Tag: Nigerian Newspaper

  • NIPCO pays N563m dividends

     

    Shareholders of NIPCO Plc have approved payment of N563 million as cash dividends for the 2018 business year as the downstream oil and gas company recorded net profit of N1.58 billion. Shareholders will receive a dividend per share of N3.

    At the Annual General Meeting (AGM) in Abuja, NIPCO Plc Chairman Chief Bestman Anekwe said the company recorded total turnover of N254 billion in 2018 as it deepened petroleum products outlets and doubled its Liquefied Petroleum Gas (LPG) market share in Nigeria.

    He said the company has continued to record outstanding achievements despite the prevailing difficult environment in the last few years.

    He noted that NIPCO has maintained its culture of outstanding performance and industry leadership by focusing on pursuing its major objectives.

    “We are yet improving on our core competencies and remain committed to our vision of being the first choice company in the oil and gas industry to all stakeholders. We have maintained a constant expansion of our retail outlets and furthermore our company has maintained the lead in the LPG subsector by doubling the number of LPG skids and plants all over the country,” Anekwe said.

    According to him, the company’s strategic venture in the upstream sector will hopefully give it competitive advantage to explore new frontiers in the business environment.

    NIPCO Plc Managing Director Mr. Sanjay Teotia said the company plans to go into production of Liquefied Petroleum Gas (LPG) in its new investments surge.

    He said conscious efforts are being made in preparation for the take off of the LPG production.

    “Your company is thinking of venturing into LPG production against the background of the nation’s richness in natural gas. In the near future, we are going into its production,” Teotia said.

    According to him, the strategy to diversify and grow the streams of income through the expansion of the company’s oil and gas business will gain momentum in the period ahead.

    He pointed out NIPCO currently possesses the largest and the most active LPG storage facility and it has remained the supplier of choice.

    “Our shareholders will continue to smile with good returns on their investment year in year out but with a caveat that challenges in the sector are addressed headlong by concerned stakeholders,” Teotia said.

     

  • Freight forwarders beg govt to clear 735 trucks at border

    The Association of Nigeria Licensed Customs Agents (ANCLA) has pleaded with the Federal Government to clear the 735 trucks loaded with perishable goods, stranded at Seme border.

    ANLCA Seme Border Chapter Chairman Alhaji Bisiriyu Fanu, made the appeal in an interview with reporters yesterday at Seme.

    He said each of the stranded trucks was carrying over N20 million worth of goods, which amounted to billions of naira wasting at the border.

    Fanu said: “Some of these goods are perishable and have expiry date. If the expiry date should be closer, nobody will buy them. The importers are not aware of the government policy of border closure and their goods are not illegal. As at now, we have at the park, 403 trucks of goods, while there are 332 trucks right inside the border post, totalling 735. These are trucks with varieties of goods coming into the country. We are begging the government to create a platform for joint examination of goods inside these trucks at the border posts, not only at Seme, but also throughout the land borders in Nigeria.

    “Security operatives should be involved to check the trucks and they should make sure that any truck with genuine documents should be allowed into the country.

    “This will enable importers that borrowed money at banks for this business to repay the loan so that debit interest will not throw them out of business.

    “Most of the traders who imported the goods are frustrated. The Federal Government should act now before the losses they have incurred send them to early graves.”

    He said the freight forwarders supported the government’s action by closing the land borders for security and sustenance of the economy.

    “The Comptroller General of Customs Service has come with his team to address us on why the border is closed and we are in support of the action. The neighbouring countries should be able to know that Nigeria is big enough to feed itself,” he said.

    Fanu appealed to the government to allow goods with genuine documents to pass, as they allowed people with valid passports and ECOWAS documents to pass through the border posts.

    The Comptroller General of Customs, Col. Hameed Ali, on September 26 said the closure of Nigeria’s borders by the Federal Government was done to strengthen the nation’s security and protect its economic interests.

    He said this during a meeting with border stakeholders, comprising freight forwarders and security agencies at Seme.

