The Nation Newspaper

Tag: loss

  • Speaker’s death great loss to Oyo – APC chieftain

    A chieftain of the All Progressives Congress (APC) in Oyo State, Dr Ismail Adebayo Adewusi, has expressed shock at the sudden death of the Speaker, Oyo State House of Assembly, Hon. Michael Adeyemo. Adeyemo died in his Ibadan home on Friday of heart failure. Adewusi, who is a major political leader in Oyo State, described Adeyemo’s death as a huge shock, saying he was taken away at a time he was making great contributions to the political and socio-economic development of Oyo State and Nigeria.

    As a fellow Ibarapa indigene, Adewusi said he shared robust ideas with the deceased at different times, pointing out that he was a good representative of the zone. He praised his astute leadership in the House of Assembly and extolled his virtues which he listed to include humility, candour, forthrightness and hardwork.

    “Adeyemo’s death is a great loss to Ibarapa land, Oyo State and Nigeria at large. Given the qualities he manifested, there is no doubt that Adeyemo represented new generation of young politicians who also brought professional expertise to politics for the good of Nigerians. He will be sorely missed on the political turf in Oyo State.” Adewusi said. He prayed God to give his family,  Ibarapa indigenes, members of the House of Assembly and the Oyo State Government the fortitude to bear the loss.

     

  • Petrol import loss hits N1.4tr

    Nigeria records about N1.4 trillion yearly as under-recovery from its importation and sale of Premium Motor Spirit  at N145 per litre, Petroleum Resources Minister Ibe Kachikwu said yesterday.

    He spoke at a meeting in Abuja where stakeholders in the Liquefied Petroleum Gas (LPG) sector met to review the challenges of the LPG market.

    Kachikwu explained that it was time Nigeria began to look at alternative fuel sources, such as LPG, which are clean and less expensive.

    He said President Muhammadu Buhari would in the next two months launch an infrastructure rebirth plan with which the country would leverage to attract private finance to upgrade her oil and gas infrastructure.

    Said the minister: “Clean energy is very essential and we need to move away from complete utilisation in our transport sector of only PMS which is creating a lot of under-recovery of N1.4 trillion per annum of exposure to the government.

    “At the end of the day, we begin to go into other components of cleaner fuels and rely less on the PMS that is gotten from out of the country.”

    Asked to clarify if the figure on petrol under-recovery was annually and how the government felt about it, Kachikwu replied: “Yes, currently. That is being addressed at a very high level and I don’t want to go into that.”

    In March, the Nigerian National Petroleum Corporation (NNPC) disclosed that its expenditure on petrol subsidy was N774 million daily, and that 50 million litres was consumed across the country everyday.

    NNPC’s Group Managing Director Dr. Maikanti Baru described the amount as “under-recovery”, adding that the huge fund was due to the proliferation of filling stations in communities with international land and coastal borders across the country.

    Kachikwu also indicated that the government would launch an infrastructure rebirth plan for the oil and gas industry. The rebirth plan he noted, will enable private investors put in money in key infrastructure assets across the entire value chain of the sector.

    “I think government is focused in all the areas. We are hoping to launch an infrastructure rebirth map for the oil sector over the next two months, and I hope His Excellency, the President will launch that.

    “The effect is that it will be to open up tariff and create policy positions that will enable people to actually go in and invest in critical infrastructure that is needed because anywhere you go, whether it is distribution of petroleum products massively through trucks and rather than through pipelines, whether it is being able to take crude into refineries or distribute gas throughout the country, infrastructure is so key.

    “There are lots of stranded gas and power everywhere. Distribution is key; infrastructure is key. We need to find a way of finding enough incentives to enable the private sector go in very bullishly and put the money where it is supposed to be,” he explained.

    On the significance of the LPG meeting, Kachikwu said: “Coming from this meetings we are having, we will come up with recommendations of what DPR needs to do to deepen licensing issues and enforcement issues, but over and above just going after individuals who have done it wrongly; what are the incentives, schemes and structures we need to put in place, and it just goes to tell u where the storage capacities for the gas we have been buying; where are the official distribution and sales centers? If we deepen the regulation, deepen the licensing and enforcement, we should be able to get there.”

    He noted: “But, like you know, we already have a gas policy which was approved at FEC and all of this is in there. What this group is going to do is to take a piece of that as it concerns LPG and say how we can take that policy document and expand and activate the whole LPG.”

