Tag: issue

  • N40b capital issue: Flour Mills mulls rights, debt

    N40b capital issue: Flour Mills mulls rights, debt

    Flour Mills of Nigeria Plc is considering selling new ordinary shares to existing shareholders and issuance of new debt securities to raise some N40 billion as part of efforts to bolster the capital base of the country and cushion the adverse impact of Naira devaluation on its balance sheet.

    Flour Mills’ share price rose by N1.98 to close at N21.98 at the weekend at the Nigerian Stock Exchange (NSE). It has traded within a high of N34.05 and a low of N15.93 in the past 12 months.

    While details of the new issues remain sketchy at the weekend, chief financial officer, Flour Mills of Nigeria Plc, Jacque Vauthier, confirmed that the flour-milling company has already secured the approval of the Securities and Exchange Commission (SEC) to raise some N40 billion in new equity funds over the next three years.

    During analysts’ conference on the full-year results of the company, Vauthier said the company had opted for a shelf plan for the new fund raising, which allows the company to raise the fund in many tranches as it deems fit.

    He said the market condition at the stock market would determine the timeline for the commencement of the issuance.

    He said the company was considering several options to include equity issue, short-term debt issue and refinancing to manage its leverage and ensure that its balance sheet supports the growth and profitability of the company.

    According to him, Flour Mills will use the net proceeds from the new issues to reduce its debt and bolster working capital.

    It should be noted that shareholders had earlier approved the planned new issue at the 2015 annual general meeting, but the decline at the Nigerian capital market had frustrated several proposed new issues.

    Flour Mills had sold its stake in the United Cement Company of Nigeria (Unicem) to the Lafarge Africa Group as it restructured its businesses to focus on the food industry.

    The group had restructured and increased investment in its sugar company, which led to successful commissioning of a 750,000 metric tons per annual sugar refinery built at a cost of $250 million in April 2013. In furtherance of the its long term business model and growth strategy, Flour Mills had embarked on group restructuring, strategic business acquisitions and investment in its core food business and backward integration programmes.

    Flour Mills had invested in large scale commercial farming to support its food processing units with locally produced raw materials. It had invested about N41 billion in capital projects including key projects such as flour capacity expansion in its Apapa mills, completion of Golden Snacks facility in Agbara, completion of Golden Sugar Refinery, establishment of new flour mill in Calabar, expansion of pasta & noodles lines and many major agro allied projects such as investments in Sunti Golden Sugar Estates and new animal feed mill and acquisition and development of large scale commercial farming.

  • ‘Forex sourcing is a big issue’

    ‘Forex sourcing is a big issue’

    Sourcing for foreign exchange (forex) is not easy for businesses. This is why some firms patronise the parallel market, which sells at a cut-throat price. The resultant effect, according to Mr Chinedu Nwokolo, Chief Executive Officer of Pedini Nigeria, representative of European retail brand Bosch, is the high cost of goods and services. ADEDEJI ADEMIGBUJI  met him.

    How would you assess the local economy?

    It is actually very receptive. Even though we have a downturn and the economy is experiencing a kind of stagnation now but the good news is that we have an incredible president who’s doing a marvellous job trying to turn things around. There is now a deliberate and sincere effort to revamp the  economy through diversification and other sound economic policies that will turn things around. I think with the measures that the government has put in place now and its disciplined approach to setting the economy on the right path, I can assure you that the horizon is bright in spite of what we are passing through now. Even though things are slow now, we believe there is a future in it.

    Our firm believes in the economy. On the home appliance market, it is actually a huge category. We have an emerging middle class that is growing and will continue to grow. Right now, based on J.P Morgan’s studies, we have between 24 and 30 million middle class people that can afford our products and they are growing. Most of them are urban highly educated people and they put quality first; and Bosch is synonymous with quality.

    How did the tight foreign exchange regime affect your operation?

