The Nation Newspaper

Tag: licenses

  • NEPZA licenses three FZs, nets $2.8b

    • Clears air on budget padding allegation

    Nigeria Export Processing Zones Authority (NEPZA), has licenced three new Free Trade Zones (FTZs), the Managing Director, Emmanuel Jime, has said.

    In a statement, NEPZA’s  Head Corperate Communication, Simon Imobo-Tswam , said the MD made this known in his Christmas Message.

    He listed the new FTZs to include, Nasco Town FTZ; Quit Aviation Services FTZ and Tomaro FTZ.

    He  besides the over $2.751billion coming in as Foreign Direct Investment (FDI) inflows, the new FTZs are targeting direct jobs in excess of 50, 000.

    He said, “Under my stewardship, we have been able to licence three new industrial parks, including Nasco Town Free Zone, which is valued $2,086billion. It is estimated at completion to be able to provide 15,000 direct jobs.

    “The second is Quit Aviation Services Free Zone, valued at $215million, and is estimated to provide jobs in their thousands. And there is: Tomaro Industrial Park, in Lagos, valued at $450million. It would also provide jobs running into the thousands.”

    He listed some of the challenges to include low staff morale, inter-agency rivalry, delayed promotions and poor investor-confidence, saying, “I have been able to make impact with support from the cooperative management team.”

    Jime used the occasion to refute reports that the Authority padded its 2018 budget estimates.

    His words: “I wish to state clearly, categorically and emphatically that any story about a padded budget, or a bloated personnel cost by the Authority is false and misleading. NEPZA has neither padded her budget proposal, nor bloated its personnel cost!

    “Although the stories mentioned figures here and there, both failed to state clearly that the figures were queries from the Distinguished Senators to which the NEPZA leadership gave clear, detailed and satisfactory explanations.

    “It is true that the Personnel Cost in NEPZA’s 2017 budget is N638million and the proposed budget for 2018 is N710million, but it is grossly incorrect to insinuate, or suggest that the ‘budget was over bloated’ or to state that ‘there is a N205million surplus discovered’ in the 2018 budget estimates of NEPZA.

  • NAICOM licenses two Takaful companies

    NAICOM licenses two Takaful companies

    • Islamic insurance is Sharia compliant, says Sanusi

    The  National Insurance Commission (NAICOM) has licensed two Takaful companies to operate while the processing of other applications is on-going, Commissioner for Insurance Mohammed Kari has said.

    Kari, who stated at this the weekend in his goodwill message at the  inuaguration of the Kano Branch of Jaiz Takaful in Kano State, said Takaful Insurance would solve the challenge of public apathy to insurance, religious and cultural beliefs, especially in the North. Takaful Insurance is another name for Islamic Insurance and it is a unique Islamic concept of Sharia compliance beneficial to both Muslims and non Muslims

    Kari said attempts by the Commission and insurance operators to penetrate markets in the northern part of the country with the conventional insurance products have  not yielded the much result due to a number of challenges arising from public apathy to insurance, religious and cultural beliefs.

    He stressed that the compulsory classes of insurance made mandatory by the law for every Nigerian to undertake are still being resisted by both government and people, especially in the northern part of the country due to the challenges earlier mentioned.

    He disclosed that in recognition of the public apathy to insurance, the Commission, in line with the desire to deepen insurance penetration in the country, developed a medium-term initiative code-named: Market Development and Restructuring Initiative (MDRI), to amongst others, promote public understanding and confidence in the insurance industry.

    The initiative, he said, was also aimed at creating awareness of certain vital insurance policies made compulsory by law for the protection of innocent third parties.

    He said:“Such compulsory insurances included motor third party, group life, professional indemnity, builders’ occupiers’ liability and public building liability insurance policies.”

    While certain level of success is being achieved gradually in this regard, the Commission introduced Takaful and Micro-insurance products in the country as an attempt to reach the segment of the market that was either hitherto reached or not comfortable with the conventional insurance products.

    The Emir of Kano, Alhaji Muhammadu Sanusi II, who was at the event, said Islamic compliance insurance scheme serves as an alternative to conventional insurance in the country.

