Tag: Nigeria

  • Toyota to raise stake in Subaru to 20 per cent

    Toyota Motor Corporation said it will raise its stake in Subaru Corp to 20 per cent from 16.8 per cent to boost the companies’ joint development of advanced technology for autonomous and electric vehicles.

    The increased stake will make Toyota’s 14-year-old partner into its equity-method affiliate, meaning the Japanese auto giant will see Subaru’s earnings incorporated into its consolidated financial statements.

    Under a deal struck by the two automakers, Subaru also plans to acquire a stake in Toyota worth 80 billion yen ($741 million), equivalent to the largest Japanese automaker’s additional investment in the smaller partner.

    They will buy each other’s shares through the stock market or direct transactions between them as soon as approval is secured from competition authorities.

    Toyota has been stepping up efforts to consolidate its ties with smaller rivals and tech giants such as SoftBank Group Corp to respond to a shift in consumer demand for electric, connected and self-driving vehicles.

    Toyota agreed in late August with Suzuki Motor Corp on a capital tie-up to jointly work on autonomous vehicles.

    Toyota formed an alliance with Subaru, formerly known as Fuji Heavy Industries Ltd, in 2005 after purchasing shares from General Motors Co.

    Toyota and Subaru have since cooperated in vehicle development, production and sales. Toyota is already the largest shareholder in Subaru.

    As part of their cooperation, they began selling their jointly developed sports car, branded by Toyota as the 86 and Subaru the BRX, in 2012.

    In June, the carmakers said they will jointly develop an electric sports utility vehicle to be sold under each company’s name by the mid-2020s in the United States.

    Subaru is also among major Japanese automakers that have invested in a self-driving technology startup Monet Technologies Inc, jointly established by Toyota and SoftBank Corp.

     

  • Olamide, Phyno, others thrill at Aspire Music Festival

    Top Nigerian artistes  have thrilled fans at the Aspire Music Festival  held recently in Lagos.

    The music festival organised by Zenith Bank Plc at Harbour Point Event Center,  Lagos is part of the activities for the second edition of the bank’s lifestyle event, ‘Style by Zenith’. Among artistes that featured were:Olamide, Phyno, Flavour, Niniola, Rema and Mayorkun. Each  artiste came on stage with their A-game.

    Also on stage for rib-cracking jokes were music comedian Kenny Blaq, while celebrity hypeman and OAP, Do2dtun revved-up the crowd throughout the night event, giving them real value for their time.

    Kenny performed his signature comedy music skits. A notable skit from Kenny left many in awe when he performed his version of the late pop legend Michael Jackson’s smashing hit ‘Billie Jean’ featuring Zlatan. Another favourite of the crowd was when he sampled how an industrious gospel ‘Alaba’ musician can remix the popular ‘Zanku’ track to fit into his own genre. That performance elicited laughter from the crowd.

    Zenith Bank’s Aspire Music Festival is an annual lifestyle fair, one out of a series of events lined up to usher in ‘Style by Zenith 2.0’.

     

  • ANAN raises committee to assess MDAs

    The Association of National Accountants of Nigeria (ANAN) has embarked on assessment of Ministries, Departments and Agencies (MDAs) for public sector accountability.

    Leading the group’s members during the ‘Walk’ in Abuja, ANAN President Prof.  Muhammad Mainoma said the association had constituted a seven-man committee to assess the MDAs.

    Mainoma said the theme of the 24th Annual Conference of the association held in Abuja was “Nation building sustainable growth: Challenges and prospects”.

    He recalled that ANAN started the concept of “Whistle Blowing‘’ several years ago, saying the association discovered that it must put a system in place to monitor and assess MDAs.

    According to him, we have set up a committee to rank MDAs in order of performance in a bid to check corruption.

    “We want individuals to run away from corruption. Ours is to develop a nation where corruption will not happen. The kind of mechanism we are developing in our association is controlled mechanism. No individual should be in a place to start a project and complete it. Other people must be involved to avoid connivance,” Mainoma said.

    He explained that benchmarking is important in nation-building and also remains a pillar of the ANAN conference. “You cannot build a nation if you do not have love for the nation. You require a lot in terms of organisation. You require some level of capacity building. Knowledge is essential if you are talking about nation building,” he said.

    He called for sincerity of purpose on the part of everyone as all hands must be on deck in building a successful nation.

    “Bench Marking, Love, Organisation, Capacity Building, Sincerity of Purpose (BLOCKS). All that is required is BLOCKS for nation building,” Mainoma said.

