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Tag: firms

  • ‘How law firms can survive’

    • NBA Lagos holds law week

    Law firms can survive a harsh economy if they are well structured and efficiently managed, a Lagos lawyer, Ahmed Akanbi, has said.

    He said many lawyers lack the requisite skills to manage law firms, with some cutting corners to make ends meet.

    “It’s only when a lawyer is financially stable that he can be useful to society,” Akanbi said.

    He spoke at a briefing on the Nigerian Bar Association (NBA) Lagos Branch Law Week to be held from May 24 to 27 at the City Hall. The theme is: Building and sustaining a vibrant law practice – prospects and challenges.

    Akanbi, co-chairman of the Law Week Committee, said the theme was chosen to enable lawyers learn the rudiments and secrets of running successful law firms.

    “A lot of our colleagues are really complaining. Due to paucity of funds, some engage in sharp practices. However, opportunities exist that haven’t been tapped into. If a practice is well structured, there will be no need to look for other sources of income,” he said.

    Akanbi said Chief Justice of Nigeria, Justice Walter Onnoghen, will be the Special Guest of Honour, while renowned corporate board room guru and lawyer, Mr. Gbenga Oyebode, will be the keynote speaker.

    “This theme was carefully picked and arrived at, on the basis that one has come to realise that there is an urgent need for lawyers to begin to see the practice of law as ‘a business’ for the generation and earning of legitimate income that will not only support individual needs, but that of the larger society as well.

    “But the beyond the business side of it, the Law Week Programme has also been carefully designed to be a one-stop response to such burning issues and challenges that continue to beset the minds of lawyers and the public,” he said.

    He said there will be technical and breakout sessions, in which topics such as the capital market, oil and gas law, law and technology, entertainment law and practice, intellectual property law, in-house legal practice, and relationship between the bar and the bench, will be discussed.

    Akanbi said the Branch has partnered the NBA’s Institute of Continuing Legal Education to award professional credits to participants at the Law Week.

    Other activities lined up for the week include a visit to the Ikoyi/Kiriki Female Prisons by the Branch Executive Committee; a health management session;  a free legal clinic for the public; a novelty football match between members of the bar and judicial staff; an elder’s night, and a variety night/young lawyers gig.

    The week will end with a red carpet/black tie dinner on May 26 in honour of Chief Judge of Lagos, Justice Funmilayo Atilade, who will retire this year.

    It will be chaired by Chief Wole Olanipekun (SAN), with the sub-theme: Sustaining the bond between the bar and the bench – myths and realities.

    “The programme promises to be the first of its kind and we invite all members to kindly participate in all scheduled activities,” Akanbi said.

  • ‘How logistics firms can boost agric’

    ‘How logistics firms can boost agric’

    There are vast business opportunities for players in the logistics industry in the agricultural sector, the Technical Adviser to the Minister of Agriculture and Rural Development, Mrs. Cynthia Umoru, has said.

    She stated this at the Strategic Management Retreat of Red Star Express Plc in Ogun State.

    The retreat entitled: “Living the big dream,” was attended by top management staff of the company.

    In her presentation titled: Agriculture as a catalyst for economic recovery, she noted that the ministry was aware of the important role of the logistics industry in the agricultural sector, adding that it has opened up the landscape for major players to participate in.

    “Our role’in this government is to push for what the government should be, to create an enabling environment for the private sector to play a major role, to create access to land, maintain fertility of the soil and make sure farm produce are easily accessible,” she said, noting that  this could only be done by encouraging major logistic players to be involved.

    She identified investment in food  chain logistics as a vital component in making agriculture and the food supply more sustainable.

    She said the sector needs logistics operators to support the government’s target of increasing food production and improving farmers’ income. This, according to her, would  help break geographical boundaries and would allow farmers to  access markets.

    Earlier, Group Managing Director of Red Star Express Plc, Sola Obabori, said if both the government and the private sector could give half of the attention they give to the oil sector to agriculture and other sectors, there would be significant improvements in the economy and stability of the fluctuating of the naira can be achieved.

