The Nation Newspaper

Tag: Nigeria News

  • The people’s hero kicks off

    Audiences are being thrilled to a rich and colourful experience of entertainment and culture on MTV Base as The People’s Hero talent hunts kicked off on Saturday.

    The show, which will be repeated every Wednesday, is an initiative of Hero Lager Beer, an International Brewery Plc brand.

    The Senior Channels Manager for Viacom International Media Networks Africa, Solafunmi Oyeneye, said after a series of thorough and transparent auditions in Enugu and Owerri, which attracted almost 2,000 youths from every city in the Southeast and Southsouth, the final 20 with talents in singing, dancing, the spoken word and acting have been selected. They and are in the house to contest for the grand prize of N7 million and the consolation prizes of N2 million and N1 million for the first and second runners-up.

    Solafunmi said the broadcast began with episodes of the pre-audition activations across five states in the Southeast and Southsouth. The subsequent episodes will feature the auditions in Enugu and Owerri. She described the auditions as intriguing experiences the audience cannot afford to miss. According to her, the massive turnout of raw talents and deep knowledge of culture by youths, as displayed during the auditions, were breathtaking. She noted that throughout the auditions, it was impressive to see how youths were proud to celebrate their culture.

    Assuring audience of a thrilling experience, the Marketing Manager, Hero Lager Beer, Mr. Obumneke Okoli, said the show promises not only to be entertaining and exciting, but also to further educate the populace, especially those from the Southeast and Southsouth, on the relevance of their culture to modern live.

    According to him, it is amazing to see our young ones demonstrate a detailed understanding of the Southeastern culture in diverse contemporary styles. He reiterated that The People’s Hero TV show is a platform to celebrate the culture of the people as well as giving opportunities to young talents to express themselves along the skills of singing, dancing, spoken word and acting.

  • New Chams management assures on good corporate governance

    The management of Chams Plc has assured the investing public that it will uphold good corporate governance by providing adequate and timely information to the investing public.

    Chams Plc’s new Group Managing Director, Mr Gavin Young, made the assurance during a courtesy visit to the management of the Nigerian Stock Exchange (NSE).

    He said Chams was prepared to ensure sustainable shareholder value by focusing on innovations in its core area of identity management.

    According to him, the company would place premium on investment in innovative solutions and software across the commercial, consumer and government sectors of the economy to sustain its competitive edge.

    Young, who was accompanied by the immediate past group managing director of the company, Femi Williams, assured the Exchange that Chams would always take the issue of compliance with all the post listing requirements seriously.

    He said the company’s focus is to perfect and package innovative solutions so that it can realise value from its investments.

    As Chams is one of Nigeria’s foremost identity companies, we are also focussing on innovation in the identity space, and particularly verification, as there are now over 40 million National Identity Numbers (NIN) and BVN records to which we can link to provide such verification solutionsn,” Young said.

    He pointed out that the company has good working relationships with the National Identity Commission (NIMC) and Nigerian Inter Bank Settlement System (NIBSS) noting that Chams’ subsidiaries are making good progress in the Fintech payment segment.

    Young, who had worked with  Chams for over one decade in various capacities at both formal and informal level as well as the company’s subsidiaries, including investment companies, commended his predecessor, and his team for taking the company out of debt overhang within the last two years.

    Williams, who had worked for Chams for over two decades in various capacities, outlined many milestones recorded by the company during his four-year tenure, including declaration of dividend after three years of continuous losses, 100 percent appreciation of the company’s share price on the Exchange, balance sheet restructuring, maintenance of business relationship with Osun State Government till date, creation of Project Arise in 2017 and payment of all loans, among others.

    Nigerian Stock Exchange (NSE) Chief Executive Officer, Mr Oscar Onyema, congratulated the company on its tradition of seamless transition and urged the management to take advantage of opportunities created by the Exchange for ease of communication to the market.

    He emphasised the need for the company’s board to adhere to principles of corporate governance.

     

  • AfCFTA’ll open new vistas to banking sector, says Osinbajo

    Vice President Yemi Osinbajo yesterday said the signing of the African Continental Free Trade Agreement(AfCTA) offered Nigeria great opportunities to extend its banking and financial services across Africa.

