licenced by the Central Bank of Nigeria (CBN). These include Deposit Money Banks, Microfinance Banks, Primary Mortgage Banks (PMBs) and Non-Interest Bank. The NDIC currently provides deposit insurance cover to 24 commercial banks, 880 microfinance banks, 77 primary mortgage banks and one Non-Interest Bank.

    Ibrahim explained that NDIC collaborates with the CBN for effective banking supervision, adding that such would protect depositors, foster monetary stability and promote effective and efficient payment system, as well as ensure innovation and competition in the subsector.

    He said the Corporation has for several years, carried out these tasks which have resulted in the   reduction in examination cycles of banks and led to minimal disruptions in the payment system.

    He advised PMBs to adhere to recommended corporate governance practices, based on effective and sustainable risk management practices as instituted by the regulatory authorities.

    “Weak corporate governance and risk management frameworks could result in risky behaviours by PMBs, which could in turn result in the creation of huge toxic assets and ultimately put insured deposits at risk.”

    He lamented that the supervisory authorities were deeply concerned about the build-up of toxic assets of micro finance banks, which stood at about 45.70 per cent as against the prescribed maximum of five per cent, while hinting that the corporation’s attention is now being focused on both Micro Finance Bank and PMB sub-sectors so as to address the emerging challenges.

    He, however, advised that PMBs should be interested in enhanced risk management standards because some mortgage portfolios are on a predominantly variable rate and therefore highly sensitive to interest rate fluctuations.

    He said: “For instance, an increase in interest rate could make mortgage repayment difficult and result in default which may give rise to toxic assets. Furthermore, new mortgages could become less attractive for consumers’ due assets.

    PMBs should be able to assess a consumer’s ability to continue with mortgage repayments in the case of an interest rate rise. A lack of thorough and effective assessments could pose a major risk for many PMBs.”

    Ibrahim stated that the corporation and the CBN were making concerted efforts to ensure that risk management issues in the financial system were continuously addressed via rapidly developing capacity in the implementation of Basel II and III.

    The maximum deposit insurance coverage was increased from its set level of N50,000 at inception to N200,000 in 2006. In 2010, it was further raised to N500,000 for commercial banks.

  • Firm hosts forum on financial literacy

    IN its quest to attract more Nigerians to the capital market, InvestData Consulting Limited, has concluded plans to organise a workshop in Abuja and Lagos respectively.

    Justifying the need for the talk shop, the firm in a statement made available to The Nation said, it is to boost financial literacy in the country and equip Nigerians with knowledge about how they can generate additional income in a changing stock market.

    In line with this goal, the firm said it would on September 27, hold a workshop in Abuja with the theme, ‘Winning strategies for professional traders and investors in good or bad times on the Nigerian stock market.’

    It explained that the theme was chosen “in view of the current market trend and the opportunity of a bullish run.”

    To ensure that the event achieves its goal of attracting more investors to the stock market and equipping them to do business on the Exchange on a sustained basis, top professionals had been invited to provide training for participants.

    Among the resource persons expected at the forum is Head, Capital Market at TRW Stockbrokers Limited, Mr. Abdul-Rasheed Momoh and he is making a presentation tagged: ‘How to make money in equity investment using technical analysis to enter, exit and manage money.’

    Besides, a secondary commodity market analyst, Mr. Ekwueme Anaydibe, who runs a consulting firm in Bulgaria, is expected to speak on ‘How to filter the noise in the market and identify the direction of smart money in the market and specific stocks, using technical analysis.’

    The Chief Research Officer, InvestData, Mr. Ambrose Omordion, is also expected to provide training on how to blend fundamentals and technical analysis to generate income from the changing stock market.

  • Firm unveils American wines

    A FIRM American Wine Depot Limited has unveiled some quality wines manufactured by Bronco Wine Company, California, United States in Lagos.

    The wines include a brand range of Coastal Ridge Hill and Douglas Hill. The former are Cabernet Sauvignon (red), Melot (red), white Zinfandel (Rose) and Riesling (white). The latter are Cabernet Sauvignon(red), Shiraz (red), Chardonnay (white) and Sparkling wine Brut (champagne).

    According to the firm’s Managing Director, Kayode Olomada, ‘’Customers demand over the years for high quality American wine has been on the rise and American Wine Depot Limited is positioned to satisfy this need.”

    He said the wines are good for health, relaxation and refreshment.

    He said the wines, which are sold in 65 countries, are specially produced for high class hotels, shops/stores and not just for across the counter sale.

    He said: ‘’Bronco Wine Company has become a major wine source to the California wine industry and is recognised as the fourth largest winery in the United States. Its quest for quality begins with vineyard development and continues to grow into areas, such as premium bulk wine contracts, research and development, brand development, marketing and distribution.’’

    Olomada said there were plans to start the production of the wines in Nigeria in two years to create employment for Nigerians.

