The Nation Newspaper

Tag: operational

  • Chabahar Port likely to be operational next year

    Chabahar Port likely to be operational next year

    Chabahar Port, located in Sistan-Baluchistan province on the south-eastern coast of Iran, is expected to be operational by 2018-end.

    Iran will soon be sending an application for provision of credit to Exim Bank of India to provide the first tranche of loan from the $150million credit line that India plans to start. This is required to activate the contract between India and Iran for Chabahar Port.

    “Iran is important not just strategically but logistically to India,” Nitin Gadkari, Minister for Road Transport & Highways, Shipping and Water Resources, River Development & Ganga Rejuvenation, said.

    Speaking at a conference, Gadkari said the rail link could be started using the Shipping Ministry’s Indian Port Rail Connectivity Ltd if Ircon has concerns.

    “Using Chabahar, we can go to Russia and further to Europe by road,” he said.

    “We should be receiving the application in a few days, which will enable releasing of first tranche of loan,” Alok Srivastav, Special Secretary, Shipping Ministry, said, adding that the port should get operational by December, next year.

    The port will also serve as an important transit point for Afghanistan’s cargo, said Gadkari.

    Next month, there will be a business discussion, inviting various logistics partners not just from India, Afghanistan, Iran, but other global partners to invest in the free trade zone in Chabahar, the Minister added.

  • Firm attributes performance to operational excellence

    Firm attributes performance to operational excellence

    The impressive performance of Afriland Properties Plc in the immediate past business year was due to its operational excellence, commitments to customers and high corporate governance standards, its Chairperson,  Erelu Angela Adebayo has said.

    Key extracts of the audited report and accounts of Afriland Properties for the year ended December 31, 2014 showed a profit before tax of N1.74 billion, representing 311 per cent increase on the previous year. The company’s total assets increased to N8.1 billion in 2014 as against N4.2 billion in 2013. The company is paying a total dividend payment of N499.6 million to shareholders, representing a dividend per share of 40 kobo.

    Addressing shareholders at its annual general meeting in Lagos, Erelu Adebayo said the upturn in the company’s net earnings is attributable to improved operational efficiency and focus on value creation.

    She said the company is prepared to further strengthen its balance sheet and business model this year by tapping into the opportunities that will be created in the building and construction sector.

    “We are equally poised to take advantage of other structural reforms of the federal government, which hopefully will impact the housing sector,” Adebayo said.

    Its Managing Director, Mrs. Uzo Oshogwe said the company’s financial performance is an evidence of its operational excellence, a customer centric culture and high corporate governance standards.

    “Our deliberate focus on excellent delivery has prompted increase in our full-year performance,” Oshogwe said.

    According to her, Afriland Properties as a property development and management company, offers end-to-end services along the real estate value chain, from management to joint-venture investments.

    According to her, with a portfolio size of over N8 billion and one of the largest land banks in Nigeria, Afriland Properties is pioneering the opportunities presented by an institutional approach to real estate, serving niche markets throughout Africa.

    Afriland Properties was spun off from United Bank for Africa (UBA) Plc and merged with Heirs Real Estate Limited in December 2013. The merger aligned the long-term interests of both companies and leveraged on their complementary strengths to expand operations and expertise.

    At its first AGM in Lagos, the company had distributed N100 million to shareholders, representing a dividend of 10 kobo per share for the 2013 financial year.

  • What’s delaying operational audit of DANA Air?

    SIR: In compliance with the October 6, directive by the Nigerian Civil Aviation Authority (NCAA) for Dana Air to suspend its flight operations to allow for an audit of the airline’s operations, the management of the company shut down its operations.

    Subsequently, as a result of the suspension (and understandably so), the airline directed its Nigerian and expatriate staff to proceed on compulsory leave without pay, with a promise to recall staff as soon as the audit process is completed.

    It is now three weeks since the NCAA directive and, though the airline is open and ready for the planned audit, it is worrisome that the NCAA is yet to commence the audit and no clear direction or timeline has been given to the airline for completion of the same.

    The continuous grounding of Dana Air is causing untold hardship for the hitherto ‘gainfully-employed’ staff of the airline, and with NCAA’s inaction regarding the audit, there appears to be no relief in sight to the sufferings of the airline’s staff and their numerous dependants.

    NCAA’s action or inaction is not without consequences for the average Nigerian traveler with the few airlines left taking advantage of the dearth of operators to hike fares and offer poor services to helpless customers.

    Businesses and nation’s economy are negatively impacted too. Need we mention the negative signals being sent to potential investors in the sector?

    It is for these reasons that the over 540 directly-employed Nigerian staff of the airline, are appealing to the NCAA to save us and the airline by carrying out its statutory role devoid of sentiments and political interference, and commencing the planned operational audit of the airline without any further delay.

    • Tony Usidamen

    Lagos

     

  • Army warns officers against disseminating operational information

    The Nigerian Army yesterday warned its officers against disseminating sensitive operational information on the social media.

    The Commandant, Nigerian Defence Academy (NDA), Maj.-Gen. Chukwuemeka Onwuamaegbu, gave the warning at the opening of the second quarter study meeting of officers of the Directorate of Army Public Relations (DAPR) in Kaduna.

    Onwuamaegbu noted that though the social media has a global appeal, the officers must be cautious in using it to avert security breach.

    He said: “In addition to all the benefits we can get from the new media, we also have drawbacks. I have personally seen a few postings, on facebook and twitter by service personnel, that should not be there.

    “So, I hope that during this period they will be able to know the disadvantages of the new media to caution service personnel about some of these postings that should not be there in the cyber.”

     

  • e-clearing to raise banks’ operational risks

    The commencement of cheque truncation scheme in the nation’s financial system will raise banks’operational risks, an executive of Sybrin Systems Limited, a soft-ware technology firm based in South Africa, Daniel Parreira, has said.

    Sybrin Limited provides e-clearing and other payment solutions among Africa’s leading banks, clearing houses and corporations.

    For efficiency and reduction of operational risks, he advised that banks should invest in sophisticated payment solutions, adopt fully integrated management systems as well as anti-fraud mechanisms.

    He said forward-looking banks are getting set to decentralise the cheque truncation processes to their branches. According to him, such steps would further reduce the pressure on the clearing centres.

    The Central Bank of Nigeria (CBN) had after due consultation with the banks, issued fresh guidelines to assist banks clear their cheques online. The policy is expected to provide for the regulation and management of cheque truncation in Nigeria with the view to reducing cost and days of clearing instruments. It was also meant to articulate the rights and responsibilities of presenting and paying banks in the Cheque Truncation System.

    A circular from the CBN said the policy will provide minimum technical and operational standards for cheque truncation as well as facilitate the implementation of an effective and efficient payment system in the country.

    The apex bank said it acted based on powers conferred in it in section 47 of the CBN Act No. 7 of 2007, which charged CBN with the duty of facilitating the clearing of cheques, credit instruments for banks.

    The rules apply to clearing and settlement activities in the Nigeria Bankers Clearing Houses, which practice cheque truncation system. However, where there is a conflict between the provisions of the cheque truncation guidelines and revised Nigeria bankers’ clearing house rules, the former would prevail.