The Nation Newspaper

Tag: Nigeria

  • ‘Rising costs, Nigeria troubles blot Shell profits’

    ‘Rising costs, Nigeria troubles blot Shell profits’

    Rising costs, a surge in oil thefts and disruption in Nigeria and other negative factors hit profits at Royal Dutch Shell on Thursday, leading outgoing chief executive Peter Voser to call the second quarter result “disappointing.”

    Shell said it took a $700 million hit for a combination of Nigeria  Nigeria and for the tax impact of a weakening Australian dollar, and warned that Nigeria itself faces a $12 billion annual bill for the disruption.

    Reuters reports that Shell recently put more of its Niger Delta activities up for sale.

    Adjusted second quarter net earnings on a current cost of supply basis came in at $4.6 billion, down from $5.7 billion a year ago and below analysts’ expectations of a result that would have been little changed on last year.

    “Higher costs, exploration charges, adverse currency exchange rate effects and challenges in Nigeria have hit our bottom line,” said Voser, who is due to step down at the end of this year. “These results were undermined by a number of factors – but they were clearly disappointing for Shell.”

     

  • Nigeria lost N2.6tr to 2012 floods, says NEMA

    Nigeria lost N2.6tr to 2012 floods, says NEMA

    The National Emergency Management Agency (NEMA) has said Nigeria lost over N2.6 trillion to last year’s floods in 23 states.

    The agency also said 5,970 houses were submerged in 256 local government areas, adding that the floods displaced 2.1 million people and caused the death of 363 people. Seven million people were reportedly affected across the country.

    NEMA’s Southwest Coordinator Iyiola Akande spoke at the Southwest Zonal Awareness Flood Campaign, titled: Towards Early Warning and Early Action for MDAs, NGOs, CBOs and FBOs Level of Preparedness of States in the Southwest. The event was held in Ibadan, the Oyo State capital.

    Stakeholders at the event brainstormed on how to prevent flooding, using the predictions of the Nigerian Meteorological Agency (NIMET).

    Akande, who was represented by his deputy, Mr Adebiyi Babatunde, said the workshop was coming on the heels of a public announcement of NIMET’S Seasonal Rainfall Prediction (SRP) held early in the year.

    He said: “The prediction painted a more serious picture of what the nation is to expect this year, when compared to the devastating effect of the 2012 floods, which ravaged about 23 states of the federation.”

    Declaring the workshop open, Oyo State Commissioner for Environment and Habitat, Lowo Obisesan, hailed NEMA for being proactive through the workshop.

    He said following the efforts by stakeholders, flooding would not only be controlled but prevented.

    Obisesan, who was represented by the Permanent Secretary in the ministry, Modupe Omonigbehin, added:

    “If we are all ready to give what it takes, if rivers and streams are allowed to go through their channels without obstruction, we can rest assured that flooding would be prevented.”

    The commissioner explained that flooding could not be compared with earthquakes, hurricane or volcanic eruptions in scope, time and impact.

    He noted that because flooding can be predicted, unlike the other natural disasters, the people should always prepare ahead.

  • Bonus show of shame: Ikpeba indicts Keshi

    Bonus show of shame: Ikpeba indicts Keshi

    •Backs Code of Conduct for Eagles
    •Says Nigeria is bigger than any player
    •Insists on discipline in the team

    Former Super Eagles striker, Victor Ikpeba, has blamed the Super Eagles Coach, Stephen Keshi for the bonus row in Namibia even before the Segun Adeniyi Panel should round up their investigation on what caused the row and how such crisis can be prevented in future.

    Ikpeba also threw his weight behind the yet to be introduced code of conduct for the Super Eagles.

    The former African Footballer of the Year Award winner told reporters in Abuja at the weekend that the introduction of a code of conduct for the Super Eagles players could instill a measure of discipline and control in the team.

    The player popularly known as “the Prince of Monaco”, during his playing days in Monaco, France stated that in as much as his submissions are not intended to rundown anybody but the truth must be told.