     

  • We have policy against job loss, says Anchor

    We have policy against job loss, says Anchor

    Job loss in recent time has become a major risk for employees and this has resulted to their fear of the unknown, thereby reducing their productivity.

    But employees can now heave a sigh of relief, allay frustration and still able to meet their financial responsibilities should the job, eventually go as Anchor Insurance has developed a product called Anchor Loss of Employment Income Insurance Scheme.

    This policy will pay pre-determined income for a given period to any policyholder who loses his/her job, having paid the required premium while payment of premium has been structured  monthly, quarterly, bi-annual and yearly for convenience; hence employee can choose which one is suitable according to his disposable income.

    Any employee on this scheme who suffers job loss  will be indemnified for 24 months. This will enable the employee meet his financial obligations while actively searching for another job. Being the first insurance company to bring the product to Nigeria, our objective, among others, is to help the economy reduce the social ills and criminalities in our society which result from the job losses, the firm said, noting: “An idle hand is the devil’s workshop”.

    On the part of the employee, the product will help to protect financial loss, prevent frustration and psychological breakdown and among many other things, regains employee decency after job loss.

    The company has encouraged employee to take up this policy without delay as it is the only surest safety net, shock absorber that can cushion for the harsh effect of a sudden loss of job.

    Anchor Insurance remains focused to its vision: “To be the most innovative and preferred General Business Insurance Provider in Nigeria”.

    Living this vision was consolidated with the launch of its innovative retail product “Anchor Loss of Employment Income Scheme (AnchorLoEIS’’. AnchorLoEIS is the newest and latest solution to protect employment income, a safety net, shock absorber or cushion for the harsh effect of a sudden loss of job.

    One of the products displayed during the Awareness Campaign was the Auto Easy Policy, which is the company’s brand name of the Compulsory third Party Motor Insurance Policy.

    There are lots of fake insurance certificates being generated by touts and this is to the ignorance of the policy holders who falls prey, hence the campaign was meant to sensitise the public on how they can get genuine insurance policy and authenticate their certificate of insurance.

    This authentication is provided for on the platform of the Nigeria Insurance Industry database (NIID) of the Nigeria Insurance Association (NIA). To check the genuineness of your Vehicle Insurance certificate, go to www.askniid.org.

    Other products displayed ares Anchor Fire Insurance Protection Policy, Occupiers Liability Insurance, Professional Liability Insurance, Public and Product Liability Insurance, Personal Accident Insurance and a few others.

    The company was established and licensed in October 1989 and started operations in November of the same year. It was established by the Government of Akwa Ibom State in the South of Nigeria as a state-owned Insurance Company underwriting General Business (Non-Life) and Special Risks classes of Insurance with its registered office at 7/13 Aka Road, Uyo, Akwa Ibom State.

    The company attained the status of a composite insurance company in 1992 when it added life/pension class of insurance to its business portfolio. The regulatory body for insurance business in Nigeria; National InsuranceCommission (NAICOM) re-registered Anchor Insurance Company Limited in the status of a composite insurance company under the Registration Number RIC-072 in 1998.

    In 2007, the share capital of the company increased to N3 billion in line with regulatory directives. Following the regulatory-induced recapitalisation and consolidation, the shareholders fund of the company was raised to over N3 billion, which placed the company, among the recapitalised insurance companies in Nigeria.

    As at December 2016, the shareholders fund of the company stands at over N4.7 billion from the approved 2016 annual report and financial statement. The Management is made of a crop of seasoned and professional insurance practitioners with diverse experience in reinsurance, underwriting, banking and finance, loss adjusting, accounting, marketing, legal and auditing expert; this has seen the company grows in leaps and bounds.

    A vibrant Non-Life insurance underwriting firm with the total Assets of over N5.7 billion, Anchor Insurance has been fulfilling its obligations to its numerous clients through prompt settlement of claims. Between 2014 and 2017, the company paid over N1.8 billion in settlement of claims across different insurance policies ranging from fire, motor vehicle, oil & gas, Aviation to flood damage, theft, group personal accident, defaults on performance bonds and motor accidents.

  • Akinwunmi Ishola’s death huge loss, says Tinubu

    Akinwunmi Ishola’s death huge loss, says Tinubu

    All Progressives Congress National Leader Asiwaju Bola Tinubu, has described the death of playwright, author and culture activist Prof. Akinwunmi Isola, as a huge loss.

    In a statement by his Media adviser Tunde Rahman, the former Lagos State Governor said:  ”The death of Prof. Akinwunmi Ishola saddens me. It is a huge loss.