    He spoke at the 12th Annual Banking and Finance Conference 2019 of the Chartered Institute of Bankers (CIBN)  in Abuja.

    The two-day conference had: The Future of the Nigerian Banking Industry-360 as its theme.

    Osinbajo said there was also need for Nigeria to boost her exports which could not be achieved without improving infrastructure.

    He said:”With the signing by the President of AfCTA, there are great opportunities and challenges.

    “We  have great opportunities to  extend the reach of our banking and financial services across Africa where we are making waves, and export more where we are exporting, especially in fast moving goods, cement and now fintech .

    “But we must improve infrastructure to expand our manufacturing base, and produce cheaper; this is crucial because we are also the target market for all Africa.

    “We are faced with the threat of smuggling; we will now have to contend with the threat of dumping.

    “This is why the current stage of negotiations on the AfCTA is crucial;  I think the sum and substance of what I am saying is that, our financial service sector now has to redefine itself.’’

    He said efforts needed to be made to  lend to Micro Small and Medium Enterprises (MSMEs) and the entire real sector.

    He said  the Central Bank of Nigeria (CBN) had been in partnership with some banks and had successfully given loans to almost one million farmers under the Anchor Borrowers Programme but the need was far greater.

    According to him, there are  series of measures the Federal Government has taken to unlock lending to critical, labour intensive sectors of the economy.

    “In agriculture, we have seen how the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) has given the banking industry greater confidence to unlock new capital for Agropreneurs by de-risking value chains across the nation.

    “The immediate dividend of enhanced agricultural productivity is the sharp increase in the population of employed and banked Nigerians,” Osinbajo said.

    He said reducing the nation’s foreign exchange expenditure on food imports would be expended on its extensive infrastructure development and social investment programmes for further job creation and enhanced financial inclusion.

    “ We are leveraging the success, knowledge and experience of our work in NIRSAL to fundamentally reform the Solid Minerals Development Fund (SMDF).”

    According to Osinbajo, it is also de-risk chains in the solid minerals sector with a risk-sharing mechanism, to secure lending from the banking sector for private capital to in-flow and build new allied industries.

    “We have been in discussions with the national Pension Commission (PENCOM) on de-risking pension funds to enable lending for infrastructure development.’’

    The vice president said financial inclusion was key to realising  President Muhammadu Buhari’s promise to lift 100 million people out of poverty in 10 years.

    He said  the journey of lifting 100 million Nigerians out of poverty started with collaboration with the Bank of Industry(BoI) to deliver the Government Enterprises and Empowerment Programme(GEEP)– Tradermoni and Marketmoni.

    He said that after emerging from a recession, Nigeria had attained a reasonable measure of macroeconomic stability.

    Earlier, in his address of welcome, CIBN’s President, Uche Olowu, said that the conference was symbolic and significant to CIBN and Nigeria in two great ways’.

    He said it marked the 125th anniversary of the emergence of banking in Nigeria.

    Olowu said it was also coming exactly a week after the 23rd World Conference on Banking Institutes hosted by the London Institute of Banking and Finance.

    In his remarks, CBN President, Godwin Emefiele, said that 21st-century banking was digital and had come to stay in Nigeria.

    Represented by Dr Joseph Nnanna, Deputy Governor, Economic Policy Directorate, CBN, Emefiele urged the Nigerian banking system to be alive to its responsibility, reminding them that the days of arm-chair banking were over.

     

  • CIS explains executive conversion programme

    The Chartered Institute of Stockbrokers (CIS) has said its Executive Conversion Programme (ECP) was introduced to attract highly-rated professionals in the academia as part of efforts to deepen the research base of Nigerian capital market.

    CIS explained that the ECP was a strategic temporary window to provide opportunity for some of the institute’s leading examiners to formally enter the professional cadre of the securities market in order to upscale the quality of human capital.

    Addressing the second batch of senior lecturers, mostly professors of accounting and finance at the brainstorming session in Lagos, President, Chartered Institute of Stockbrokers (CIS), Mr Adedapo Adekoje, said one of the strategic initiatives of the institute was to advance professionalism in order to cope with the challenges of global competitiveness.