    He said:“Islamic insurance also known as Takaful is a unique Islamic concept of Sharia compliance insurance beneficial to both Muslims and non-Musllims.

    The Royal Father also stated that the system of Takaful insurance is based on the concept of social solidarity, cooperation and mutual indemnification of losses of members.

  • CBN licenses Development Bank of Nigeria

    CBN licenses Development Bank of Nigeria

    The Central bank of Nigeria (CBN) has approved a Wholesale Development Finance Institution Licence to the Development Bank of Nigeria (DBN) Plc, the Minister of Finance, Mrs. Kemi Adeosun has confirmed.

    The approval was conveyed in a letter addressed to the Managing Director/Chief Executive of Officer of DBN dated March 28, 2017. The letter was signed by the Deputy Governor of the CBN in charge of Financial System Stability.

    The approval was subject to meeting the minimum capital requirement of N100 billion and the reconstitution of the Board of the Bank and reviewing its organogram.

    The DBN, was conceived in 2014 however, its take-off had been fraught with delays. The President Muhammadu Buhari led administration inherited the project with a determination to resolve all outstanding issues and set a target of 2017 for its take-off.

    It could be recalled that the Minister of Finance said that the DBN will have access to US$1.3bn (N396.5 billion) which has been jointly provided by the World Bank (WB), KfW (German Development Bank), the African Development Bank (AfDB) and the Agence Française de Development (French Development Agency). The Bank is also finalising agreements with the European Investment Bank (EIB).

    She also stated that the DBN, will provide loans to all sectors of the economy including, manufacturing, services and other industries not currently served by existing development banks thereby filling an important gap in the provision of finance to Micro, Small and Medium Enterprises (MSMEs).

    As a wholesale bank, the DBN will lend wholesale to Microfinance Banks which will on-lend medium to long-term loans to MSMEs. The MSMEs contribute about 48.47 per cent to the Gross Domestic Products (GDP) of Nigeria but have access to only about five per cent of lending from Deposit Money Banks (DMBs).

    The Federal Government expects that the influx of additional capital from the DBN will lower borrowing rates and the longer tenure of the loans, will provide the required flexibility in the management of cash flows, giving businesses the opportunity to make capital improvements, and acquire equipment or supplies.

  • NERC licenses seven firms for 2,758mw

    NERC licenses seven firms for 2,758mw

    •TCN spends $3m on transco aerial survey

    The Nigeria Electricity Regulatory Commission (NERC) yesterday in Abuja, presented licenses to seven companies with combined 2,758 megawatts (MW) generating capacity.

    A breakdown of the companies and their generation capacities, according to NERC chairman, Dr. Sam Amadi, shows that Benin Generation Company Limited located at Ihovbor, Edo State will generate 450m;, Omotosho Generation Company Limited, located at Omotosho, Ondo State has the capacity to generate 500mw and Omoku Generation Company Limited at Omoku, Rivers State has the capacity to generate 250mw.

    Others include Gbarain Generation Company Limited located in Gbarain, Bayelsa State, which has the capacity to generate 225mw; Calabar Generation Company Limited, which is located in Calabar, Cross River State has the capacity for generating 561mw; Geregu Generation Company Limited, Geregu, Kogi State that has capacity to generate 434mw on grid while Egbema Generation Company Limited can generate 338mw. IT is located in Egbema, Imo State.

    Meanwhile, the Transmission Company of Nigeria (TCN) unbundled from the Power Holding Company of Nigeria (PHCN) has also spent $3million on the aerial survey of the country’s transmission line in the last two years.

    Principal Consultant, Penuel Consulting, LLC, Dr. Timmy Fadiora, disclosed this to reporters in Abuja yesterday after training on “Aeriel Survey and Geodetic Mapping on TCN transmission lines and Right of Way (ROW) Corridor.” He said the firm deployed its aircraft from the United States.

    According to him, $800,000 is required for only aircraft that will fly the nook and cranny of Nigeria. He explained that the firm will conduct an aerial survey on the entire transmission line in Nigeria and their substations.