    Foreign exchange has been a big issue. It’s actually made the products 30 per cent more expensive. Also, sourcing for the forex is a big issue; the good thing is that they at Bosch understands the economic climate of Nigeria, and they are willing to give us enough time to source for the foreign exchange to pay them. They know that the foreign exchange is only got through the Central Bank of Nigeria (CBN), that’s when we send our repayment so there is a bit of flexibility there; so that’s helping us as well.

    How huge is the home appliance market?

    From the last data I received, about $400 million worth of goods are imported  yearly into Nigeria. And when I say appliances, I mean everything ranging from TV to freezer. For Bosch, what this means is that we have an opportunity to dominate the market. In the market, there are two types – the integrated  and the stand alone markets. The integrated version is the area I believe Bosch will be dominant because there are really no players in that industry. Those are the appliances we integrate in the kitchen but in the other one as well, we are also very strong and we are hoping that we can dominate at least 10 per cent of that market in the next one year.

    Do business men trust your products?

    The relationship between a Nigerian business man and a foreign business man is actually one that should be based on integrity. But once you have the right partner, it is easy to trade properly in spite of the negative environment we have. So I think Bosch made a good choice in selecting us as their sole distributor for Nigeria because over the years, we have taken time to build trust and integrity as a business philosophy. It is also a very good company that keeps his reward. So once they make a promise to us, we keep it and once we make a promise to them we keep it. So we have been able to have a symbiotic relationship.

    How do you intend to cope with competition?

    From my vantage point, I think LG & Samsung are going to be the major players out there and I think either LG dominates the market right now with a huge percentage of market share; so we are hoping that we will begin to distinguish our products and begin to tell our clients why our products are better and why they should purchase our products and then try to hinge it on that market share. Our ultimate competitors that we are looking at are LG and Samsung but because of the pedigree of our brand and its German heritage, there is actually no basis of comparison.

    How resistant are your products to unexpected power surge?

    Our products are actually built for life. And where other people give 12 months warranty, we give 24 months and we even give extended warranty up to five years. So we are sure of our brand; we are sure about the durability of the product so we don’t have any product.

    How long have you been in business?

    I’ve been in the furniture and kitchen industry for the past seven years but particularly in the appliance industry in the last three years.

    How will you assess the market so far in the country?

    Before I came in, I would say there were three segments of the market. There wasthe entry segment and there was also the luxury segment. Pedini as a brand operates in the luxury segment and the Bosh brand also is in the luxury segment. However, there is a product that is about to be launched into the Nigerian market which is Vurn kitchen. Pedini and Bosch have come together to leverage each other’s strength. Pedini has always been known for quality kitchen and Bosch on its own over the years has been known for its timeless, durable and reliable home appliances. These two brands coming together with a combination Pedini kitchen fitted with Bosch appliances is a redefinition of that category and I can assure you that the Vurn kitchen is going to revolutionise the market for kitchen because they are bringing in this Vurn kitchen an amazing price that is unbelievably affordable. I mean a product that is really affordable and within the reach of Nigerians.

    What effort are you making to move into other geo-political zones?

    We just launched in Lagos and we are already getting a lot of businesses because of that. Major companies have started asking for our products. In the next three months, we are going to open our Abuja branch, we just secured a location there and construction is going on right now. That should be ready in about four months. We are also going to launch in Port-Harcourt, we are hoping that would be before the end of this year if not it’s going to be early next year.  The next one we are going to launch in Ikeja, Lagos as well, in Lekki, in Ibadan. After that, we are going to begin a franchise drive that will allow us to have up to 100 stores within five years. So we want to have 100 Bosch branded stores; we want everybody to have a Bosch store.

    How achievable is that?

    On my own part, as Pedini, the proprietor of this distributorship, we intend to have retail outlets of our own apart from partnering with existing mega stores such as Mega Plaza, Spars and the rest. We are also bringing in individual entrepreneurs of like minds who are aggressive and want to see the brand evolve. We believe that a lot of people who are looking for business to do will seize this unique opportunity to partner with us and be part of these good business opportunities. There are discussions going on too in terms of the long term plan of really establishing a Bosch assembly plant here in Nigeria. Bosch is determined to play in this local market in the assembly way in the next couple of years. This is something that the board of Bosch will have to discuss and agree but there is a lot of interest in coming to Nigeria and setting up an assembly.