    He pointed out that finance-related senior lecturers have enormous task of marrying theories with practice in other to improve the quality of research that would enhance investment decision by both indigenous and foreign investors.

    First Vice President, Chartered Institute of Stockbrokers (CIS), Mr. Olatunde Amolegbe, expressed satisfaction at the level of the participants’ discussion which reflected their deep knowledge of the financial market.

    “The fact that you all have significant pedigree in finance related discipline and research, we urge you to view this training as a practical approach to your theoretical background. This will further integrate you into the business of securities market and also impose on you the necessity to conduct research that will bring about an array of investment opportunities in the capital market,” Amolegbe said.

    Chartered Institute of Stockbrokers (CIS) Registrar and Chief Executive Mr. Adedeji Ajadi stated that the idea of ECP was to improve professionalism of securities dealers in research and development adding that the institute would continually collaborate with tertiary institutions to attract students into the market as part of the strategy to grow its membership base.

    “We recognised that we need to marry the intellectual side of things with the practice side of things. So, bringing top academics into the Institute will help us to integrate practice with the theoretical side of things, thereby enhancing the overall quality of our members, Ajadi said.

    Former President of CIS and one of the facilitators, Mr. Ariyo Olushekun who made extensive presentation on ethics advised the participants to uphold the highest standard of professionalism in their dealing with clients.

    Olushekun cited many case studies to demonstrate the need for integrity on the part of stockbrokers as their words must be their bonds.

    A council member of the institute and also a facilitator, Mallam Kasimu  Garba Kufri, took the participants on “ The Practice of Securities Trading and Investment”.

    Participants expressed satisfaction with the institute’s initiative and appreciated it for creating the special window for them.

    “I am very excited for the opportunity the institute has given me. I shall be glad to become a member of the institute so as to contribute to the development of the Nigerian capital market,” a Professor of Banking and Finance from Imo State University, Michael Ndugbu said.

    Another participant, a Professor of Mathematics at the Lagos State University, Professor Michael Adetunmobi described the programme as an opportunity  to join the stockbroking community.

    Also, the Dean, Faculty of Management Sciences, Bayero University, Kano, Professor Kabir Hamid said the knowledge gained from the training would help him to balance theory and practice of the workings of the capital Market.

     

  • World Bank, IFC agree to support Nigeria’s devt

    The World Bank Group and the International Finance Corporation (IFC), have promised to continue to support Nigeria in bridging its infrastructure gap.

    The two organisations gave the commitment in a statement issued by the World Bank’s Senior Communications Office in Nigeria yesterday in Abuja.

    The World Bank Vice President for Africa, Mr Hafez Ghanem, IFC Vice President for the Middle-East and Africa, Mr Sérgio Pimenta, and IFC Vice President for Economics and Private Sector Development, Mr Hans Lankes, were quoted to have discussed during a visit to Nigeria.

    The meeting discussed how the World Bank Group could help Nigeria leverage private and public investments and expertise for inclusive growth.

    According to Ghanem,  the bank can together with the private sector leverage government resources to bridge infrastructure gaps in Nigeria.

    “We have supported and seen success in transport, energy and power sectors using Public Private Partnerships (PPPs) models.

    “The Azura power project is an example of how we have attracted private sector investment in the power sector.

    “We are happy to work with the government of Nigeria on power sector reforms, which will create a better environment to attract more private sector financing,” Ghanem said.

    Pimenta said the financing needs of developing countries often surpassed their own budgets and available donor funding.

    He however, said that private sector resources and expertise could go a long way in bridging the gap.

    “In sub-Saharan Africa, we are increasingly seeing the private sector design sustainable business models that are creating jobs and lifting people out of poverty,” he said.

    According to the statement, the National Integrated Infrastructure Master Plan (NIIMP), Nigeria faces a $100 billion annual investment gap in infrastructure.

    It added that the new approach to mobilise development financing, was also presented during a workshop with key business leaders and policy makers.

    According to it, under this approach, the World Bank Group’s institutions will work together to mobilise a range of financing solutions (both private and public) for projects in developing countries.