    He continued: “Just like we treat our oil with seriousness, we need to treat the agricultural sector that same way. The opportunity and potential are really huge. We should be able to over produce our agricultural produce and still have ready market for them even outside the shores of this country. And we have to be on hand to facilitate the export in such a way that perishable goods can be in Europe within 14 hours after harvest, while the non-perishables can get there within three to four days,” he said.

    He said Red Star Express Group is a premium logistics solution provider in the country with unrivalled local network coverage and a large market share in the domestic and international market.

  • Create environment for health firms’ success, govt told

    Create environment for health firms’ success, govt told

    An indigenous equipment manufacturing firm, FINLAB Nigeria Limited, has called on the Federal Government to create an enabling environment for local manufacturers to thrive.

    Its Director of Marketing (Fine Furniture/Finished Laboratories), Uzo Nwaije Jr, who made the call, said such an environment would include improved factors of production. According to him, the first step at doing so should be by making it easier for manufacturers to get funds to operate.

    “That will improve the economy because when there is fund, demand will be met by supply. Federal Government should create the enabling environment for us to succeed better as manufacturers. It should mandate its contractors to patronise indigenous manufactures of equipments. Governments at all levels should improve on their patronage of local goods,” Nwaije said .

    He said another way was for the government to improve on its patronage of indigenous products.

    “That will guarantee return on investment. Lagos has taken the lead in that. We are hoping for more patronages. The quality is there, and buyers are able to save more money when they buy indigenous manufacturers instead of buying from imported representatives,” he said.

    On some of the factors ailing the sector, Nwaije named electricity as the main constraint.

    He said: “Our firm has three generators, which we fuel daily. The issue of electricity is so germane to production that once we go on the generators we do not switch off until end of production. This is followed by non availability of forex. Another issue is accessing loans from banks.”

    When asked how the company had managed in the last three decades, Nwaije said: “We are members of Manufacturing Association of Nigeria (MAN), Nigeria Employers Consultative Association (NECA) and International Training Fund (ITF). We follow Standard Organisations of Nigeria’s (SON’s) standard. It is gladdening that we are able to train people, who can go ahead with full confidence into setting up their factories. This was decided upon from a simple experience-the need to either expand or shed weight.

    “When the ultimate choice of weight shedding is inevitable it could really be emotional. Nigerians are zealous, and full of ingenuity, so laying off doesn’t necessarily mean they aren’t good at their jobs, but for logistic reasons. So, to assist such, we decided to go into training. That experiment paid off and people were able to run their own companies over the years. We do not turn people down when it comes to training. NECA is also assisting in this. One major setback is imitation in the furniture sector. But buyers, who are wary, do not fall victim. Buyers hardly fall victim in the equipment sector. Lagos State is enterprising and it can improve on its patronage. We support Governor Akinwunmi Ambode and Lagos at 50, too.”

    Though the firm’s headquartres is at Anthony, Lagos, its factory where medical furniture and laboratory equipment are manufactured is at Sango, Ogun State.

    According to Nwaije, the company is run seamlessly and since commencing business in 1981, it has consistently designed, manufactured and installed many laboratories in many educational institutions (Universities, Polytechnics, Colleges of Education, Secondary and Primary Schools), hospitals, industries, and research centres in almost every local government area in Nigeria.

    “The quality of our products and services in this regard has continued to improve over the years. Our services have also extended to some West African Countries with installations in Republic of Benin, and Cote d’Ivoire,” he said.

    “You see the company’s operations are divided into three: Supply of Laboratory Equipment, Installation and Maintenance. Manufacture and installation of laboratory furniture and fittings. And manufacturing and supply of audio-visual materials,” he said.

  • Minister woos multinational firms to boost investment

    Minister woos multinational firms to boost investment

    The Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, is engaging international oil companies (IOCs) to deepen investment in the oil and gas industry.

