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Tag: firms

  • EFCC charges firms, directors for duping bank of N7.8b

    EFCC charges firms, directors for duping bank of N7.8b

    The Economic and Financial Crimes Commission (EFCC) has accused two oil service companies and their directors of defrauding a bank  of over N7 billion.

    It filed charges against the directors, Ogbor Kehinde Eliot, Godwin Okoronkwo, and the oil firms, Danium Energy Services Ltd and Petrosol Energy Ltd, at the Federal High Court in Lagos.

    The commission said they allegedly defrauded the bank of N7,802,649,000.

    The agency said they presented forged documents to the bank after claiming to have been awarded multi-billion naira contracts by Total Nigeria Plc.

    The defendants claimed they got contracts to supply thousands of metric tonnes of diesel and needed funding.

    EFCC, in the charge signed by prosecuting counsel Rotimi Oyedepo, said the four, on or about October 5, last year, in Lagos, with intent to defraud, conspired to induce the bank to deliver N1,573,146,000 to Danium Energy Services.

    The commission said it was under the false pretense that Total Nigeria Plc contracted Danium Energy Services to supply 10,000 metric tonnes of Automotive Gas Oil (AGO) for N1,990,440,000.00 .

    EFCC said the accused persons, on November 15, last year, with intent to defraud, induced the bank to deliver N1,573,146,000 to Danium Energy Services.

    The commission said Eliot and Danium Energy Services on or about January 30 in Lagos conspired to induce the bank  to deliver N3,339,225,000 to Danium Energy Services.

    EFCC said they claimed that Total Nigeria Plc, through a letter dated January 30, contracted Danium Energy Services to supply 15,000 metric tonnes of Automotive Gas Oil (AGO) for N4,103,100,000.

    Eliot and Danium Energy Services were alleged to have collected the N3,339,225,000 from the bank on February 3.

    The prosecution said on February 9, Eliot and Danium Energy Services allegedly conspired to induce the bank to deliver N2,890,278,000 to Danium Energy Services.

    According to EFCC, they pretended that Total Nigeria Plc, vide a February 9 letter, with Ref No: OPS/SUP/02/17/125, contracted Danium Energy Services to supply 15,000 metric tonnes of Automotive Gas Oil (AGO) for N4,015,800,000.

    They were said to have collected the money on February 17 in Lagos by inducing the bank to “deliver” it to Danium Energy Services.

    The alleged offence is contrary to Section 8 (a) of the Advance Fee Fraud and other Fraud Related Offences Act, 2006 and punishable under Section 1 (3)of the same Act.

    The defendants were also accused of “uttering” (presenting) a forged document dated October 5, 2016 with Ref No: OPS/SUP/10/16/361 to the bannk.

    The alleged offence is contrary to Section 19(6) and punishable under Section 1(2)(c) of the Miscellaneous Offences Act, Cap M17, Laws of the Federation of Nigeria 2004.

    The accused persons were also accused of “uttering” of a forged document dated January 30 with Ref No: OPS/SUP/01/17/084 to the bank.

    The defendants are yet to be arraigned.

  • CAC registers 76,000 firms in one year

    CAC registers 76,000 firms in one year

    •38,000 names delisted•Commission seeks new law

    The Corporate Affairs Commission (CAC) has registered 76,491 limited liability companies between last July 1 and June this year.

    It also registered 91,609 business names and 10,003 incorporated trustees under parts A, B and Act of its Act.

    The CAC said it struck off 38,717 companies and liquidated 77 others for not meeting their statutory obligations.

    The commission’s Registrar-General Bello Mahmud, while reviewing its activities in the past year, said company registration activity witnessed progressice increase since the launch of the Companies Registration Portal (CRP).

    Bello said CAC has achieved almost all the targets of the National Action Plan set by the Presidential Enabling Business Environment Council towards improving Nigeria’s standing on the global ease of doing business index, especially on business registration timeline.

    He said CAC’s collaboration with the Federal Inland Revenue on electronic stamping means memorandum and articles of association can be submitted and stamped online, thereby saving customers the stress of physical submission of documents at the stamp duty office.

    Bello called for the review of the CAC Act to reflect developments in the global economy and to address challenges in companies’ administration and regulation.

    “Considering the extensive nature of this proposed review which is covering about 200 sections, we are proposing a re-enactment of the Act.

    “Some of the new areas of focus include framework for Business Rescue and Recovery Process, provision for company with single shareholder and director, and the concept of beneficial ownership.