    He, however, noted that a citizen must be energetic and healthy before thinking about nation building,

    “We do this ‘Walk’ as a symbolic presentation of all we do daily. You must be healthy to be in a position to help the growth of the economy,” ANAN president said.

     

  • Stanbic IBTC Pension to sponsor Art X Lagos

    Stanbic IBTC Pension Managers Limited (SIPML), a subsidiary of Stanbic IBTC Holdings PLC, has announced its plan to sponsor this year’s Art X Lagos.

    SIPML is sponsoring Art X Modern, a new section dedicated to celebrating pioneers of African modern art from the 20th century.

    Art X Modern will comprise three galleries: Bloom Art and Mydrim Gallery, which are Nigerian, and Gallery 1957 from Ghana. It will feature Uche Okeke and Obiora Udechukwu as well as Prof. Ablade Glover from Ghana, among others.

    SIPML will host a public talk.

    Stanbic IBTC Pensions Chief Executive Mr. Eric Fajemisin said the company is committed to promoting the art sector.

    He said: “Our interest in promoting arts is hinged on the belief that creativity and intellect can serve as sources of livelihood for individuals who decide to make a career out of their passion for painting and drawing. In other climes, art is cherished, and patrons sometimes pay a fortune for works of art that are considered collectors’ items. We want to promote a culture which ensures that artists are appreciated for their ingenuity and adequately rewarded with the premium and royalties that their works attract.”

    Fajemisin added that the company decided to host the Art X Modern section to ensure that artists get the recognition due them during their lifetime.

    “Being Nigeria’s largest pensions manager, we have the responsibility to ensure that our customers retire well, so that they have something to fall back on post work-life.

    We are also promoting that principle which holds that those who contribute actively to enriching lives and enhancing our creative industry get their due, even after leaving active work life.”

    This year’s edition of Art X Lagos will hold at Federal Palace Hotel from Friday, November 1 to Sunday, November 3, 2019. This year’s Art Festival will feature 23 gallery booths including Nigerian gallery exhibitors such as: The Space, Bloom Art, Nike Art Gallery, Retro Africa and SMO Contemporary, among others.

    The roll call of artists who will showcase their art includes: Abe Odedina (Nigeria / UK / Brazil), Soly Cissé (Senegal), Sam Nhlengethwa (South Africa), Tizta Berhanu (Ethiopia), Peju Alatise (Nigeria) and Lady Skollie (South Africa).

    ART X Lagos is West Africa’s first international art fair, designed to showcase intriguing and innovative contemporary art from the African continent and diaspora.

     

     

  • Fidson Healthcare assures shareholders of sustained growth

    The board of Fidson Healthcare Plc has assured shareholders that ongoing expansion and business growth initiatives would continue to strengthen the performance of the healthcare company in the years ahead.

    Addressing shareholders at the Annual General Meeting (AGM) in Lagos, Chairman, Fidson Healthcare Plc, Mr. Segun Adebanji, said the company has continued to strengthen its operating facilities through expansion and retooling.

    According to him, old machines and equipment have been replaced with modern ones as the company repositions through business realignment and useful industry collaboration in order to take advantage of the growth opportunities in the market.

    “We are currently expanding our capacity utilization through increased production and contract manufacturing for other notable companies in the industry,’’ Adebanji said.

    He pointed out that the company has also continued to leverage on its World Health Organisation (WHO)-certifiable factory as it recently entered a partnership with GlaxoSmithKline (GSK) that will see it manufacture for GSK’s West African operations going forward.

    He added the strategic partnership and other market penetration strategy and cost optimization were some of many initiatives to sustain growth and return value to shareholders of the company.

    He noted that with the conclusion of the company’s rights issue earlier this year, the company has already taken steps to improve its financial structure in line with the purpose of the new capital raising, which was aimed at refinancing expensive debt and working capital funding in a bid to improve margins.

    At the meeting, shareholders approved payment of a dividend per share of 15 kobo. The company’s turnover rose by 15 per cent from N14.06 billion in 2017 to N16.23 billion in 2018. Profit before tax however dropped to N160.9 million in 2018 as against N1.6 billion in 2017. The decline was attributed to increased cost of sales margin from 49 per cent in 2017 to 61 per cent in 2018 and 92 per cent increase in finance cost.

     

  • Lagos retirees get N1.5b pension

    Public service retirees in Lagos State under the Contributory Pension Scheme (CPS) have received N1.55 billion pension.

    In a statement, Lagos State Pension Commission (LASPEC) Director-General Mrs Folashade Onanuga said 287retirees were presented their retirement bond during the  67th Retirement Bond Presentation in Lagos.