    In one of such investment drives to ExxonMobil headquarters, Kachikwu had a robust discussion with top executives of the oil firm. He praised ExxonMobil for its enduring partnership with Nigeria which has grown stronger over the years.

    According to the Director, Press, Ministry of Petroleum Resources, Mr. Idang Alibi, the minister restated the Federal Government’s efforts aimed at reducing importation of petroleum products.

    The effort will be boosted if major IOC partners operating in Nigeria invest in building signature refineries to be run on joint venture basis with the Federal Government providing the necessary incentives, he said.

    Reiterating the gains that have been made through the signing of the repayment agreement for the Joint Venture cash call in 2016, Kachikwu further clarified that the initial payments to IOCs would be made by the end of this month, and that it would be expedient if the IOCs reciprocated the Federal Government’s gesture and commitment by ensuring that they ramped up investments in the industry.

    He also encouraged ExxonMobil to invest in more practical deliveries in human capital development and investment in local growth of skill sets required in the industry.

    ExxonMobil recognised the valued partnership with Nigeria and noble work of the minister to ensure the development and growth of Nigeria’s oil and gas industry. ExxonMobil also reiterated its commitment to help deliver power to Nigeria and support the gas commercialisation programme of the Ministry Petroleum Resources.

    Alibi said the meeting was part of the ongoing investment drive initiative embarked on by the Minister of State to International Oil Companies, adding that the first of these was with Italian IOC giant, Eni, in January 2017 where the Italian firm pledged to work with Nigeria to revamp the Port Harcourt Refinery. Other IOCs scheduled to be visited include Shell, Chevron and Total.

    In furtherance to this, the minister will be would be leading the country’s delegation to the Offshore Technology Conference (OTC) in Houston, Texas in May 2017 with the objective of ‘showcasing the opportunities, processes & reforms in Nigeria’s oil and gas sector.’

  • ‘Firms spend N1.7tr on fleet management, others ’

    The Rosabon Financial Services Limited has said Nigerian firms averagely spend N1.7 trillion on fleet management and other corporate lease solutions to enable them fix logistical hitches.
    It explained that available statistics showed that combining daily business activities with fleet management operations is becoming an increasingly difficult task for organisations to accomplish these days.
    “From driver monitoring, legal regulations and safety issues to driver and vehicle management, fleet management is quite a strenuous job on its own and when combined with an organisation’s core business, it becomes overwhelming. It may even amount to a waste of time and resources, slows down production process and ultimately a dwindle in the organisation’s profit margin,” a statement from the firm released at the weekend, said.
    It added that some organisations are finding smarter ways to address these challenges by seeking competent partners to take care of their fleet management details so they can focus on their core business operations.
    Such partnership saves orgnaisations stress, reduce cost, improve productivity and maximise efficiency, leading to organisational growth and improve bottom line.
    He said Rosabon Financial Services, which has won several awards, bridges these logistics gap by offering top notch and affordable operating lease and fleet management services dedicated solely to ensuring adequate organisation of partner company’s fleet.
    “This relieves you of daily administrative headaches and costs, whilst leaving you with enough funds to reinvest into your company and grow your core business,” said Rosabon’s Head of Communication, Kehinde Ruth Onasoga, said.
    She said: “For over 23 years, Rosabon has successfully worked with reputable organisations, such as Huawei, Exxon Mobil, Ericsson, Transocean Sedco Forex, Oando Plc, Samsung Electronics West Africa, Nigerian-German Chemicals Plc in this regard by leveraging current systems and infrastructure to manage their fleet day-in and day-out.
    “No matter the size of your fleet (20 or 2000); our team of dedicated experts is ready to work with you on the development, implementation and maintenance of an effective fleet management program that will achieve your organization’s financial and operational goals. We make acquisition of these cars on behalf of our customers. No matter the fleet size nationwide.”
    She explained that Rosabon takes care of all acquisition and maintenance processes and expenses, including: Drivers, paperwork, record keeping, fuel management, licence renewals, trackers, insurance, etc.; “getting the whole fleet for your business use, while your organisation pays an affordable amount monthly.”