    “The proposed amendment which attracted inputs from the Nigerian Bar Assoctiation (NBA) and other relevant stakeholders is before the National Assembly and is being reviewed by a Technical Committee put together for that purpose.

    “The main objective of the review is to strengthen the regulatory and enforcement capacities of the Commission to effectively discharge its functions and thus promote global best practices and good corporate governance in the management and operations of Companies, Business Names and Incorporated Trustees,” Bello said.

  • Minister urges firms to partner research institutes

    The Minister for Science and Technology, Dr Ogbonnaya Onu, has urged firms to partner with research institutes to promote economic development and generate employment.

    This was the thrust of his visits to the head offices of Fidson Pharmaceuticals and Unilever PLC in Lagos.

    Onu was accompanied by the Director-General, Federal Institute of Industrial Research Oshodi (FIIRO), Prof Gloria Elemo.

    At Unilever, Onu said the firm should consider localising its research by giving contract researches to research institutes under his ministry to conduct.  He also said that the firm could set up a research facility for such purpose to be manned by qualified academics.  That way, the Minister said the firm would generate employment and expand local capacity to develop new products.

    “There is no reason why there should be no research facility in Nigeria.  You need to domesticate your Research and Development facilty in Nigeria.  When you do, you will employ Nigerian PhD holders. I want to see you make use of Nigerian technology.  You should also get involved with contract research.  You can involve FIIRO when you do,” he said.

    Onu also urged the company to partner the institutes to commercialise their research works.  He mentioned that FIIRO, for example, had 250 products of research waiting for commercialization.

    “There are 17 agencies under the ministry and all are involved in one form of research or the other.  We want a situation where you show interest in our research.  We want the research we do to be market-driven.  FIIRO has a long list that will be of interest to you.  They have 250 research work that can be commercialised,” he said.

    At FIDSON Pharmaceuticals, Onu said the Federal Government was working to diversify Nigeria’s economy.  He said one way was to work towards self-reliance such that many goods are produced locally.

    He also spoke of the Federal Government’s plans to encourage local industries, especially fully indigenous organizations like FIDSON.

    Onu praised FIDSON for running a fully Nigerian outfit.

    On her part, Prof Elemo said FIIRO had the wherewithal that industries could use in building their raw materials base with her over 250 research findings.

  • Firms are not paying workers’ gratuities, ASSBIFI alleges

    Firms are not paying workers’ gratuities, ASSBIFI alleges

    Many organisations are not paying workers gratuities, the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has alleged.

    In an interview, its President, Comrade Oyinkan Olasanoye, said: “We realised that the way management of organisations are going these days, they find a way of not paying our members at the end of their service. What belongs to workers which is the gratuity, majority of organisations are no longer paying it.

    “So, we realised that when our members are asked to go, nothing is always attached. Because of that we  realised that majority of our members would start thinking of tomorrow and delving into some untoward things. To prevent that, in order to have a succour somewhere, that is what informed the  proposal on loss of job insurance for members.”

    She continued: “We keep on advising our members on the need to allow the union to be more active in decisions and to be properly briefed on the matter. Under no reason should the management lay off somebody anyhow.”

    On the sack of workers in financial institutions, she said the law was clear on it.

    Olasanoye said under the law, when  an organisation wished to lay somebody off, the union in that worker’s  sector should be called for negotiation.

    She said: “The law didn’t say you can’t lay people off, but there  are ways of doing it. We have been  appealing to  our members that they should not wait until they are laid off.

    “The moment they heard the rumour that they were about to be laid off, they should write their management to that effect and let   briefed us on who to discuss with.

    “We will keep on appealing to our members and management of their companies and employers that the recession and the economic meltdown is one that everyone needs all hands on deck.

    ‘’We also want to appeal to them that they should let us work together because our sector is a very sensitive and with the meltdown, we can’t afford to have issues that will affect the public trust on the sector that is already corroded by various acts and policies that are not acceptable to the people. We will appeal to the management to let us discuss and go through due process,” she said.

  • Lagos firms, Oyo strike housing deal

    TWO Lagos firms are to build two estates in Oyo State that will accommodate over 2000 people including civil servants.

    Transformation Housing Development Company Limited (THDCL) and HCP Architectural Engineering Limited will handle the Lakeside and Transformation Estates which will be sited at Idi Ishin and Elenusonso.