    In specific terms, how is your business shaped by the economic situation?

    It’s actually affected because it’s difficult to get foreign exchange, and when we get, sometimes, we get from the parallel market, and the prices are high. So goods that normally cost maybe N100,000 increased to N130,000, N140,000. So, it reduces the number of people who are interested in buying this product. So it’s actually affecting sales in terms of the general picture but we believe that sooner than later, the economy will improve. There will be more money in the pockets of many Nigerians and they can also be able to spend more.

    How prepared are you to protect your products from counterfeiting?

    What we want to do is to make sure that Bosch products are only available at certain stores. That’s why we want to build 100 stores in Nigeria so that you buy from there. We are not going to supply to the market; we are going to supply to games, stores, and mega-plazas. We are also talking to Cash and Carry to see whether we can work with them. We are working with reputable brands and we are going to let our clients know that if they want to get this product, they are in these authentic stores. Counterfeit is difficult to remove entirely but over time, we believe there is this method that can help eradicate it. We are also going to partner with Standard Organisation of Nigeria (SON) to fight faking our brand.

    How much do you invest in quality control across your supply chain?

    Every Bosch product that is produced goes through a rigorous process before getting to Nigeria. So there is no question about the quality of the product. In terms of marketing, we have put a compelling strategy in place to penetrate the market. The younger middle class are on social media and we have hired a robust social media group to help us in this market.

    Bosch founder, Robert Bosch, said he would rather trade profit than trust. What is the import of this?

    That is the foundation of everything that I personally believe in.  I believe that integrity is more valuable than trust. It is better to lose money than to lose the trust of your friends and that is what I discuss every day with my team. You must give a 120 per cent to your clients because even though you might lose in certain aspects, in the long run you will make your profit. On the trust issue again, the Nigerian business landscape is very challenging so what we have done is to evaluate clients and offer credit with the help of our banks. In some cases we get beaten but in most cases our evaluation has been right. So we have like grade A, B, C clients. Grade A, we offer them credit, B, C, we offer them low credit.

    Tell us about Pedini Nigeria?

    Pedini Nigeria is actually an offshoot of Pedini Italy but right now we are also involved with Bosch to create a new brand called Vurn. It’s going to be the kitchen that will revolutionise the way we cook because it’s going to be assembled locally, it’s going to be fused with Bosch and the price is going to be affordable that every home will have that product. So watch out for Vurn coming to a house next to you. We intend to populate the entire environment with Vurn products. It’s actually built by Pedini and empowered by Bosch.

  • Non-issue of the gay rights issue

    Recently, the US Supreme Court ruled that same-sex marriage is a legal right across the whole of the United States. With that ruling, 14 states with bans on same-sex marriage would no longer be able to enforce them bringing an end to more than a decade of bitter legal battle on the matter.

    While that US Supreme Court ruling was America’s interpretation of ensuring that human rights is available to every American, African counties invariably do not have the same interpretation of those rights. For sometime, Western countries with America at the fore have continued to pressure African countries to recognise and legalise gay rights.

    As part of its foreign policy agenda of the highest priority, America had adopted protection of the lesbian, gay, bisexual and transgender community. On his recent trip to America, it was reported that the subject of gay rights and the reversal of the anti-gay law in Nigeria was touched on in a veiled manner to President Buhari.

    Last year, the signing of the Same-sex Prohibition Act by the last administration on January 7 2014, elicited negative reactions from Western countries such as the US, member countries of the European Union and Canada. They have consistently mounted pressure on the federal government over the signing of the Same-Sex Prohibition Act 2014, claiming that the law is a violation of the fundamental human rights of Nigerians with same-sex orientation.