    Ali said the closure was not intended to hurt anyone, but to protect the country’s interests.

  • Gloria Mba flaunts baby bump

    Nollywood actress Gloria Mba, who is presently living in US, has expressed joy over expecting a child.

    The actress who prefers to keep her private life out of the public was all smiles when she teased on Facebook about how God has been good to her over the weekend.

    “It’s been an awesome and beautiful days this past year,” she wrote with dancing emojis.

    “God has been faithful, gracious and too much…

    “For now, let me leave this here, more thanksgiving on the way.”

    Coming after the tease, the actress uploaded a picture where she was dressed in a light green sweat with boots, showing off her baby bump. This is coming after years of her failed marriage in Nigeria before she relocated.

    So far, congratulatory messages have been pouring in for the expectant mother.

    The actress who is yet to disclose the man behind the new found happiness also has a teenage son from her previous marriage.

    It would be recalled that Mba lost her husband, Leo Kanu, to Thelma Ozy Nwosu, a popular Nollywood make-up artiste.

    In an interview, the light-skinned actress revealed that she does not rule out another chance of marriage. But there are certain criteria a man must meet to have her as wife. This informs her decision for turning down many suitors that have come her way.

    Mba, who has a Diploma in Public Relation from Lagos State University in 2003, had a short run in the industry in 1996.

     

  • Capital markets focus on investor education

    Capital markets across the world have launched a week-long investor’s education programme aimed at enlightening investors on basics of investing and the emerging trends in the global securities market.

    The International Organisation of Securities Commissions (IOSCO) on Monday launched its third annual World Investor Week (WIW), after successful organisation of the week-long event in 2017 and last year. IOSCO is global body of securities regulators and its members regulate more than 95 per cent of the world’s securities markets in more than 115 jurisdictions. Nigeria is a member of IOSCO.

    The WIW is a week-long, global campaign, which aims to promote investor education and investor protection, highlighting the various initiatives of securities regulators in these two critical areas.

    The WIW started on September 30, and will run through October 6, 2019. IOSCO members will provide, in their jurisdictions, a wide variety of activities, such as launching publications or services, promoting contests and organizsing workshops, conferences and other events. Many members leverage the event to organize further investor education activities throughout the year.

    According to IOSCO, given the digital environment, the WIW 2019 includes key messages regarding online investing, digital assets and initial coin offerings, as well as re-emphasizing the basics of investing.

    IOSCO noted that in last year’s WIW, IOSCO members and stakeholders from some 90 jurisdictions on six continents undertook a range of activities, such as offering investor-focused information and services, promoting contests to increase awareness of investor education initiatives, organizing workshops and conferences and launching local and national campaigns in their jurisdictions.

    Chairman, International Organization of Securities Commissions (IOSCO) and Chief Executive Officer, Hong Kong Securities and Futures Commission, Ashley Alder, said the third edition of the World Investor Week evidences IOSCO’s continuous efforts and commitment to investor education and protection.

    Ashley said IOSCO has been encouraging new initiatives among its members and preparing them for dealing with the challenges of increasingly interconnected and digitalised capital markets.

  • 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’.

     

  • 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.

     

  • 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.

     

     

  • ‘To secure, we have to love: herdsmen, kidnappers, Boko Haram and the climate of fear’

    It is also a story of economic hierarchy. The herders are not the owners of the cattle. Some of them are owned by shadowy big men, who encourage them to bring home the profits. So those who argue against the herdsmen also are pitching battles by proxy against the Fulani hegemon. It makes the matter even more complicated.

    The question of banditry has become another hobgoblin. Is the herdsman a bandit, or it is just the bandit masquerading as herdsman. If the herdsman was so busy trying to sell its cows, what time will they have to sell their cows if they lay ambush everyday on highways?  According to some analysts, the herdsmen exist who have always been with us. These men still occupy the farms and wreak havoc. They still want grazing fields for their animals. Yet, when we see them, we only see sticks. They don’t read. They don’t follow the fire and outrage of contemporary angst and debate. They just go about their businesses.