    To be developed in phases, they will be built under the Oyo State government’s Transformation Housing Luxury and Affordable Schemes. The houses will comprise 3-bedroom bungalows, 3-bedroom semi-detached and detached houses; 4-bedroom maisonette and detached houses and 5-bedroom detached houses. The 3-bedroom bungalows will go for N10million under the affordable housing scheme, and between N20million and N50million, for the luxury units.

    The estates will have modern landscaping and green areas,  sewage treatment plant, recreation ground, schools, 24-hour power supply and security.

    THDCL Managing Director Jacob Esan and his HCP counterpart Olawale Demola said in Lagos yesterday that Ibadan was chosen for the scheme because of the ancient city’s social and commercial importance.

    According to Esan, the projects were borne out of the necessity to provide accommodation for the growing Ibadan population.

    Besides, he said, the increasing number of Ibadan indigenes in the diaspora that will relocate home had made it imperative to embark on the projects to relieve the stress on Lagos.

  • Power firms worry over N700b loan

    Power distribution companies (DisCos) are worried that the N700 billion Federal Government’s loan may not be able to meet their obligations, The Nation has learnt.

    This fear is as a result of the prevailing foreign exchange rate, which has led to rising cost of production and the chaotic state of the nation’s economy. The firms said the loan would help them to reduce their shortfalls, urging the government to offer similar assistance to other operators in the value chain.

    The Association of Nigerian Electricity Distributors (ANED) Director of Research, Mr. Sunday Oduntan, said due to the bad economy, the firms may not be able to  record much growth with the money. He said, though the loan would help in reducing the operational losses of the power firms, it cannot guarantee them optimum production.

    He urged the government to provide lifeline to operators in the upstream, midstream, downstream, and others in the value chain, in order to develop the oil and gas sector.

    Oduntan said: “The energy distribution companies are happy with the N700 billlion loan. However, the money cannot solve the problems facing the power firms. The DisCos are experiencing dearth of infrastructure caused by lack of liquidity in the industry. There are problems such as weak and obsolete transmission/distribution equipment, shortage of gas, meters, transformers and others.

    “The lull in activities in the petroleum industry is due to low engagements in the exploration and production (E&P) segment of the oil and gas sector. Therefore, extending such lifeline to E&P players will go a long way to boost gas supply to the thermal power plants and electricity supply. That is why the government needs to enhance the growth of the oil and gas industry by giving loans to the operators.”

    Oduntan said the N700 billion facilities and the over N1 trillion debts owed the power firms by the Ministries, Departments and Agencies (MDAs) of government are not the same. “The MDAs are yet to pay more than N1 trillion, which they owe the power distribution companies. The debts and the loan are two different issues and should not be construed to mean the same thing. The loan is being given to compensate for debts, he said.

    He said the decision by ANED and its members to keep silent on the issue of debts should not be mistaken for stupidity, stressing that the idea was to foster peace in the country. According to him, many stakeholders are peddling rumours about the state of the sector including the debts owed the DisCos, among other issues.

    Oduntan said the problems in the sector are enough for the operators to contend with, adding that it would amount to waste of efforts if the operators engage in counter accusations with those accusing them of poor operation.

    The sector is yet to record any meaningful growth since 2013 when it was sold to the investors in the private sector. Instead, the industry has been facing problems such as poor generation, supply of electricity, shortage of meters, huge debts, among others. The sector recorded 2,500 megawatts (Mw) of electricity in the first quarter of 2017, the lowest ever in recent times. To improve power supply, the Federal Government advocated for energy mix, a development, which ensures that the country uses both on-grid and off-grid methods of generating electricity for growth.

  • Govt privatises 142 firms, says Osinbajo

    Govt privatises 142 firms, says Osinbajo

    The National Council on Privatisation (NCP) has since inception successfully concluded the privatisation and reform of over 142 public enterprises, the Acting President, Prof Yemi Osinbajo, has said.

    Osinbajo, who spoke at the inauguration of the Fifth Council of the National Council on Privatisation (NCP),  said the event is a critical step in the process of putting in place part of the institutional framework necessary for the actualisation of the socio-economic agenda of the administration.

    In a statement yesterday by the Head,  Public Communications, BPE, Chukwuma Nwoko, Osinbajo said the inauguration is a demonstration of the administration’s commitment to public sector reform and the central role of the NCP in this process.