    Notably, that law that was signed last year does not only criminalise same-sex marriage, it also makes public displays of affection and even socialising in the lesbian, gay, bisexual, transgender and inter-sex community illegal. At the time that the law was passed, the US Ambassador to Nigeria, Mr James Entwistle threatened that his country would scale down its support for HIV/AIDS and anti-malaria programs in response to government’s position on the gay rights issue. Thereafter, it was reported in the Vanguard newspaper that the US had committed “substantial” resources to fund the emergence of gay clubs and advocacy groups in Nigeria. As part of the fallout then, the Canadian government cancelled a scheduled state visit by the then President Jonathan. The Canadian government’s action was believed to have been that country’s reaction to the president’s assent of the bill, which had enjoyed popular support in Nigeria.

    On the US President, Barack Obama’s, recent trip to Africa, the subject of legalising gay marriage came up. President Obama was very categorical in his condemnation of discriminatory practices against gay and lesbian people and urged African leaders to treat the issue of homosexuality as a universal human right, comparable to the fight against racism or sexism. However, in return, all the African leaders he conversed with emphatically told President Obama that the issue of legalising gay rights in Africa is ‘out of the question’ and a ‘non-issue.’ They made it clear to him that, there are certain subjects and values which Africa does not share with America, legalising homosexuality being one of them, and as such, it would be impossible to impose on people principles, which they do not recognise or accept.

    This is not the first time America and the West have tried to pressure Africa into accepting homosexual unions. Since 2011, certain Western countries have been considering and implementing laws that limit or prohibit general budget support to countries that restrict the rights of homosexuals. Regardless of this, many African countries have continued to refute pressure to legalise homosexual practices. Many African leaders feel that gay rights are against Africa’s culture and religious value systems and believe that they have the sovereign right to reject what is seen as an imposition by Western nations that attempt to affect national sentiments via aid. While some of us may disagree with the laws that impose the death penalty on those who come out as homosexuals, the reality is that same sex acts are illegal in about 38 African countries and actual enforcement varies widely and punishment ranges from prison sentences to the draconian sentence of the death penalty.

    In Mauritania, Sudan and Nigeria, homosexuality is a serious punishable crime. In Uganda, Tanzania and Sierra Leone, offenders can receive life imprisonment for homosexual acts. South Africa’s constitution is the most liberal towards gays and lesbians within the continent, with a constitution that guarantees gay and lesbian rights and legal same-sex marriage. However, even there, gay rights have been described as an “exclusive privilege of the whites and well-heeled, a small but high-profile subset.”

    The raucousness from Western nations that has been accompanying the banning of same sex unions in some parts of Africa, Eastern Europe and Asia has risen to a crescendo. And in their bid to ram the freedom of same sex unions down the throat of more traditional and conservative nations, the West has discarded high-minded rhetoric for bullying tactics dressed in the guise of human rights mantras. The result? Hypocrisy has taken centre stage as the preferred response of the West in its bid to redefine the limits of marriage, privacy and religious freedom in some African, Eastern European and Asian countries.

    The sheer hypocrisy of the West regarding their stance on the banning of same-sex unions is most apparent when considered next to the position taken on polygamy under western laws. In most western nations, the practice of polygamy is not only frowned upon but has been criminalised. The Western countries pass laws that limit the boundaries of marriage, privacy and religious freedom in line with their value system while they employ strategies and tactics to intimidate, harass, undermine, threaten and abuse other countries for doing the same.

    In the case of Reynolds vs. United States, the American courts declined accepting polygamy as a legitimate religious practice, dismissing it as “almost exclusively a feature of the life of Asiatic and African people.” American courts have declared polygamy to be “a blot on our civilisation” and compared it to human sacrifice and “a return to barbarism.”

    Not only is the practice of polygamy one of the common threads between Christians, Jews and Muslims, studies have found polygamy present in 78 per cent of the world’s cultures. In the same way that countries that accept polygamy have no right to force western nations to legalise polygamy, western nations have no right to impose same sex unions on the countries that ban it.

    As a sovereign nation, Nigeria and other African nations have a right to ban same-sex unions in the same way the West has banned polygamy.