    But some say there are bad herdsmen, but most of the havoc we see come from bandits who have lost their way in the world. So, they live and die by killing and dispossessing the victims. According to recent reports of captured marauders, some of them are trained outside the country. They steal into the country through the borders. Yet, the reports show that they would not know their way around the country if they did not make companionship with locals. That is why the economic blends with the cultural. The Zamfara case tells us that it is essentially an economic matter.

    Zamfara State would, in a properly governed environment, be a near Eldorado with networks of highways, high-rises, shopping malls, a buzzing airport, the panoply of spinoff commerce, burgeoning cultural exports, et al. But it’s the hallowed ground of bandits and crude adventurers. It is the economic equivalent of a hoodlum’s paradise.

    Tied to this is the perception of the bandit crisis as class warfare. Take, for instance, the rage of elite kidnappings, especially in the north. The Abuja-Kaduna highway is now a thoroughfare of woe for even the Fulani elite. Those who say the bandit crisis is Fulanisation and Islamisation should answer why a governor, a minister, a permanent secretary, a money bag of the Fulani extraction would not travel that road with all the array of cars and security men. Rather they would huddle with others in the rowdy comfort of a train. The story is told of an imam who gave a pep talk in Abuja and told his audience that the Abuja-Kaduna expressway was safe. After his glowing delivery, it was time to return home to Kaduna. He did not hit the express. Rather his hosts escorted him to the train station. His faith was not tailored to his own soul, but to those he encouraged. Do what I say, but not what I do.

    Nothing demonstrates the confluence of class warfare and economic imperative than the issue of kidnapping. They have redefined the value of human capital. You kidnap a judge or a minister’s son, and that is a great investment in human resources. The return could be more profitable than drugs. Within hours, you can make as much as N20 million or N50million, or even more, depending on the opulence and desperation of the captive and their family. Why would the talakawa, who neither reads nor write, and who cannot earn with all his manic muscles more than N20 thousand Naira a month, neglect so great a financial salvation? Within a week, he can stun himself with enough to buy a new car and build a house and enjoy all the soft life and luxuries that Maigida has taken for granted. All he has to do is kidnap again. It becomes addictive. Any catch translates into a generational wealth in their eyes. He becomes a money-miss-road, dross in gold. So, to such gold diggers, they don’t see Fulani, they see Eldorado.

    In the northeast, the Boko haram flame has failed to abate. When it is not smothering lives in firestorms of surprise attacks, suicides bombs and all, it is smouldering in intermittent skirmishes. Yet, it all began with a class narrative. The poor under the cynical watch of former Borno State Governor, Ali Modu Sherriff, were used for elections and cast away. They needed shelter, food, and wives. A certain messianic creature known as Mohammed Yusuf provided them all these. All he wanted from them was his own version of Islamic piety. They are under the thrall of the man who gave them food. He works under what the Russian writer Fyodor Dostoyevsky designates as the triad of oppression. They are authority, mystery and miracle. These three weapons under a person’s command can make him a god on earth. That was Yusuf, and the founder of Boko Haram. After providing the Sheriff castaways with food, shelter and wives. He had made them his children, his urchins. As Dostoyevsky noted in his novel, The Brothers Karamazov, “anyone who can appease a man’s conscience can take his freedom.”

    With mystery, he gave them faith. With miracle, he gave them food, shelter, and all of that gave him authority.  To other classes of humans, food may not be miracle. To the poor who is hungry, especially the destitute, food and shelter are miracles from God. Again, as Dostoyevsky defines it, “In a realist, faith does not spring from miracle but miracle out of faith.” You define your own miracle.

    So, his followers now decided to strike. Was it about Islam? Well, yes, the extreme variant. But was it about class? Plenty. They brought down emirs, razed tony mosques, pillaged the markets, carted away the girls that would be brides to the rich, etc. They saw themselves not as evil people. They saw themselves as messengers of the Almighty, who loathed the moral squalor of the feathered class.