    She said Governor Babajide Sanwoolu has continued to rise to the challenge of paying pension benefits promptly.

    According to her, the governor is committed to ensuring that the state  retirees did not labour in vain.

    She added that the government had been funding the accrued pension rights without which retirees would not be able to have access to the balance in their Retirees Savings Account (RSA).

    She implored the retirees to go for regular medical checkups to maintain their mental and physical well-being.

     

  • Firm engages in clean-up

    A leading environmental consultancy company, Ampak Nigeria Ltd (ANL), has partnered the Lagos State Waste Management Authority (LAWMA) to sensitise people on the importance of imbibing good environmental management practices.

    The participants cleaned up Otunba Jobi Fele Way in Alausa, Ikeja.

    Highlighting the company’s commitment towards waste management practices, the Executive Director, Mrs. Kemi Ajakaiye, in her address to volunteers and participants, said waste collection and disposal was just one fraction of the enormous, yet crucial responsibility of managing the environment.

    She said waste management should be targeted at ensuring resource efficiency through the application of sustainable solutions that minimise waste generation, while maximising opportunities for reuse, recycling and regeneration of resources.

    Ajakaiye hailed the LAWMA management, who graced the event with 15 representatives, for their efforts in working towards a cleaner and healthier Lagos.

    She presented the organisation with cleaning tools such as rakes, scrubbing brushes, hand gloves, nose masks and trash bags as a gesture to support its efforts.

    The clean-up exercise is driven by three of the United Nation’s Sustainable Development Goals (SDGs) – Good Health and Well-Being (Goal 3), Clean Water and Sanitation (Goal 6) and Sustainable Cities and Communities (Goal11).

  • ‘Why artists must reap from their sweat’

    “Artists do not live on funerals and because they enrich the world with their art, they should be projected. So it is fair that those who take in their work pay them a share of what they earn,” says Senegalese sculptor, Ousmane Sow. This position formed the thrust of discussions at the Ben Enwonwu Foundation Talk Series on artists resale rights in Nigeria held in Lagos. It featured leading stakeholders in the visual art sub-sector, Omolola Afolabi reports.

    Director-General, Nigerian Copyrights Commission, John Asein, has promised to take actions aimed at ratifying the copyrights provision of the artists resale rights in Nigeria.

    Asein, who spoke at the maiden edition of Ben Enwonwu talk series at Alliance Francaise, Ikoyi, Lagos, made the pledge in reaction to Prof Bruce Onobrakpeya’s appeal to the commission to fast-track the approval of the provision of section 13 of the Copyright Law, which seeks to allow artists benefit from secondary and downstream sales of their works.

    Reassuring the artists, the DG said: “We already have enough concerns with piracy in books and music. I never expected to see this in artworks. Strident measures will therefore be taken against such subsequently.”

    Asein, while enlightening the audience on the point of convergence between the Berne Convention and the Nigerian Copyrights Act, said Nigeria is a member of the Berne convention concluded in 1836, and that section 14 of Nigerian Copyrights Commission act sets minimum standard for artists’ resale rights in Nigeria. “We are, therefore, Berne compliant in terms of our copyright legislation,” he noted.

    Article 14 of Berne Convention sets minimum international copyrights standards, which is optional for only about 80 countries. Asein noted that as far as Nigeria is concerned, there is a provision that makes it mandatory for the artist to enjoy some recompense whenever his work is sold at an auction. He, however, added that for author, when a manuscript is sold, he also gets some compensation.

    Executive Director, Ben Enwonwu Foundation, and President, Society of Nigerian Artists (SNA) Mr. Oliver Enwonwu, who  was keynote speaker at the talk, said it is important to give credence and support to the artist who creates the works, which are exclusive to him alone. Decrying the poor remuneration and funding given to artistes, especially visual artists, he cited the record sale of his late father’s master piece Tutu for 1.2million pounds, which he said, neither him nor his siblings got a dime in return. This, he said, is one of the reasons why ‘I’m quite agitated.’

    Enwonwu, who is also Founder, Omenka Art Gallery, Lagos continued: “There is no evidence that the artists resale right has a negative impact on British art market, which is the largest in the world. If musicians, writers and other creatives can benefit from this property rights, why not visual artists?”