    “I am not against the code of conduct at all if that is what it will take to instill some discipline into the team. The players must realize that the Nation is bigger than any of them and is not proper for them to hold the Nation to ransom as they did in Namibia,” he said.

    Ikpeba took also a swipe at the Super Eagles Chief Coach, Stephen Keshi for allowing the case of the players’ agitation to escalate. He blamed the Eagles gaffer for not handling the situation properly.

    “If I was the coach I would have handled the matter differently. I would never have allowed the situation to get to the level that the players would hold the nation to ransom in Namibia. I would have made the players to first travel to Brazil for the Confederation cup and after then we can now revisit the case.”

    Despite the overwhelming results being achieved of late by Keshi, the Eagles Chief Coach has severally been tongue lashed by some of his former Eagles’ teammates for one reason or the other. Recently during the Commissioning of the Nigeria Football Federation House, Keshi was told that he did not handled the crisis well. Now Ikpeba has followed suit by blaming Keshi for not convincing the players to shelve their protest and honour the Confederation Cup assignment and later resolve the matter.

    Keshi, however, defended himself that he shouldn’t be blamed for what happened because the players are not kids. They are grown ups that have kids too. He disclosed to Sportinglife that sometimes they hold meetings as regards their welfare which he can’t intervene or stop.

  • Braithwaite: Corruption is killing Nigeria

    Braithwaite: Corruption is killing Nigeria

    Elder statesman, Dr. Tunji Braithwaite, yesterday warned that corruption would kill Nigeria, unless the nation’s leaders arrest the monster before it gets out of hand.

    Braithwaite spoke at a lecture organised by the Egba Diocese of the Anglican Church to mark its 37th anniversary in Abeokuta, the Ogun State capital.

    He noted that if the level of corruption in public and private sectors was not tackled headlong and urgently, it may consume the nation.

    He said: “The monster of ‘King Corruption’ and impunity in this country, at every level of civil administration, has exposed the tenuous and fragile foundation of Nigeria’s brand of democracy to the danger it portends for the people…”

     

     

     

     

  • AfDB eyes $1.5b bonds

    AfDB eyes $1.5b bonds

    The African Development Bank (AfDB) is planning to raise $1.5 billion in local-currency bonds in Nigeria and Zambia to finance infrastructure projects.

    This became exigent as emerging-market bond yields rise on speculation the Federal Reserve will reduce economic stimulus.

    The AfDB, which gives money to African governments for projects in areas, such as roads, ports and energy, is completing the planned size of the medium-term note programmes and is in talks with authorities in the two countries, Olivier Eweck, financial technical services manager in the bank’s treasury department, said in a statement.

    “Before the end of the month we would have made up our minds on the numbers,” he said.

    The Nigerian issues may be worth as much as $1 billion and the Zambian debt may reach the kwacha equivalent of $500 million,” he said.

     

  • The Nigeria, Germany union

    After its successful premiere at —The Festival of Pan African Cinema in Ouagadougou, Burkina faso, otherwise called FESPACO, and the ongoing 34th Durban International Film Festival in South Africa, Goethe Institut’s documentary film, Drama Consult, was screened in Lagos last week.

    The documentary was directed by German film-maker, Dorothee Wenner.

    Shot in 21 days, DramaConsult depicts an ethnographic expedition from Africa to Europe of real life Lagos businessmen who embark on a journey to Germany accompanied by smart business consultants to link up with potential partners and investors.

    The film was shot in Lagos and Germany featuring business personalities such as spare parts dealer,Sam Aniama; real estate developer Dolapo Ajayi and young shoe manufacturer, Femi Ladipo. DramaConsult backs up the three entrepreneurs with two ambitious consultants: Biyi Tunji-Olugbodi and Jude Fejokwu.

    Apart from tracking the process of economic interferance in the era of globalisation, DramaConsult stages and expansiates the difference between two business cultures. Despite this, the three entrepreneurs and their consultants are determined to make the best out of their trip to Germany. They were involved in meetings with architects and shoe designers, Berlin-based spare part dealers, bankers and a trading company in Hamburg with a 175-year long tradition of doing business with African countries.