    The previous leadership in Nigeria has taken a position on a practice that is alien to its culture and its religious and traditional institutions and the current leadership is likely to uphold the same. The public relations officer of the northern Christian Association of Nigeria (CAN) had in the past stated that Christians and their counterparts in other religions had unanimously expressed gratitude to the last administration and National Assembly for passing the Anti Same-Sex Marriage law, despite opposition from Europe and the US. Similarly, the Muslim Students Society of Nigeria (MSSN), Lagos State, had also commended the administration for signing the bill into law. The group applauded the Nigerian leadership for standing its ground, despite pressure to reject the anti-gay bill by some international organisations and foreign countries.

    In the scriptures, marriage is a sacred contract between a man and a woman that cannot be redefined and it is the cornerstone of family life. In the Bible, passages in the book of Leviticus prohibit homosexuality. Chapter 18:22 states, “Thou shalt not lie with mankind, as with womankind: it is abomination.” Similarly, chapter 20:13 also states, “If a man also lie with mankind, as he lieth with a woman, both of them have committed an abomination: they shall surely be put to death; their blood shall be upon them.” Jews and Christians have historically interpreted these two verses as the clear prohibition of homosexual acts. Furthermore, the story of Sodom and Gomorrah has historically been interpreted as condemning homosexual acts.

    In Islam, the traditional schools of Islamic law based on Qur’anic verses and hadith consider homosexual acts a punishable crime and a sin. The Qur’an cites the story of the “people of Lot” (also known as the people of Sodom and Gomorrah), destroyed by the wrath of God, because they engaged in “lustful” carnal acts between men. The Qur’an contains seven references to the people of Lot; 7:80-84, 11:77-83, 21:74, 22:43, 26:165-175, 27:56-59 and 29:27-33, and their destruction by Allah is associated explicitly with their sexual practices.

    In 2012, the Nigerian parliament approved a bill banning same-sex marriage despite threats from the US and UK that they would consider withholding aid if the country didn’t recognise gay rights. Curiously though in the US, 17 states out of 50 (less than half) have endorsed same-sex practices and others reject its legality. This means that even in the US, not all its citizens are in support of same-sex practices.

    It increasingly seems that the Western countries’ mandate is to coerce African states to institutionalise behavior systems that they frown upon or deem illegal. There is the urgent need for these African states and the Nigerian leadership not to be dependent on foreign assistance for governance. If foreign aid coming from the West to Nigeria of other African Countries is contingent upon obliterating the core values of Africa, then Afrian nations have no choice but to liberate themselves and get their act together.

    Nigeria and the African Continent should use its net worth to dismantle the entrenched dependence syndrome and to also say ‘No,’ no matter how many times they are accused of not adhering to the value system of the West. Aid given with strings attached is not worth it, especially if those strings are repugnant to one’s values and belief system.

    Just like with the case of polygamists in Western countries, a day of social acceptance is unlikely to come for homosexuals in Nigeria and most African and Asian countries.

    May each country be free to preserve the value systems they wish to be defined by and adopt the laws of which they wish to be governed.

  • The Lagos issue

    SIR: Lagos has always been accommodating to all comers. In its long and rich history, there has never been any major record of blood letting and inter ethnic discord and strife. Let us hope that this will continue to be so. As exasperating as the place can be at times, it remains actual fun a place to live. That is why it is a melting pot. It is an all comers place precisely because those you meet there on arrival are always so enduringly accommodating.

    Not everyone everywhere else is that all encompassing.  Astonishingly, in contradistinction, there are parts of cities in Switzerland where foreigners cannot buy property. They can rent for as long as they like but none of the changing of title business. Most people first come across this caveat through the property pages. Lagos does not have this kind of caveat to its eternal glory. Such is the liberal ethos of the metropolis that no one ever mooted the odious and utterly disgusting concept of ‘abandoned property‘ there.