    Yusuf took away their freedom and gave them his own. They all want to be free to be terrorists. Philosopher Isaiah Berlin noted that freedom was not only about the classical idea of western liberal thought. Anyone can define it their way. As the Marxist wants his freedom, so does the terrorist, so does Boko Haram.

    Within the Nigerian state, we therefore see all of these clashes in the family. Each one wants a different definition of comfort and peace. In that ambience, peace is the major casualty, and where there is no peace, fear abounds.

    When Boko Haram was at its peak, the military brass backed by its Fulani elite waged a quiet genocide against the Kanuri. Anytime they saw a Kanuri gathering, or a kanuri traveller with their distinctive tribal marks, they were targeted for arrests, harassments and killing. The shoe, as they say, is in the other foot now. The targets are Fulani today. No one trusts them, including the Hausa. Even the elite Fulani suspects the talakawa up north. As Samuel Coleridge once noted, even “whoring brothers disagree.” So, we have created fear as an instrument of governance. It will take fear banishment and as sense of fairness for the fear to go.

    With each afraid of the other, we cannot stop banditry, or herdsmen crisis, or even Boko haram. We need a leadership of fairness and fearlessness. Is that not why the issue of banditry even in the southwest has become even a big problem. On the military level, why are we not using drones to target and isolate and knock out the hoodlums? Are they not living among us? Are they spirits?

    What did the former Borno State Governor Kashim Shettima deploy to flush out many Boko haram players from among the people? They were the Civilian JTF. They are the unsung heroes of modern Nigeria. We need drones as intelligence since the intelligence agencies in Nigeria have failed us. We need to create civilian equivalents of the JTF in the southwest and other parts of the country. Then the drones can track their hideouts, and the Air Force and soldiers can go to work. In short order, we can deal with the scourge. That is a short term solution to the herdsmen bugbear.

    After that, we can face the perennial issue of distrust. If we cannot stop it, it will haunt us, and the scourges will emerge in other dimensions.  We have to awake the right identities and paradigms for the future. That accounts for why the philosopher Rene Descartes said, cogito ego sum, “I think therefore I am.” In his own book of polemics titled, The Rebel, Albert Camus wrote, “I rebel – therefore we exist.” In his novel, Satanic verses” Salman Rushdie declares, “to be born again first you have to die.”

    So, it means we have to pursue a new birth and a new identity. Hence I titled this piece, “To secure, first we have to love.” That is love each other. It means a leadership of cooperative charisma beyond class and tribe and primordial loyalties. Or else we shall solve one and go into another problem. For instance, as Femi Falana has warned, the followers of Sheikh EL Zakzaky are fuming and growing. Is that the next bandit? Or cover for one?

    So, the problem is not in anywhere else but in us. It is because we fear ourselves.

     

  • FAQ on Defined Benefits Scheme

    What is a Letter of Administration?

    Letters of Administration are usually granted by a probate registry of a High Court to appoint appropriate person(s) or institution to administer the estate of a deceased person in line with extant applicable laws and regulations such as the Administration of Estate Laws, 2005.

    • What are the features of Letters of Administration?

    In line with the provisions of the Administration of Estate Law, 2005, a valid Letter of Administration must contain the following features: Name of the Court (High Court), Name of deceased; Date; Place of Death; Names and addresses of the beneficiaries; Value of property; and Seal of the Court.

    • Which of the courts is saddled with issuing Letters of Administration?

    The High Court of a state or the FCT High Court.

    • What is the difference between Letters of Administration and Enrollment of Order?

    An Enrolment of Order is a summary of the judgment of a Court for enforcement, while Letters of Administration are granted by a probate registry of the High Court to appoint appropriate person(s) or institution(s) that would administer the estate of the deceased.

    • What is the importance of a seal in a Letter of Administration? Can Letters of Administration be authentic without it?

    Red seal or the seal of the court must be affixed to a Letter of Administration to authenticate the document. A letter of Administration without a seal is invalid.