    DramaConsult explores the terrain and discovers quite some surprises, from the Nigerian perspective. The relevance of varying national tastes in sneaker design, the legendary German timidity in taking risks, the difference in attitude towards domestic help and its consequences for modern architecture – or simply the importance of dressing for the right ocassion.

    Ajayi introduces his German partners to a community in need of housing and they also are in possession of valuable land in Lagos. Who wants a good stew needs good ingredients – and those are costly comments by the chief of the community as models for construction are negotiated. But how costly and how good should the ingredients be?

    Sam Aniama, an experienced spare parts dealer, specialising in Volkswagen and Mercedes and Femi Oladipo, good looking start-up entrepreneur, manufactures shoes for Nigerians who are addicted to fashion.

    According to the producer, Dorothee Wenner, the film was not aiming at a financial profit. It is a non-commercial documentary film that seeks to highlight what makes a business brand.

    “We have already had the film at six African festivals and we are now going to India and Japan and for Germany, we have done one festival so far because we are planning a big premiere of the film. Because of this, we are partnering with business organsations, unions and students who are not interested in coming to cinemas. We would also organise events that surround the documentary. Now,we already have a partner, GIZ(Corporation for technical corporation).They are also incharge of improving and enhancing business in Nigeria.I hope businessmen can participate and share their experiences to get farther in the subject matter,” she disclosed.

    Dorothee said for her as a film maker, this has been a interesting challenge. One of the protagonists, Biyi Tunji-Olugbodi, said ‘it was an opportunity to say Nigerians are not that bad.There is still a lot of us that are genuine you can do business with’. She disclosed that, she is working with Dolapo Ajayi.

  • FG moves to remove Nigeria from money laundering list

    FG moves to remove Nigeria from money laundering list

    The Federal Government on Tuesday constituted a committee to fast-track Nigeria’s removal from the list of countries having issues with the Financial Action Taskforce on Anti-Money laundering/Counter Financing Terrorism regimes.

    The committee led by the Vice President Namadi Sambo, during its maiden meeting on Tuesday, pledged to ensure that Nigeria is completely removed from the list.

    According to him, President Goodluck Jonathan’s administration believed that Nigeria should not remain on the public statement of the FATF with the measures regarding laws and regulations already put in place.

    He said: “I urge you all to work hard towards ensuring that we maintain the integrity of our financial system through effective implementation of laws and regulations against financial improprieties.”

    Sambo, therefore directed the immediate sanitisation of the country’s international airports particularly the enforcement of currency regime declaration by travelers.

    The Chairman of the Presidential Task Force on FATF, Mr. Stephen Oronsaye, noted that the committee had made considerable inroads in ensuring that Nigeria was removed from the FATF list, particularly in areas of strict implementation of rules and regulations in the financial system.

     

  • Age falsification: NBA, others differ on Abia CJ

    Some prominent lawyers on Tuesday differed on the prosecution of Acting Chief Judge of Abia State , Justice Shadrack Nwanosike , who was found guilty of falsifying his age.

    The News Agency of Nigeria (NAN) reports that the National Judicial Council (NJC) had at its 63rd Meeting, held on July 17 and 18 recommended Nwanosike for compulsory retirement.

    The lawyers, in interviews with NAN in Lagos, unanimously commended the Chief Justice of Nigeria, Justice Aloma Mukhtar, for her efforts in sanitising the nation’s judiciary.

    Mr. Onyekachi Ubani, Chairman, Nigerian Bar Association (NBA), Ikeja branch, said the issue of a judge falsifying his age was disgraceful.

    “What the NJC is doing now is praise worthy. It shows that there is hope in this country.

    “The beauty about it is that somebody is being punished for it, which was not the case in the past.

    “However, it is not sufficient to just dismiss him, he should be prosecuted,” Ubani said.

    A lawyer and activist, Mr. Fred Agbaje , said Nwanosike’s involvement in forgery was an embarrassment to the judiciary.