    Certainly, that most fair minded of men, the former Lagos state military administrator, Mobolaji Johnson, had all the legal instruments to do so. However, the Yoruba are not like that. This is more than you can say for some other people. We must not also forget that a lot of people in Lagos also collected rent for those who were trapped in the east due to the civil war. This is a classic case of being your brothers’ keeper.

    It will be most unfortunate if everything now changes due to some senseless and insensitive exuberance. It should not come to “OK! No more Mr. Nice guy”. If it does, it diminishes the very essence of our humanity. Lagos is what we should aspire to be. It is the most civilised part of Nigeria. It has always been.

    In the First Republic, P.C Ebudike represented Badagry-West in the Western House of Assembly. Mrs Mercy Eneli, Ibezim Obiajulu and Moronu were councillors freely elected by all Lagosians. It has been a long glorious history of accommodation.  To the opportunists and the sabre rattlers, let us remind them of the words of Bob Marley ‘when the rain falls, it won’t fall on one man‘s house‘. For they reap the whirlwind those who (inadvertently, it is to be hoped), sow the wind.

     

    • Kanmi Ademiluyi

    Lagos

  • Access Bank extends N53b rights issue

    Access Bank extends N53b rights issue

    •Equities still bullish

    Shareholders of Access Bank Plc have been granted additional two weeks to pick up their rights in the ongoing rights issue of N52.6 billion.

    The management of the bank urged shareholders to take advantage of the extension to pick up their rights. It is expected that trading on the rights issue on the Nigerian Stock Exchange (NSE) will also continue during the period.

    Rising Access Bank’s share price helped the equities market to sustain its bullish run. The bank’s share price rose marginally by 0.15 per cent yesterday, substantially higher than 0.05 per cent recorded by the average benchmark index at the NSE, the All Share Index (ASI).

    Aggregate market value of all quoted equities on the NSE rose from N10.210 trillion to close at N10.215 trillion while the ASI inched up from its opening index of 30,601.13 points to close at 30,614.93 points. This moderated average year-to-date return to -11.66 per cent.

    Securities and Exchange Commission (SEC) approved the extension of Access Bank Plc’s rights issue to March 18, 2015. Access Bank is offering 7.63 billion ordinary shares of 50 kobo each to existing shareholders at N6.90 per share. The rights issue, which opened on January 26 2015, was initially scheduled to close yesterday.

    The bank stated that the extension of the acceptance period was done to give shareholders ample time to subscribe for their rights.

    Group Managing Director, Access Bank Plc, Mr. Herbert Wigwe, urged shareholders to take advantage of this extension to fully exercise their rights, assuring them of quality return on their investments.

    “We are going to give good returns on investment as our target is to be among top three banks in 2017,” Wigwe said.

    He added that the bank was already talking to institutional investors, high net-worth investors and individuals, particularly investors who understand the value of long term investments.

    Many shareholders have commended the performance of the bank and ability of its management to consistently enhance the quality and value of their investments.

    Damola Adekunle, a Lagos-based shareholder and self-avowed satisfied customer, expressed optimism that the rights issue would be fully subscribed citing the quality of the bank’s leadership and its vision.

    He added that some of the strategic initiatives and decisions taken in the last couple of years have signalled that the bank is heading in the right direction.

    The net proceeds of the issue will be used to boost the bank’s working capital, enhance its information technology and expand branch network. These are expected to ultimately lead to improved performance and returns to investors.

  • Fashola: Justice delivery now grassroot issue

    Fashola: Justice delivery now grassroot issue

    Governor, Babatunde  Fashola(SAN)   has commissioned the combined High and  Magistrate Courts in Epe, which he named in honour of the late Lagos State Chief Judge of Lagos State, Ligali Ayorinde.

    Fashola said the inauguration of the complex was  a fulfilment of  a process of bringing  access to justice closer to  the people.

    He said delivery of  justice in a most efficient and conducive manner is now a grassroots matter traveling out of the town has now been greatly reduced in addition to the cost and inconvenience.

    Fashola explained that the location of such facilities like the Courts Complex has a role to play in maintaining law and order in the society, adding that without access to justice through the courts, the breakdown of law and order becomes a real possibility.