    He said even though the public sector has been at the centre stage in the provision of critical infrastructure and services cutting across the whole spectrum of the nation’s life since independence, “the emerging importance and centrality of the private sector to the actualisation of the economic agenda of the administration cannot be downplayed.”

    He said apart from playing a dominant role of generating employment opportunities, the intervention of the private sector enhances the process of industrialisation, delivers critical infrastructure and services the country, pointing out that the role can only be played when government’s duty of regulating and creating an enabling environment is undertaken.

    In his words:  “This will in turn offer the private sector the required comfort and assurance to make investments and expect a reasonable return  thereon,” pledging the administration’s commitment to giving all the required support to the NCP in carrying out its statutory responsibilities.

    He said the expectation of government is that the NCP will come up with creative out-of-the box solutions for addressing the numerous challenges facing the privatisation and commercialisation programme such as the non-performance by some privatised enterprises and post-privatisation challenges facing some of the privatised enterprises.

    As he put it: “Government also expects the NCP to make measurable progress in respect of the outstanding transactions affecting some of the areas critical to the economic recovery of the nation. You must make deliberate and conscious efforts to learn from past experiences and guard against avoidable mistakes of the past.”

    Osinbajo said over the years, the NCP had concluded significant transactions and carried out economic reform activities in key sectors of the economy, such as telecommunications, pension management, ports, power, etc.   “A mega reform process in the power sector is ongoing with ambitious expectations. Although there are numerous challenges trailing the process, the NCP is expected to critically analyse these challenges and come up with sustainable solutions as part of government commitment to make power available at accelerated rates and to wide sections of the populace,” he said.

    In his remarks, the Director-General, Bureau of Public Enterprises (BPE), Mr. Alex A. Okoh, said a trend has emerged where certain institutions engage in activities which are tending to compromise and conflict with the statutory functions of the Bureau.

    “We believe that regulatory agencies and commissions should manage regulatory compliance and not get involved in process as transactions managers or operators as this will clearly create confusion and possible conflict. The BPE operates as transaction managers and we shall submit our processes to the supervision of the relevant regulatory agency responsible for the particular transaction track we pursue to execute our mandate of enterprise reformation, including the SEC and the ICRC.”

  • Firms bid for Lagos water contract

    Following the passage of the new environmental bill in Lagos State, the State government has called for expressions of interest for public-private partnerships to develop the Adiyan Phase II water scheme.

    The government is seeking competent firms to develop water distribution networks, metering and operation/management of the new 70MGD Adiyan Phase II Water Treatment Plant on a build, finance, operate and transfer basis with a proposed 25-year concession period.

    The current water and wastewater infrastructure have progressively become a debilitating burden on the state and its people.

    The project involves the construction of 2,369km of water distribution network pipelines, service connection of over 200,000 homes and metering, including telemetry and SCADA infrastructure, operation and maintenance of a newly constructed water treatment plant, development and maintenance of a comprehensive customer database and collection of revenue, and the design, construction and commissioning of a 7.8 – 10 Megawatts Independent Power Plant (IPP).

    Lagos Water Corporation Managing Director Muminu Badmus said: “We are aware of the challenges to this critical infrastructure that is one of the pivotal backbones of our society. Our strategy is to successfully execute the goals under the state’s master plan for water resources. The development of our water sector is not only about securing consistent water supply to the people of the state.

    The first phase of the Adiyan II Water project is expected to take off in the next 24 months.

     

  • Kano, 10 firms sign $3.98b MoU

    The Kano State government yesterday signed a Memorandum of Understanding (MoU) with 10 reputable local and foreign companies for various contracts valued at over $3.98 billion as part of the state government’s investment drive.

    The companies include Brains and Harmers (N165 billion), Multivision Nigeria Limited (N2billion), Milestone International ($630 million), Blackrihino and Dangote Consulting ($150 million), Broadbased Nigeria Limited ($200 million), Eighteenth Engineering Company ($1.8 billion), Arewa Solar PV Synergy  ($150 million), SharaDukiya Nigeria Limited ($100 million), Dangote Rice  ($830 million), and Qingdao St Meer Solar Energy International ($120 million).

    Speaking shortly after the signing ceremony to mark the end of the two-day Kano Economic and Investment Summit, Governor Abdulahi Ganduje said: “Kano used to be a city, but we want it to become a mega city, a place where things are working, where services are working, electricity available without interruption and is adequate for industries; and adequate for private consumption. A mega city is a city where transportation system is efficient, a mega city is a place where industrial development is optimum so that there will be minimum level of unemployment.