    She added that the most interesting part of this partnership is that, “Rosabon Financial Services, in addition, assumes all residual risks that come with running your fleet. This means that at the end of the tenor, we can either dispose of the assets or the client can buy them off.
    “This helps to release our clients from the largest single source of uncertainty in operating the fleet – the issue of depreciating vehicle assets from your businesses.”

  • SGF to explain how fake firms got N1.3b contracts

    SGF to explain how fake firms got N1.3b contracts

    Senator Sani states why panel summoned Babachir Lawal

    Many companies awarded contracts by the Presidential Initiative on the North East (PINE) cannot be located, a senator alleged yesterday.

    Senator Shehu Sani, Chairman, Senate adhoc committee on mounting humanitarian crisis in the North East, told reporters in Abuja that over 20 companies were involved in the phony contracts.

    Of the about N1.3 billion jobs awarded, the most controversial is the N220 million contract for the removal of wild grass and provision of 115 hectares of simplified irrigation in Yobe State, awarded to Rholavision Engineering Limited. The firm is linked  to Lawal.

    The Kaduna Central lawmaker, who described the development as “strange”, said that the inability of his committee to trace the addresses of the firms reinforced its desire to interact with the Secretary to the Government of the Federation, Mr. Babachir David Lawal, who headed PINE.

    Sani said: “Meanwhile, you should understand that we are not investigating the SGF alone. We are investigating contracts that were awarded under the Presidential Initiative on the North East (PINE) and over 20 companies were involved.

    “But something very strange is the fact that some of these companies in these contracts we couldn’t actually trace their addresses.

    “We went there but we couldn’t find them. So the option before us is that it is easier for the camel to pass through the eye of a needle than for us to find some of these names here.”

    He added: “One of the persons we invited happens to be the SGF and his invitation followed the events that came after the interim report was tendered before the Senate and that was in his own claim that he was not given a fair hearing.

    “He sent a second letter asking for another opportunity to appear before us and he sent a letter to the committee through the leadership of the Senate and that letter overrides any other rumours you may have heard before.

    “Like all other persons, I read it on the pages of the newspapers that he went to court but we have never been served any letter on any legal action as far as we are concerned .

    “Before then, we also received a letter from the MD of Rolavision who said he was bereaved but the official letter is the one we received from the SGF, which he signed himself and he graciously told us that he needs a new date, based on the fact that the date that was set for today was not convenient for him. So that was the reason I tendered the letter in plenary.

    “We need to be meticulous because reputations and lives of people are concerned and it is on that background that on the final phase of the report, we have to do a thorough job.

    “We have our papers on the ground and we are set to invite all those persons. It was supposed to be today but, of course, it couldn’t happen. We assure the members of the public through the media that we are going to announce the next date for the public hearing.

    “But we are assuring Nigerians that we will discuss with the Senate to give us a convenient date that he is going to come because he is the head of this PINE and the companies that are associated with these contracts are known.

    “But we said we appreciate his humility due to the fact that what was stated on the pages of the newspapers was not correct.

    “In this time when there is a frosty relationship between the parliament and appointees of this government, I believe that this is a new phase – signing the letter himself, sending it to us, requesting for a new date. I think he has been humble and we are going to consider his request.

    “Well, the most important thing is that we have received the letter before the hearing and he has apologised to others for the inconveniences caused, but the issue is that we can’t afford to talk to others without him here because it would amount to simply coming out with a second report for which we will be accused of not giving some people a fair hearing.

    The Senior Special Assistant to the President on National Assembly Matters, Senator Ita Enang,  said the insinuation of friction between the Executive and the Legislature was false.

    Enang told reporters that the Executive had great respect for the institution of the Senate.

    He said: “Let me state that the executive has great respect for the institution of the Senate and the distinguished senators themselves and that is why the SGF personally wrote and signed the letter requesting for a rescheduling of the meeting and not saying he would not come.