    At the activation were the Commercial Attachee, United States’ Mission to Nigeria, Janelle Santerre Weyek, who described the wines as good. She said taking the wine made her feel at home, noting that they are one of her favourites. She also said it is the responsibility of her office to ensure that Nigeriansd have a good business relationship with Americans

  • Firm introduces immune booster

    Firm introduces immune booster

    To improve lives and ensure longevity, Organic India; a wellness company has introduced 26 immune boosting products in the country.

    This, Organic India, Managing Director, Dr Felix Adeduro, said would stop preventable deaths from diseases.

    Speaking at the launch in Lagos, Adeduro said the spate of deaths from preventable diseases prompted the introduction of the products by the company.

    He said: “It took four years for the company to get the approval from the Indian government to export the products into Nigeria. The products would help people strengthen their immunity. The immune system can be strengthened against viral and bacterial infections. Products, such as Tumeric formular; Bowel care; Liver-Kidney care; Ashwagandha, which inhibits and retards tumours, can reduce chronic fatigue, among others.”

    Adeduro said the plants used for the production of the products are cultivated naturally, without fertilisers or pesticides, “Every product is contained in glass bottles to avoid chemical interactions as it happens in plastic bottles, which reduces the organic potency of drugs.”

    According to him, the products were approved by the World Health Organisation (WHO); United States Department of Agriculture (USDA); European (EU) Organic Certification; National Agency for Food, Drugs Administration and Control (NAFDAC).

  • Estate firm unveils programme in Lagos

    3Invest Limited,the continent’s largest online platform and information platform for the real estate sectoron Wednesday 27 August, 2014 hostedmedia representatives to a conference and brunch at Victoria Island Lagos, to officially launch Real Estate Unite 2014—the International Business-to-Business event that convenes players from across Africa’s real estate industry. The event is scheduled to take place from 2 – 3 October 2014 at the prestigious Intercontinental Hotel in Lagos.

    Speaking at the press conference, Ruth Obihwho is Chief Executive Officer of 3Invest,said with Nigeria’s rebased GDP, the sub-Saharan real estate market presents an attractive investment opportunity; a portfolio which currently accounts for about 7.6% of the nation’s GDP but can be as much as 40% if better mobilized.

    “This is what we are seeking to do at this year’s event through the theme, ‘Igniting the F.I.R.E, where lies the key?” she said.

    The theme represents key factors 3Invest have identified over the years as having the potential to catalyse the industry’s growth.  The “F” represents Finance, the “I” represent Infrastructure, “R” represents Red-Tapism while “E” represents Education.

    Also speaking at the event was Peter Bamkole, Chairman of the Real Estate Unite Advisory Board and Director of the Enterprise Development Center, Pan-Atlantic University. “Real estate is a major contributor to employment in the country,” he said. “The more we are able to provide jobs, the less the likelihood that we are going to have uprisings.”

    The launch also witnessed the introduction of the Health Care Real Estate Forum which will be part of the event in October, 2014.

    “As a forum that is responsive to growing trends in the industry, we knew it was time to bring to the forefront a new market opportunity when we were suddenly faced with the outbreak of the Ebola virus in Lagos and West Africa at large,” Obih said. “With the infrastructural challenges of providing medical services to the infected, exposed and others, I knew that at Real Estate Unite, we had to focus on healthcare real estate or simply put, the future of care from the real estate perspective.”

  • Firm to partner govt on housing

    A firm, Saniif Property Nigeria Ltd, is to partner Kogi State government in the building of housing estates for its workforce.

    The marketing manager of the firm, Mr. Abdulrahman Dansebe, who spoke yesterday in Lokoja, said the firm decided to partner government because it could not meet the housing needs of the people without support from the private sector.

    He said: “The management of the firm has studied the transformation agenda of the Wada administration and the bill on Public Private Partnership (PPP) signed into law by the governor, which has allowed the private sector to work with the government in achieving its objective of providing the dividends of democracy to the people.”

    Dansebe said the firm’s management workers have met officials from the Ministry of Land to decide where the estate would be located.

  • Firm introduces smartphone

    TECNO Mobile, a brand under TRANSSION Holdings,has unveiled what it described as the Smartphone of the year – Phantom Z.

    The event, held at the Sheraton Hotel, elicited excitement as 10  won a Phantom Z each.

    Deputy General Manager, TECNO Mobile, Mr. Chidi Okonkwo, said the entrance of Phantom Z was a milestone because it offers superior features for Smartphone users.

    He said: “Phantom Z is about to revolutionalise how Smartphone is being used in Nigeria. It also comes with a data bundle from MTN, Etisalat, Glo and Airtel.”

    The Phantom Z is in  competition with Samsung’s newest revelation, Samsung S5.

    The Head of Public Relations, TRANSSION Holdings, Mounir Boukali, said: “What we have seen in Nigeria is an increased adoption of TECNO Mobile’s Smartphone products, the Phantom A+ was a huge success in Nigeria and we believe Nigerians are ready for a high-end Smartphone experience.”