    In naming the Court complex after  Hon. Ligali Ayorinde, Fashola said it has become the tradition of the present administration to honour those who have served conscientiously and whose labour of yesterday has made endeavours of today possible.

    Earlier, the Chief Judge, Hon. Justice Funmilayo Atilade said the completion of the structure is another great step of the present administration to ensure greater access to, and speedy administration of justice.

    This, she said, would enhance  efficient justice delivery and assist  in prison decongestion.

    Attorney-General and   Commissioner for Justice  Mr. Ade Ipaiye  said with the growing pace of interpersonal, commercial and contractual relationships in Epe, it is  proper that matters of law and order be given priority consideration.

    He said with inauguration and handing over of the modern court house, the  challenges of quick dispensation of justice will be met, adding that Epe is ready to take on the task of ensuring that the orderliness, peace and tranquility for which this area is already well known, will remain, even as industrialisation and modernization arrives on a very large scale.

    Ipaye ponted out that  that the courthouse was conceived in 2008 as part of His Excellency’s Law and Order programme, addind that it has 6 fully air conditioned courtrooms for judges and magistrates, with Chambers and Secretary’s office attached to each, a reception and waiting area, all sizable and well furnished to a high standard, and It also has robing room and library for lawyers, registries, a total of six toilets and 4 shower rooms, a water treatment plant, furnished staff canteen, separate holding cells for male and female accused persons awaiting trial, two gate houses, a generator room, CCTV facilities for round the clock security and parking spaces for litigants and judges respectively.

    ”This provides us with a unique opportunity to accommodate judges and magistrates in this judicial division with very conducive facilities and amenities which will no doubt enhance justice delivery as well as the welfare of judges and magistrates. It also affords legal practitioners and litigants the best of facilities in which to do business and to resolve cases without having to travel long distances. I believe that this ultramodern courthouse will especially enhance the prestige of my colleagues who may now very rightly claim that they have one of the best working environments in the entire country”, he added.

     

  • Nigerian Companies issue $30b bonds, says DMO

    Nigerian Companies issue $30b bonds, says DMO

    The Debt Management Office (DMO) has confirmed that Nigerian companies have issued nine bonds worth $30.4billion in the International Capital Market.

    The DMO in a statement yesterday said the Nigerian companies took advantage of the window opened through the successful issuance of Nigerian Sovereign Eurobonds to successfully issue the international bonds.

    In the statement, the Director General of the Debt Management Office, Dr. Abraham Nwankwo, noted that “for the first time in Nigeria’s economic history, the private sector has been enabled to access long-term funds from both the domestic and international capital markets. The successful issuances of three Nigerian Sovereign Eurobonds in the International Capital Market – one in 2011 and two in 2013 – have opened the window for Nigeria’s private sector to raise required foreign currency funds.”

    According to DMO boss, “They are now able to fund long-term real sector projects (agriculture, manufacturing, housing, mineral exploration and processing, infrastructure, etc), for diversified and sustainable economic growth, towards employment generation and poverty reduction”

    On the domestic front, “between 2007 and 2013, as many as 22 Nigerian companies raised over N223 billion from the domestic market”.

  • NCC to issue more licences soon

    The Nigerian Communications Commission (NCC) said it will give licences to infrastructure providers it called InfraCos under its open access model of broadband deployment across the country.

    Its Director, Public Affairs, Tony Ojobo, said a total of seven licences will be on offer for firms willing to take advantage of the regulator’s initiative to take broadband to all the nooks and crannies of the country.

    Ojobo, who spoke on the sideline in Abuja, said the seven InfraCos will be licenced to provide infrastructure in the six geo-political zones of the country while one will serve Lagos.

    According to him, based on the business plans of some of the firms that would be licenced, funding will be made available to them to serve as an incentive to roll-out and deploy services in rural areas where there might not be any attraction to do so.