    “Prof. Ishola earned reputation for his writing and work in the promotion of Yoruba language. To his credit are many celebrated works like Efunsetan Aniwura, Oleku, Kosegbe, Saworoide and Agogo Eewo

    “Coming not too long after the death of Alagba Adebayo Faleti, we have lost another Yoruba literary scholar and culture icon.

    “Though late Prof. Ishola was younger, both of them were like Siamese Twins. Both were playwrights and authors. Both worked relentlessly for the promotion of Yoruba culture and tradition.

    “Alagba Faleti was born in Agbo-Oye in Oyo State and Prof. Ishola in the capital, Ibadan, both earned their stripes and lived in Ibadan.

    “I commiserate with the family of Prof. Ishola for this loss. I mourn with Gov. Abiola Ajimobi. May the soul of Prof. Ishola rest in peace, “ he said.

    Prof Ishola died on Saturday at the age of 79.

  • Fadama builds N42m centres to prevent loss

    The Niger State Fadama Project Coordinator, Aliyu UsmanKutigi, an engineer, said the state coordination office has constructed six aggregation centres to prevent post food harvest loss for N42 million.

    Speaking in Minna during a workshop on Probity and Accountability for Desk Officers and Facilitators of Fadama in the state, Kutigi said the aggregation centres which were constructed at Badeggi, Katcha, Kutigi, Izom, Sabon Ramu and Sabon Ushe  will enable farmers store farm produce with minimal farm produce getting spoilt.

    The Fadama Project Coordinator said the workshop would enable the participants contribute their quota to the state and Federal Government crusade against corruption.

    “Fadama 111 AF aims to train its staff so that it will in no small measure eradicate or reduce corruption in agricultural sector which is the backbone of the nation’s economy,” he said.

    He stressed the need to imbibe the culture of attitudinal change in all administrations.

    The Lead Resource Person,  Hon Danladi Umar Abdulhameed in his presentation, said corruption cuts across all sectors as everybody or group in the society is to blame.

    He recommended reward for the hardworking and honesty and punishment of perpetrators of corrupt practices.

    He added that government needed to strenghten agriculture, education, health and other critical sectors in order to chase poverty, hunger, ignorance and diseases out of the country.

  • Equities open withN140b loss as selloff continues

    Nigerian equities lost N140 billion in five hours of trading yesterday at the Nigerian Stock Exchange (NSE), extending the downtrend to its sixth consecutive trading session. With a net capital depreciation of N542 billion in this year’s steepest decline last week, the stock market reopened with a continuation of widespread profit-taking as investors sought to monetise earlier capital gains.

    All benchmark indices at the NSE slumped to their recent lows on the back of a market-wide selloff, with nearly three of every four transactions closed at lower prices. With average day-on-day decline of 0.90 per cent, the average year-to-date return slipped to 11.75 per cent.

    The All Share Index (ASI)-the benchmark value index for Nigerian equities, declined from its opening index of 43,127.92 points to close at 42,737.89 points. Aggregate market value of all quoted equities also dropped from its opening value of N15.477 trillion to close at N15.337 trillion.

    All sectoral indices also closed negative, underlining the market-wide profit-taking that had dominated trading in recent days. The NSE Banking Index slumped by 3.8 per cent. The NSE Insurance Index dropped by 1.1 per cent. The NSE Consumer Goods Index declined by 0.9 per cent. The NSE Industrial Goods Index slipped by 0.4 per cent while the NSE Oil & Gas Index dipped by 0.2 per cent.

    “The on-going sell sentiment may continue till midweek albeit on a milder scale than in the previous trading sessions. Profit taking and bargain-hunting may then likely characterise subsequent trading sessions,” FSDH Securities stated.

    There were 36 losers to 13 gainers. Nigerian Breweries led the losers with a loss of N3.90 to close at N133. Guaranty Trust Bank followed with a loss of N2.40 to close at N45.60. Lafarge Africa dropped by N2 to close at N50. Zenith Bank declined by N1.50 to close at N29.40. Flour Mills of Nigeria depreciated by N1.10 to close at N31.50 while Dangote Sugar Refinery dipped by N1.05 to close at N20.70 per share.

    On the positive side, Dangote Cement led the contrarian stocks with a gain of N5.30 to close at N272. Beta Glass followed with a gain of N3.25 to close at N68.70. PZ Cussons Nigeria rose by N1.40 to close at N25.40. GlaxoSmithKline Consumer Nigeria and International Breweries appreciated by N1 each to close at N21.20 and N60 respectively. UAC of Nigeria added 70 kobo to close at N17.45. Unity Bank rose by 9.0 kobo to close at N1.92 while C & I Leasing and UACN Property Development Company chalked up 5.0 kobo each to close at N1.90 and N3 respectively.