     

     

    This, it said, would help expand funding options for low and middle-income countries and enable them to benefit from global best practices and expertise.

    Participants at the workshop discussed how to crowd in private sector financing to solve Nigeria’s infrastructure deficit; identified the reforms needed to support PPPs and developed an action plan to generate future PPPs.

    The statement highlighted the World bank’s portfolio in Nigeria to be $11 billion invested across all sectors, while IFC’s portfolio stood at over $1billion in sectors including manufacturing, financial services and infrastructure.

     

    The World Bank Group delegation also met with senior government officials including Vice President, Yemi Osinbajo, the Minister of Finance, Budget and Planning, Mrs Zainab Ahmed, Minister for Aviation, Mr Hadi Sirika and the Chairman of the Nigeria Governors Forum, Gov. Kayode Fayemi of Ekiti.

     

  • 100 exhibitors for auto parts show

    ONE hundred exhibitors from Nigeria and other countries are expected to converge on the Landmark Centre, Victoria Island, Lagos for the West Africa Automotive Show (WAAS) in November.

    Besides displaying the latest developments and products in the spare parts and services sector, suppliers, dealers and manufacturers will be available to discuss best practice for the industry.

    Nigerian businesses, according to the organisers, BtoB Events, will account for about 30 per cent of exhibitors.

    There will be pavilions for Morocco and China, smaller groupings from Thailand, Egypt, Tunisia and India, and other countries.

    BtoB Events’ Managing Director Jamie Hill said: “We have a wealth of international exhibitors looking to bring high-tech equipment to Nigeria for the first time and a large number of local exhibitors are looking to expand their business and increase exports to surrounding countries,” he said.

    Lagos, Hill said, was picked to launch the show because it has capacity to become the automotive hub of the African continent with over 11.5 million vehicles on the roads.

    “With over 60 per cent of vehicles on the road being over 12 years old, there is a huge aftermarket industry. The need for high quality and affordable spare parts is becoming increasingly important,” he said, adding: “There is also a real hunger to boost the local assembly of vehicles across the country with the 2013 National Automotive Industry Development plan (NAIDP). With more assembly plants being set up, this, again, significantly increases the demand for spare parts. We are committed to supporting Nigeria to reach its forecast of having 70 per cent of new cars sold being assembled or manufactured domestically by 2050.”

  • Wapic Insurance floats N5.93b rights issue

    Wapic Insurance Plc has launched a new capital raising programme aimed at raising about N5.93 billion from the shareholders of the insurance company.

    The new share issuance is expected to beef up the capital base of the company as insurers move to comply with industry new minimum capital requirement.

    Wapic Insurance indicated that it plans to issue 15.61 billion ordinary shares of 50 kobo each to existing shareholders at 38 kobo per share. Wapic Insurance’s share price dropped 5.41 per cent at the weekend to 35 kobo per share.

    The rights issue will be pre-allotted to shareholders on the register of the insurance company as at the close of business on Thursday September 19, 2019 on the basis of seven new ordinary shares of 50 kobo each for every six ordinary shares of 50 kobo each already held.

    Already, Wapic Insurance has submitted application to the Nigerian Stock Exchange (NSE) for regulatory approval that will allow the publicly quoted insurance company to list the additional shares to be issued under the rights issue on the NSE.

    The National Insurance Commission (NAICOM) had in May 2019 released new capital requirements for insurance businesses with a 13-month compliance period for operators to shore up their minimum capital base to the required level. The minimum paid-up share capital of a life insurance company was increased from N2 billion to N8 billion, non-life insurance from N3 billion to N10 billion, composite insurance from N5 billion to N18 billion while re-insurance companies were directed to raise their capital base from N10 billion to N20 billion. Insurance companies are required to comply fully with the new minimum capital base by June 30, 2020.

    In anticipation of increase in minimum capital requirements for insurers, shareholders of Wapic insurance had in 2017 given approval to the board of the company t raise up to N10 billion in new capital to bolster the insurance company’s capital base.

    Wapic Insurance Plc Chairman Mr. Aigboje Aig-Imoukhuede had explained that the company was being proactive with the new capital raising plan.