    In her reaction, Prof Ebun Clark, an academic and wife of distinguished writer and scholar, Prof. J P Clark, gave a dissenting opinion saying “I am not against resale rights but please do not compare it with literature. The author doesn’t take financial risk. The publisher does and he prints multiple copies and pays the writer royalty, whereas, the artist takes the financial risk of buying canvass, art materials and go out to sell. Sometimes, you have to market yourself. So, it’s not the same market the writer shares with the artist. And when it comes to Nigeria, the writer doesn’t get royalty until after about three years. And they have limitations like pirates and all sorts. You can have your resale rights but please do not compare that with other literary or artistic genres.”

    Clark added: “I will implore you to also have some pity on the collectors who must have taken some financial risks. Again, you focused on only Britain, but America still has reservations for enforcing the resale rights because they think it might affect the art market. I am for resale rights but I’m just trying to tell you to be wary of comparisons”.

    Enwonwu responded by clarifying that the reason for the comparison is the fact that both categories are intellectual properties. On the US art market, he said: “I know that the US does not have that legislation but the UK market is there, which I pointed out earlier that is the second largest in the world. I also brought in Africa that if it is not paying on our continent, perhaps we should also look into it”.

    Speaking on global market for Nigerian art, Neil Coventry, representative of Bonhams, a leading international auction house for African art, gave a historical overview of the Nigerian art market, describing the late Ben Enwonwu, Bruce Onobrakpeya, Yemisi Shyllon and Njideka Akunyili Crosby among leading lights in the art. According to him, Nigerian artists have all been exhibiting on a global scale since the 1960’s till date, noting that what is new is the scale and interest globally. He also shared a numerical illustration on how the Nigerian art market has evolved tremendously over decades and how interests have begun to increase in the auction houses globally.

    However, Coventry expressed deep concerns about the under-representation of African art in the global market, noting that ‘auction houses contribute a lot to the art market and need to do more, otherwise the market might shut down.’ He identified publishing, research and cataloguing as some of the measures that have been taken to document, thereby enhancing interest in the art market.

    On counterfeiting and forgery in the art market in Nigeria, he presented some shocking images of counterfeited works by prominent Nigerian artists. He revealed that the images showed that pirates do not only stop at forging art works, they also go as far as duplicating the artist’s signature with impunity.

    Commenting on the consequences of this, Coventry said art market gets saturated while interest diminishes, adding that there is too much to lose, not just in monetary value but also in culture, heritage and national pride.

    “When looking at the pitfalls of contemporary African art, Africans have been given the right to write their own story, it used to be that the West told Africa’s story on their behalf. Now, we should tell our own story and all we do is copy one another,” he added, noting that for us to grow the Nigerian market globally, we must do our bit locally.

    Intellectual Property lawyer, Ngozi Aderibigbe, lent her voice on the Berne Convention that seeks to unify copyright laws across member states. She noted that one of its key principles is the ‘national treatment,’ which stipulates that member states are enjoined to give the same treatment to foreign works as they would to their own nationals. She added that the law does make an exception in the case of artist’s resale rights, which makes its implementation optional. This, she said, means a member state is not obligated to extend the same benefit to the artiste unless the home country also provides that advantage. “The implementation of this law becomes tricky, however, because you can’t always track the sale of an original work in a global market,” she said.

    National Gallery of Art Acting Director-General Dr. Simon Ikpakronyi, who was represented by Mr. Ajene Isegbe, said the law that established the National Gallery of Art (NGA) as amended in 2003, has provisions to protect the interest of the artists, but that until this moment, the bill still awaits assent. “If the bill is not implemented, there are several capacities in which the NGA cannot operate,” he added. Legal practitioner and art consultant, Mr. Seun Alli, moderated the panel discussion.

    The Ben Enwonwu Foundation, established 2003 was founded in honour of the late Prof Benedict Enwonwu, a foremost Nigerian artist who was named by Times Magazine in 1950 as Africa’s most influential artist of the 20th century due to his unparalleled contributions to the visual arts industry in Nigeria and the rest of the world. One of his most notable works is a bronze of the sitting Queen of England, Queen Elizabeth (II) and the Anyanwu or the awakening, which currently stands at the United Nations Headquarters in the United States.

    Significantly, stakeholders resolved to draw up action plan for implementing artist’s resale right legislation in the country. Among guests that attended the event included Director, Modern & Contemporary African Art, Bonham’s, Mr. Giles Peppiatt, Chairman, Lagos State Council for Arts and Culture, Polly Alakija, Artistic Director, Lagos Biennial, Kunle Oshun, Director, Mydrim Gallery, Mrs. Sinmidele Adesanya, Prof. Frank Ugiomoh, Kolade Oshinowo, Olu Amoda, Wura-Natasha Ogunji, Ndidi Dike, Olu Ajayi, Burns Effiom and Gbolahan Ayoola. Sponsors and partners of the event were Lagos Deep Offshore Logistics (LADOL), Leadway Assurance Company Limited, Zircon Marine Limited, Jackson Etti & Edu, The Sole Adventurer and Ono Bello.