    Agbaje said: “ He is the head of judges in that state and if he could be found to have falsified his age, he is not eligible to remain there a day longer.

    “Apart from asking him to just retire, the NJC should go further to prosecute him because falsification of age is a criminal offence.”

    Another lawyer, Mr Wale Ogunade, also called for the prosecution of the judge.

    “It is only in Nigeria that we attach sentiment to things. There is no one who is above the law,” he said.

     

  • Nigeria lost $10.9b to oil theft in two years – NEITI

    Nigeria lost $10.9b to oil theft in two years – NEITI

    Nigeria lost at least $10.9 billion in potential oil revenues due to oil theft between 2009 and 2011, the chairman of the Nigeria Extractive Industries Transparency Initiative (NEITI) said on Tuesday.

    “Over 136 million barrels estimated at $10.9 billion was lost to crude oil theft and sabotage,” Ledum Mitee said in an emailed statement, after NEITI published an audit of the Nigerian oil and gas sector this week.

    NEITI is a government agency that operates as part of a global EITI scheme aimed at improving transparency among commodity producing countries.

    Reuters says oil theft in Nigeria is often associated with criminal gangs who tap crude from pipelines for local refining but the majority of stolen crude leaves the country in large tankers.

    Security experts say the scale of the theft – estimated at up to 250,000 barrels per day – could not be achieved without the complicity of officials.

     

  • Nigeria requires $2.9trn to develop infrastructure in 30 years, says Shamsuddeen

    Nigeria requires $2.9trn to develop infrastructure in 30 years, says Shamsuddeen

    Minister of National Planning Commission Dr Shamsuddeen Usman has said Nigeria will require 2.9 trillion dollars in the next 30 years to bridge its huge infrastructure gap.

    Usman spoke yesterday in Abuja at a high profile policy dialogue on “ Infrastructure and Structural Transformation in Nigeria’’ organised by the African Development Bank (AFDB).

    He said the country was well aware of its inadequacies in terms of infrastructure “which is why it has started to address some of them, especially in the areas of power, transport and ICT sector’’.

    Usman explained that a National Integrated Infrastructure Master Plan (NIIMP) was formulated to address the inadequacies and integrate existing infrastructure plans and projects of the Federal Government into one.

    “The AFDB has been working closely with us in our economic transformation, especially in the development of the NIIMP.

    “This master plan is a long term 30-year plan, covering from 2014 to 2043. The 30-year master plan is phased into three 10-year strategic plans, and six 5-year operational plans.

    “The NIIMP will require an estimated 2.9 trillion U.S. dollars to close Nigeria’s huge infrastructure gap in the next 30-years, 52 per cent of which will come from the treasury, while the private sector is expected to cover the balance of 48 per cent.

    “The master plan will also put in place enablers that will attract private sector investment to the infrastructure sector,’’ he said.

    Usman said the plan would also create job opportunities, especially for engineers “who will be involved in the design and construction of new roads, power, housing, rails and airports projects’’.

    Dr Ousmane Dore, the Resident Representative of AFDB, Nigeria Field Office, said although Nigeria’s economy had improved in recent years, a transformation plan to enhance its infrastructure sector, still remained.

    Dore said the bank had come up with an infrastructure action plan for Nigeria that would promote infrastructure development.

    “In recognition of the work which needs to be done, it is my hope that this dialogue will provide the platform for policy makers and the private sector to reflect on these issues for practical solutions,’’ he said.

    The Vice President and Chief Economist of AFDB, Prof. Mthuli Ncube, said the bank was concerned about transforming Africa by aiding it to make judicious use of its bountiful natural resources.

    “Africa is transforming but we want it to transform faster. In 2000, the GDP of Africa was about 600 billion dollars and today it stands at over two trillion dollars. However, it still has challenges of youth employment and inequalities. We recognise Nigeria’s effort to address the issues, in spite of its large population. We believe that in 30 years to 40 years, it will succeed in doing so,’’ he said.