    “The company is approaching its shareholders at this time to seek approval to raise additional capital as a proactive step towards getting the company ready and set for a much-anticipated regulatory increase in the minimum capital of insurancecompanies,”Aig-Imoukhuede said.

    He noted that a similar regulatory capital increase was imposed on the banking industry during the consolidation era and only the banks that were proactive in raising the required capital emerged as winners.

     

  • Coscharis introduces BMW X7

    Coscharis Motors Nigeria Plc, the exclusive franchise owner of BMW in Nigeria, will reveal the first-ever BMW X7, the pinnacle of BMW’s X Sport Activity Vehicle line-up and a statement of the luxury class at this year’s Banana Island Festival on Saturday.

    According to Coscharis Group General Manager, Marketing and Corporate Communications, Abiona Babarinde, the objective of the event is to offer customers and prospects an opportunity to see and feel the all new BMW X7 within their home and work contexts.

    Babarinde said: “The BMW X7 becomes the second BMW model to be launched at the Banana Island Cultural festival. The very first was the BMW 5 series in 2017.

    “The BMW 7 series will be a new definition of automotive luxury,” he further stated.

    Coscharis Motors BMW Brand Manager Cletus Aregbeshola said the BMW X7 builds on the comfort, handling, safety and technology of all the previous BMW X Sport Activity Vehicle model lines that have been produced at Plant Spartanburg since 1999.

    “BMW’s latest premium Sports Activity Vehicle is designed to reflect the personality and requirements of the owner. It not only adds a new top model to the X family, but also defines a progressive approach to luxury for the BMW brand,” Aregbeshola said.

    The X7 offers standard three row seating for seven with optional Second-row Captain’s Chairs offering a more exclusive seating arrangement for six. Standard two-axle air suspension, 21-inch alloy wheels and advanced driver assistance systems ensure that the new BMW X7 lives up to expectations of style, driver engagement, passenger comfort and all-weather and all-terrain capability.

     

  • Tecno offers varsity scholarship to students

    Africa’s preferred smartphone brand Tecno, has offered scholarships to university students in Nigeria.

    The technology firm extended the gesture to the students  during the ACADAFEST, a concert put together by ScholarX and iManage, organisations, celebrities and members of the public to sponsor 20 deserving students through university.

    Tecno Nigeria,  PR and Strategic Partnership Manager Jesse Oguntimehin, who spoke on the gesture, said  Tecno is sponsoring three of the 20 students for the duration of their university education to the tune of N400,000 each per student.

    “At Tecno, we have carried out various social activities such as our Give the Nigerian Child A Future initiative- where we visited selected schools around the country to empower bright students, awarding them scholarships for their academic excellence. We also provided pupils within these schools educational materials to ease their learning journey. There was also the annual Light Up Your Dream competition where we rewarded two young Nigerian Entrepreneurs with N1million each to grow their businesses,” he said.

    He said this year, in line with its determination to impact positively on its consumers, Tecno  decided to collaborate with the oraganisers for the maiden edition of the ACADAFEST where it awarded three Nigerian students scholarships reiterating the commitment to the development of the Nigerian society.

     

  • ‘We’re working to ensure APC triumphs in Edo’

    Stanley Osifo was a presidential aspirant during the last general elections on the platform of the Peoples Democratic Party (PDP). In this interview with MUSA ODOSHIMOKHE, he speaks on why he dumped the party, the rift in the Edo State All Progressives Congress (APC) and other issues.

    You dumped the PDP for the APC prior to the 2019 election. Are you fulfilled in your new party?