    “He is requesting for a rescheduling and the letter has been delivered and presented before the committee.

    “Once again, I say that we have great respect for the institution of the Senate, the National Assembly and indeed the legislature.

    “I am sure you haven’t had any heat about the 2017 budget because the executive and the legislature are working together.

    “I just want to say that what is happening is that the political space is active, not that it is tense.

    “It is active and showing that the legislature is concentrating on its work. The executive is being put under pressure in respect of what it should do and this is what is expected of the legislature under a democracy.

    “So, Nigerians should accept that there is nothing abnormal in this situation. It has been hotter than this at other times, but we are doing everything to make sure that the temperature doesn’t get higher than this.”

  • Five firms shortlisted for NRC’s narrow gauge concession

    FIVE multinational companies with requisite experience in railway have so far indicated interest and bided for the Nigerian Railway Corporation (NRC) narrow gauge system, its Managing Director, Mr. Fidet Okhiria, has said.
    Okhiria said any firm which is eventually selected by the Federal Government will manage the assets of the NRC western line (Lagos-Kano) and the Eastern line (Port- Harcourt-Maiduguri) and improve on their services for the benefit of Nigerians.
    Okhiria, who spoke at this year’s Fellows and Corporate Members Forum of the Chartered Institute of Logistics and Transport (CILT) Nigeria, at the weekend, was represented by the NRC’s Director of Operations, Mr. Niyi Ali.
    He hailed the Federal Government for its commitment to the rail rehabilitation and modernization, which he said, has started yielding positive results.
    Describing the railway as the backbone of the economy and the artery of the transportation system, Okhiria said rail transport remains the way to go if the government was serious in diversifying the economy and finding solutions to problems of mass transit for passengers and freights.
    He said from its glorious years in the 60s, when the NRC accounted for over 11 million passenger traffic and about three million metric tonnes of freights, the railway as at 2008 could hardly boast of carrying 1.996 million passengers, while the freight nose-dived abysmally.

  • FIRS shuts two firms over N884 million tax debt

    FIRS shuts two firms over N884 million tax debt

    The enforcement team of the Federal Inland Revenue Service (FIRS), yesterday, shut the premises of AOP Logistics Limited, at Breweries new site area, Ibadan. The firm has a tax debt profile of N863, 188,498.00. The enforcement team leader said the premises of the firm will not be re-opened until it pays up it tax debt accumulated between 2007 and 2011.

    A senior staff at the haulage firm, who refused to disclose his name, said the firm had been making some tax payments to the FIRS. He, however, failed to provide prove of such payments.

    The FIRS team was also at Markfina International Limited at Kilometre 9, Kulodi, New Ife Road, Ibadan. The staffers of the firm, which is owing N21, 183, 020.95, were ordered out of the premises.

    Mr. Ayodele Oluwalekan, a management staff of the frm, told the FIRS team that the firm has not been able to pay what is owes because it stopped operations for a while, an explanation that did not impress the FIRS team leader, who ordered the premises sealed.

  • 128 firms jostle for NNPC’s crude, products swap

    •Oando, Asap, Delsama, MRS, others on the list

    The Nigerian National Petroleum Corporation (NNPC) yesterday opened bids from 128 firms that jostled for this year’s  crude/product swap otherwise known as Direct Sale Direct Purchase (DSDP).

    The bids of MRS Oil, Sahara Energy Petroleum Ltd, Oando, Asap and Delsama and others were part of the bids opened as at press time yesterday.

    The exercise, according to its Group Managing Director (GMD), Maikanti Baru, who declared the bids opened in Abuja, would involve a maximum of 800,000 barrel per day (bpd).

    “The crude involved in this year’s DSDP is about 800,000 barrel at most,” he said.

    He said the primary consideration of the bid was to ensure that Nigerians are not left out of the exercise so long as  they form a consortium or made single entities but they must have physical presence in the country.

    He said: “The major drive here is to ensure that Nigerians are not left out. And we make sure by ensuring that those that emerge whether it is consortium or single must have physical presence in Nigeria.