    Total turnover stood at 517.44 million shares valued at N5.19 billion in 5,852 deals. Skye Bank was the most active stock with a turnover of 73.15 million shares worth N79.16 million. FBN Holdings followed with a turnover of 71.34 million shares value at N815.73 million while Jaiz Bank ranked third with a turnover of 40.57 million shares worth N42.39 million.

    “Although the bearish trend from last week was sustained today (Monday), we expect market performance to be boosted by bargain-hunting in subsequent trading sessions,” Afrinvest Securities stated.

  • Profit-taking drags equities to N225b loss

    Profit-taking drags equities to N225b loss

    Nigerian equities reopened yesterday with a tinge of bearishness as profit-taking transactions on many large-cap stocks dragged the overall market position to a net loss of N225 billion.

    The two main value-based indices at the Nigerian Stock Exchange (NSE) closed on the negative, underlining that the decline was due to price depreciation.  The All Share Index (ASI) dropped by 1.64 per cent to close at 37,889.57 points. The market capitalisation of all quoted equities declined by N225 billion to close at N13.484 trillion.

    The downtrend was due to widespread profit-taking transactions, especially losses recorded by large-cap stocks such as Dangote Cement, Nigerian Breweries, Okomu Oil, Presco and PZ Cussons Nigeria.

    There were nearly two losers for every gainer with 14 gainers and 24 losers. Cadbury Nigeria recorded the highest gain, in percentage terms, with 9.91 per cent to close at N15.75 per share. 11, formerly Mobil Oil Nigeria, gained 4.89 per cent to close at N178.31. Fidelity Bank appreciated by 4.62 per cent to close at N2.49 per share. Law Union and Rocks Insurance went up by 4.23 per cent to close at 74 kobo while NEM Insurance appreciated by four per cent to close at N1.56 per share.

    On the negative side, Okomu Oil led the losers’ chart by five per cent to close at N67.69 per share. Omoluwabi Micro Finance Bank shed 4.88 per cent to close at 78 kobo. Presco depreciated by 4.86 per cent to close at N68.50 per share. MC Nichols dropped by 4.76 per cent to close at N1.20 while Nigerian Breweries declined by 4.26 per cent to close at N134.04 per share.

    The momentum of activities however improved as total volume traded appreciated by 103.9 per cent to 425.96 million shares worth N2.12 billion in 2,937 deals. Transactions in the shares of Transnational Corporation of Nigeria topped the activity chart with 107.1 million shares valued at N154.77 million. Fidelity Bank followed with 94 million shares worth N220.75 million while Skye Bank traded 51.65 million shares valued at N25.82 million.

    Analysts at Afrinvest Securities Limited said they remained optimistic on the outlook for equities.

    “Given the significant rise in oil prices in recent times and the broadly bullish outlook for commodity prices for 2018, we maintain our positive short- to medium-term perspective for equities,” Afrinvest Securities stated.

  • Experts seek measures to reduce post-harvest loss

    Stakeholders are seeking ways to reduce post-harvest losses.

    About 40 per cent of Nigeria’s agricultural production is lost yearly due to insufficient infrastructure.

    They also canvassed the execution of a roadmap to help attain the desired objectives of food security and nutrition.

    At a workshop in Lagos, organised  by the Global Alliance for Improved Nutrition (GAIN) and the Postharvest Alliance for Nutrition (PLAN), the stakeholders lamented  that farmers were losing a lot after harvests to poor storage facilities, market inefficiencies and bottlenecks in the value chain, adding that it was impacting on national nutritional levels.

    Federal Institute of Industrial Research, Oshodi (FIIRO) Director-General Mrs. Gloria Elemo said  food and nutrition security would ensure that vital ingredients for healthy living were sustained, noting that efforts should not be spared to preserve perishable foods.

    She added that fresh fruits and vegetables produced in the North hardly got to the South due to transport challenges, stressing that public and private sectors must redress the situation.

    “In the process moving these items to its consumers about 50 per cent of these fruits and vegetables are lost due to bad packaging and poor postharvest handling.

    “The country depends so much on importation whereas we have the capability to provide food for the citizenry, so if the necessary infrastructure is put in place to totally reduce postharvest losses we would not have the problem of hunger or malnutrition in the country.”