  • Nigeria needs selfless leaders, says Akinrinade

    Former Chief of Army Staff Lt. Gen. Alani Akinrinade has reflected on the 59th independence anniversary, noting that selfless leaders are in short supply.

    He said attention had been focused on some peculiar considerations, including ethnicity, religion and gender, instead of qualitative and selfless leadership.

    Akinrinade, who retired from the Army as Chief of Defence Staff in 1981 at the age of 41, said many Nigerians who are aspiring to leadership are not motivated by selfless service.

    He said if sefless service was the criteria for leadership recruitment, many soldiers and politicians will not aspire.

    The retired soldier lamented that the military departed from professionalism by meddling in politics.

    In his view, soldiers wrecked havoc on the polity through their activities, which culmunated into an avoidable civil war that led to loss of valuable lives and destruction of property.

    Akinrinade spoke with reporters in Lagos ahead of his 80th birthday holding at the Conference Centre, University of Ibadan, Ibadan, Oyo State capital, tomorrow.

    The elder statesman reflected on his civil war years, career as a General Officer Comanding (GOC), Dimka coup, his retirement at a ‘tender’ age, his resignation from the Babangida government, Afenifere crisis, the June 12, 1993 election, the pro-democracy struggle by the National Democratic Coalition (NADECO), and Chief Moshood Abiola’s death.

    He also spoke on the two decades of stable civil rule, national security, President Buhari’s style, indiscipline in the Army, former-President Olusegun Obasanjo’s letter-writing style and the battle for true federalism.

    Noting that Nigeria still has a long way to go, he said corruption has remained an endemic problem.

    He urged President Muhammadu Buhari to demonstrate firmness and consider the imperative of restructuring.

    Akinrinade said Nigeria needed a re-arrangement, warning that its avoidance could be dangerous in the highly divided and heterogenous country.

    He frowned at the avoidance of the 2014 National Conference report by the Federal Government, saying that it was not a wise decision.

    Akinrinade wondered why President Buhari, whose party, the All Progressives Congress (APC), later set up a panel on restructuring, decided to ignore the conference report.

     

  • Police arrest 15 suspected criminals, recover guns, ammunition in Enugu

    The Police Command in Enugu State has arrested 15 suspected criminals for their alleged involvement in various crimes in the state and across the country.

    The Command also within three weeks recovered four locally-made guns, four live cartridges, 13 handsets, three vehicles, one tricycle and an English Sword from suspects.

    Presenting the suspects in Enugu on Tuesday to newsmen, the state’s Commissioner of Police, Mr Ahmad Abdurrahman, said arrest of the suspects followed intelligence information and collaboration with other security agencies.

    Abdurrahman noted that the command made the arrest within three weeks in various locations within and outside the state.

    He said that within the period under review, the command through painstaking intelligence was able to bust a 7-man armed robbery gang network in the country.

    Read Also: Cultism: Police arrest cultist for murder of final year student

    “This group, whose members were arrested in Lagos, Port Harcourt, FCT, Aba and Enugu, has been terrorising and snatching vehicles all along within the state and move them to other parts of the country for sales.

    “The Command through its intelligence operatives and the Independence Layout Police Division travelled to most parts of the country to round-up this well networked criminal group.

    “The items recovered from the suspects included; a Toyota Corolla; a Toyota Spider Camry Car, one Honda Odessey, one locally-made pistol and one English Sword,’’ he said.

    The commissioner said that three suspects were also arrested for conspiracy and armed robbery as well as disturbing the peace of Umuebi community in Udi Local Government Area.

    Abdurrahman said that police operatives also arrested one Pastor Chukwuemeka Ezeh, for alleged murder of his girl-friend and church-member within the Railway axis of Enugu metropolis.

    He noted that Ezeh allegedly murdered the girl and carted away all her belongings and a cash of N2 million.

    “The command also arrested a 75-year-old man, one Boniface Onoja, for allegedly defiling an 11-year-old girl within the premises of Community Secondary School, Ogbunite in Igboeze North Local Government Area,’’ he said.

    The commissioner, however, solicited for the cooperation of residents by promptly reporting suspicious persons and objects within their neighbourhoods to the nearest police station. (NAN)