  • LSE lists three Obijackson Group firms in maiden report

    LSE lists three Obijackson Group firms in maiden report

    About 343 firms in Africa were listed in the maiden edition of the Companies to Inspire Africa Report unveiled in Lagos. Fifty-nine were Nigerian companies, with three from the Obijackson Group, EMEKA UGWUANYI reports.

    The London Stock Exchange (LSE) has unveiled the maiden edition of its “Companies to Inspire Africa Report.”

    The unveiling of the report which covers 343 African firms of which 59 are nigerian companies took place in Lagos during the week.

    At the event, LSE Group Chief Executive Officer, Xavier Rolet, said: “The motivation behind researching and publishing this report was to demonstrate what we instinctively believe – that these companies are fundamental to the successful future of the African economy, with enormous potential for growth and high quality job creation. High growth private companies are fast becoming the driving force behind African economies: and are developing skills, creating high quality jobs and driving economic growth.”

    He said three of the 12 companies under the Obijackson Group, an integrated oil and gas conglomerate, made the list, which was compiled by LSE, African Development Bank (AfDB), PricewaterhouseCoopers (PwC), CDC Group, Citi, FTI Consulting and Diamond Bank.

    The companies are Nestoil, Energy Works Technology (EWT) and B&Q Dredging. Nestoil Limited is the Group’s oil and gas pipeline construction arm.

    EWT is a specialist in pressure vessels, process plant equipment, and oil and gas steel structures manufacturing. It is also an ISO 9001:2008 and UKAS-certified manufacturer. B&Q Dredging has the largest fleet of dredgers in Nigeria.

    “The report showcases Africa’s success stories to investors, policy makers and other stakeholders in the global space.

    According to Rolet, the rigorous evaluation, which resulted in the identification of the nominated firms included an analysis of the company status, growth capacity over the past three years in terms of revenues, staff strength and operational output. Revenue analysis was based on audited financial accounts, undertaken and accredited by one of the “Big Four”audit firms.

    Highlighting the efficiency of the companies in the report, Rolex said: “The companies listed and profiled in the report boast an impressive average compound annual growth rate of 16 per cent.”

    The World Bank Treasurer, Ms. Arumah Oteh, who was at the event, said:“The companies profiled in the report, not only generate vital employment opportunities and contribute to sustainable economic growth, but are also the bastions of Best Practices and Good Corporate Governance. They have also had to weather the challenges that African private entities often have to contend with, notably a difficult operating environment, weak infrastructure and inadequate access to finance.”

    Obijackson Group Group Managing Director  Dr. Ernest Azudialu-Obiejesi, who expressed delight over three of his firms making the list, said: “This recognition has joined the list of factors propelling our Group forward to the achievement of greater level of best practices, good governance, quality and efficiency, in our effort to help lift a huge number of people out of poverty on the continent. We happily accept the recognition and interpret it as a call for us in the Obijackson Group to remain focused in our mission of contributing substantially to economic growth, further creation of quality jobs, training and sustaining some of the best talents in Africa, generation of tax revenues and helping to drive forward our continent of Africa that is home to more than one billion people.”

    Also, President, Council of the European Union (EU), Prof Edward Scicluna, who also attended the unveiling of the report,  said: “The companies showcased in the “Companies to Inspire Africa  Report” will generate productive jobs and sustainable livelihoods, and this is an admirable milestone in the rise of Africa’s entrepreneurs – sharing theirs success with the global community.”

    Another guest, the Rt. Hon. Priti Patel, a member of the British Parliament and the British Secretary of State, Department for International Development, said: “Companies to Inspire Africa showcases some of the outstanding stories of innovation, bravery and growth across the continent. It brings Africa’s entrepreneurial spirit to an international audience, and I would like to congratulate all the companies featured, for their vision, ambition and tenacity. It is their success that will drive Africa forward to a future of prosperity and away from reliance on international aid.”

    The Obijackson Group of Companies, with exceptional technical capabilities and proven expertise in every sphere of its operations, has been acknowledged as one of the fastest-growing conglomerates in sub-Saharan Africa.

    The Group has over 2,000 employees. Its other subsidiaries are Shipside Dry-dock, Hammakopp Construction, Impac Oil and Gas Engineering, Nesthak Limited, Century Power Generation, Nesto Aviation Services and Neconde Energy Limited.