    Mrs. Elemo said the recent Nigeria Cold Chain Summit (NCCS) in Lagos, was to review strategies to eliminate losses in food storage, calling on the private sector to join hands with government to accomplish the task.

    Senior Technical Specialist, GAIN, United States, Roberta Lauretti-Bernhard, said efforts were ongoing to respond to countries that have malnutrition as well as post-harvest challenges.

    “Postharvest loss is also nutrition loss. So a platform was drawn that is a combination of the private sector, government and institutions that have a strong objective of ending not just postharvest loss but malnutrition.

    “GAIN interest in Nigeria stems from her high malnutrition burden and also high incidence of postharvest loss in fruits and vegetables thus leading to loss of micronutrients.’’

  • Biffo calls loss at Pillars disappointing

    Biffo calls loss at Pillars disappointing

    Abia Warriors head coach, Abdul Usman Biffo has described as disappointing his side’s loss at former Nigerian champions, Kano Pillars.

    “The outcome of the clash was not what we planned for coming to Kano to confront Kano Pillars. I think we have ourselves to blame for the poor performance as our tactics failed us woefully.

    “Unfortunately, before we could come up with the required change the home side had scored their two goals. Well, this one is gone we have to look forward to other matches on the calendar to ensure we get good results,” said the former Niger Tornadoes coach to supersport.com.

    Biffo, however, could not hide his joy for the Kano Pillars’ precious captain and midfielder, Rabiu Ali.

    “Rabiu Ali is a wonderful player to have in any team he is truly an asset to the Kano Pillars side. Rabiu played and scored against Benin Republic in the CHAN qualifier and less than 24-hours here he is up for the side and scoring as well,” said Biffo.

    Pillars head coach, Ibrahim Musa said his jewel, Rabiu Ali is a game changer and that is why he fielded him against Abia Warriors.

    “Ali is an experienced and intelligent player that’s why I fielded him and he justified the confidence I reposed in him.

    Abia Warriors are a good side, we used the few opportunities we had to score the decisive goals,”

    said Musa to supersport.com.

  • Equities remain down with N190b loss

    Equities remain down with N190b loss

    For the second consecutive trading session, Nigerian equities continued to reel under profit-taking transactions with three out of every four transactions closed at lower prices. Total market value of all quoted equities dropped by N190 billion, bringing total loss in the past two trading sessions to N500 billion.

    With 45 losers to 14 gainers, the benchmark index at the Nigerian Stock Exchange (NSE), the All Share Index (ASI) declined by 1.6 per cent from its opening index of 33,477.89 points to close at 32,928.44 points. Aggregate market value of all quoted equities dropped from its opening value of N11.577 trillion to close at N11.387 trillion. The average year-to-date return thus dropped to 22.5 per cent.

    All sectoral indices also closed in the negative, underlining the widespread selling sentiment that drove transactions yesterday. The NSE Consumer Goods Index dropped by 2.6 per cent. The NSE Banking Index declined by 2.4 per cent. The NSE Insurance Index slipped by 1.3 per cent. The NSE Industrial Goods Index lost by 0.8 per cent while the NSE Oil and Gas Index dropped by 0.4 per cent.

    Nigerian Breweries, NSE’s second most capitalised company, led the losers with a loss of N7.97 to close at N158.03. Okomu Oil Palm followed with a loss of N3.40 to close at N64.80. Presco lost N3 to close at N73. Mobil Oil Nigeria dropped by N2.90 to close at N248 while Julius Berger Nigeria lost N2.18 to close at N41.52 per share.

    Total turnover stood at 509.8 million shares valued at N5.0 billion. United Bank for Africa (UBA) led the activities’ chart with a turnover of 88.92 million shares valued at N776.27 million. Diamond Bank followed with 70.36 million shares worth N79.01 million while Transnational Corporation of Nigeria placed third with 60.3 million shares worth N91.72 million.

    On the positive side, Conoil led the contrarian stocks with a gain of N4.14 to close at N44.56. Ashaka Cement followed with a gain of N1.50 to close at N16.27. Berger Paints of Nigeria rallied 65 kobo to close at N7.12. UBA added 38 kobo to close at N9.20 while UAC of Nigeria chalked up 10 kobo to close at N18 per share.

    “The bearish sentiment in the Bourse in the last two sessions is partly attributable to slide in oil prices since the start of the week. We expect this fundamental driver to continue to dictate performance in the near term, although we remain medium term positive on the market performance,” Afrinvest Securities stated.