    I left the PDP, prior to the 2019 election, because I was convinced that the party has no genuine plan for the progress of the country. Those of us who moved from the PDP to the APC have since settled down and are now supporting our new platform. The reasons why we left the PDP are many; one of them is that the PDP does not have what it takes to give Nigerians what they are looking for. In governance, you don’t just say you want to become governor or president, you must be prepared for the job. I and my supporters have decided to support President Muhammadu Buhari to actualise the APC manifesto. The President’s disposition suggests that he is an upright person. Those who have had dealings with him will affirm that Buhari is sincere in transforming the country. He is a man of integrity and honesty. This is what you cannot find within the PDP. A lot of wrong things are going on in the PDP. I had to leave, because what is taking place within the fold is not in tune with my aspiration to serve the country. But, again, I will like to say that, irrespective of whatever promises given, where we are does not tally with what we are. My supporters and I have decided to contribute our quota to the development of the country through APC, because the PDP is not the platform to achieve this. Therefore, the reasons for leaving the PDP have been achieved because all the candidates we supported won. Now that we are in the APC we are impacting in every little way. But, I must say that we did not join the APC because of what we intend to gain. Many see politics as business, but that is not the way I see it. Some join politics because they want to get something from the government. My involvement in politics right from the very beginning is not because of what I want to gain. I want to serve Nigeria because it is a great country with great potentials. We should all come together to build our country. We must work toward harnessing our individual talent and everything that can assist the country to be better. That is the passion that I have, when I ventured into politics and decided I wanted to be the president. My supporters are behind President Buhari because he has all that it takes to move the country forward.People are complaining that the APC has not performed on insecurity… There are physical and factual proofs that the APC has done well in that regard. Let us look back to when the PDP assumed leadership in 1999, if you will remember, there were lots of issues. We have the issues of Boko Haram, armed robbery, banditry, kidnapping and other vices staring the country in the face. Agreed that government is a continuum; we should remember that all the problems bedevilling the country today did not emanate from the present administration. So, looking at insecurity and other vices since 2015, there have been drastic reductions in the challenges. Nigerians will recall that Boko Haram operated in the Northeast as if it was their country; moving in and out of the territory at will. What the President did at his inauguration was to move the military high command from Abuja to the Northeast for effective combat of insurgency. So, if not all the elements, most of the Boko Haram footholds have been decimated. The government is still doing everything possible to ensure that it deals with the problem. The President is not folding his arms. Again, Nigeria is not the worst country, when you take a look on issues of insecurity on the global stage. There are many countries with worse cases. But that is not to say we should condone it.

    Why is the attack on Nigerians in South African politicised?

    President Buhari met his South African counterpart, President Cyril Ramaphosa, during the recent Japan summit. The main aim of the meeting was because of the xenophobic attacks on Nigerians in particular and other Africans in general. You know Nigeria is seen as the beacon of Africa. Nigeria most often takes the lead on issues that bother on Africa. There were assurances from the South African leader that Nigerians and other Africans would be protected. I will like to say that government has responded promptly. The matter should not be politicised, because it involves the lives of Nigerians. I must say that government handled the issue very promptly.

    Are you satisfied with the performance of the Independent National Electoral Commission (INEC) in the recent general elections?

    We must commend INEC for its efforts so far. I was a participant in the last election and a presidential aspirant. Apart from the pocket of disturbances that came up in one or two states, the election was peaceful and fair. In the past, we used to have cases of killings in different parts of the country during elections. But during the 2019 election, we could see that the rate of violence reduced drastically. Again, that notwithstanding INEC should look at the areas where there are shortcoming and improve on them. It should work hard to put a stop to the complaints raised by different stakeholders.

    What is your comment on the crisis within the Edo APC?

    The National Chairman of the APC, Comrade Adams Oshiomhole, has made it clear that there is no rift between him and Governor Godwin Obaseki. He said that the governor was his brother and that they don’t have issues. What people hear or say in the media, are the handiwork of third parties. The governor has also made it clear that everything is okay within the fold, because his relationship with the APC chairman is in order. A meeting has been called and attended by leading party members. At a certain point, whenever I go to at the Federal Capital Territory, Abuja, people asked me what was happening in Edo State. My response has always been that the APC in Edo is peaceful. Again, we all have to come together to ensure that we work together for the progress of Edo APC. We are not only working to ensure that the APC wins the coming election but also to win it convincingly. I will tell you that right now that Edo State is a full fledged APC state. The governor is an APC governor; the 24 members of the Edo State House of Assembly member are from the APC. People say there is problem in Edo assembly, but they have forgotten that it is a family affair. We are coming together and we are growing stronger. I will advise that the media should leave the matter as it is.