    The regulator said the proposed industry structure consists of players in layers one and two

    “InfraCos shall be licensed, geographically focused entities. InfraCos shall provide wholesale Layer 2 transmission services on a non discriminatory, open access, price regulated basis. InfraCos may also provide Layer 1 (dark fibre) services on commercial basis;

    “The InfraCos shall focus on the deployment of metropolitan and regional fibre and provide end-to-end transmission services, to be available at points of access (PoAs), to access seekers. InfraCos may do this by leveraging existing inter-city fibre to deploy their services, purchase/lease transmission or long haul fibre capacity from other providers where available for the purpose of interconnection, as well as connect to international bandwidth providers,” NCC explained.

    According to the regulator, the customers for InfraCos include wholesale wireless last mile operators; retail service providers (RSPs) that require wholesale bandwidth; independent operators/ wholesale operators who require to lease transmission services; and other access seekers such as vertically integrated operators.

    It added that the second layer is the wholesale wireless last mile provider (WWLMP). According to NCC, the WWLMP shall interconnect with the InfraCos at their Points of Access (PoA), thereby creating an integrated broadband service.

    “The last mile connectivity shall be deployed using a mixture of existing technologies, including wireless and fibre optic broadband. The available 2.3GHz spectrum license shall be auctioned to provide last mile wireless access on a wholesale basis,” he said.

  • Varsity name change: Issue is rule of law, not Ojukwu

    The All Progressives Congress (APC) in Anambra State has said the state government has once again missed the point in a statement directed to the opposition parties on the renaming of the Anambra State University after the late Dim Chukwu Emeka Odimegwu Ojukwu.

    The government had reacted in a statement by Mr. Valentine Obienyem published in some newspapers, giving an impression that the opposition parties were against honouring the late Ojukwu.

    APC said: “Nothing can be far from the truth. The point is not about Ojukwu whose name the All Progressives Grand Alliance (APGA) uses as a talisman when convenient. The issue is the rule of law.

    “The second issue is living true to the words expressed by a government.

    ‘’The Anambra State government, which Governor Peter Obi leads and which Valentine Obienyem is a part of, has been caught on the wrong side of both issues by members of the House of Assembly in opposition parties and many in APGA, who understand that the issue is not partisan.

    “In what is characteristic of its arbitrariness in running the affairs of the state, the government woke up one morning to announce that the name of a university has changed. Yet the university is a creation of the law set up by an Act of Parliament in the state.

    “What this means is that the Governor Obi-led administration has run foul of the law and due process, and can be impeached, particularly since this is habitual.

    “The government, without an enabling law, recently pronounced that campaigns would not take place in the markets, against the spirit of the freedom of movement entrenched in the 1999 Constitution, only to flout it and get booed.

    “The most lenient the House of Assembly can be in the circumstance is to ask the government to go back and do the right thing as soon as practicable.”

  • INEC to issue new voter cards soon

    The Independent National Electoral Commission (INEC) has said it would print permanent voter cards to replace the temporary ones issued in 2011.

    It assured that the location of polling booths at the palaces of traditional rulers would soon be stopped.

    INEC National Commissioner in charge of Bauchi, Borno and Yobe states, Mohammed Hammanga, spoke at Doho village during Saturday’s by-election at Kwami East Constituency in Kwami Local Government Area of Gombe State.

    He said: “We are working on delineation because according to the law, when a polling station is located in a place, you can’t change it until the new delineation. Hence we are using the old one. We are in the process of bringing out the new one.”

    He acknowledged voters’ willingness to exercise their franchise, but regretted the inability to present their temporary cards, hence the not too impressive turnout of voters.

    The Chairman of Kwami Local Government, Alhaji Ali Jiji Gadam, urged INEC to find time to revalidate the voter cards before any election due to the high rate of disenfranchisement arising from defacement and misplacement of cards.

    He attributed the peaceful conduct of the exercise to the advocacy for peace and the developmental activities of the government.

    Kwami East Constituency seat became vacant following the death of Abdulhameed Doho of the Congress for Progressive Change (CPC), who was shot dead in his home on January 16.