    “That means that they must have some depots or retail outlets as a minimum or they must be involved with exploration and production of crude oil. So we ensure that most of the proceeds are domesticated in Nigeria.”

    He said the DSDP has since its inception helped greatly in the stabilisation of product supply to the nation.

    Analysing the benefits that the NNPC has recorded from the operation of the crude/products swap, he said the corporation has saved Nigeria $500million by cutting payments and cost of demurrage.

    According to him, the programme has ensured that products supply from the refineries  are augmented to meet national supply for the sustenance of 30 days sufficiency, especially in the case of petrol.

    “The DSDP is a major component of our petroleum product supply portfolio and since its inception, it has helped greatly in the stabilisation of product supply to the nation. The DSDP programme has also recorded significant cost savings of over half a billion dollars through major reduction in the amount we pay for both demurrage and the products themselves . It ensures that the supply from the refineries are fully augmented to meet the national supply as well as a sustained over 30 days sufficiency particularly for petrol,” Baru said.

    He said NNPC has been able to play its role by living up to its obligation as a supplier of last resort whenever the marketers fail to make their supply margin due to prices.

    Baru added that the DSDP has assisted the oil firm to intervene in the supply of deregulated products, especially Aviation Turbine Kerosene (ATK) for which there was anticipated scarcity. NNPC brought cargoes steadily on weekly basis to ensure that there was 30 -day sufficiency.

    The GMD recalled that the corporation got the nation wet despite the propaganda that there was shortage of aviation fuel, adding that the cause of the shortage was that the operators could not pay for tits cost.

    “The programme is very transparent and the major instrument for the partnership between NNPC and products suppliers both local and international. We have, as part of this programme, been able to live to our obligation as a supplier of last resort when products are not being supplied by the marketers on the basis of prices that will not give them sufficient margin,” he said.

    He noted that the corporation used DSDP to intervene in the area of making sufficient supply of diesel to the market.

    According to him, the programme has led to steady delivery of cargoes of diesel into the country on every four days basis.

    Speaking, the Group General Manager, Crude Oil Marketing, Mele Kyria said one basic concern of the DSDP was the availability of products .

    He explained that Nigeria is selling its crude in exchange for products but for equivalent of higher of value through the programme.

    He said  in the last one year, the process has ensured that the products that NNPC received has been of higher value than the value of crude it has given out.

  • Firms blame forex scarcity for power problems

    The power sector is hard-hit by the rising cost of foreign exchange (forex). This has resulted in its inability to fulfil customer’s obligations, The Nation has learnt.

    The sector, it learnt,  was finding it difficult to get meters, transformers, transmission sub-stations, gas and other facilities, because of the forex shortage.

    The Nation further learnt that many of the firms were unable to get enough forex for importation while many others were scared of buying forex at N305 per dollar. The situation is impacting on their capacity to meet the needs of customers, who crave for improved electricity supply.

    The implementation of flexible exchange rate mechanism by the Federal Government last year to enable the firms source for dollars from multiple windows could not help as the companies struggle to get dollars.

    Group Leader, Generation, Sahara Power, Mike Uzoigwe, said power generation companies (GenCos) were finding it difficult to break even due to cost of dollar. Sahara Group owns Egbin Power Plant.

    Uzoigwe said the price of gas was denominated in dollars, stressing that firms, which hitherto paid N165 per unit of gas, now pay N430 for the same quantity of gas.

    Uzoigwe said: “From all indications, it is difficult for the firms to break even, considering the rising cost of dollars. You can imagine million of dollars, which a generation company (GenCo), would pay to buy gas. The astronomical rise in the value of dollar has resulted in a corresponding rise in the cost of spare parts used for our machineries.”

    Also, the Chief Executive Officer, Eko Electricity Distribution Company (EKEDC), Oladele Amoda, said forex scarcity was having debilitating effects on the activities of the sector. He said a transformer, which was N2.5million, currently costs N4million due to huge exchange rate.