The Nation Newspaper

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  • VP Osinbajo, el-Rufai, others for extractive industries confab

    The Vice President, Prof Yemi Osinbajo, Kaduna State governor,  Nasir el-Rufai, Executive Secretary, Nigeria Extractive Industries Transparency Initiative (NEITI), Mrs Zainab Ahmed and other notable Nigerians are expected to speak at this year’s Sustainability in the Extractive Industries (SITEI) Conference. It is a workshop organised by CSR-in-Action for key stakeholders to discuss critical issues in the industries and stimulate exchange of ideas and best practices among them and industry experts.

    The conference is scheduled to hold in Abuja on November 19 with Unlocking the Hidden Potential in the Extractive Industries as its theme. Abuja became the destination of choice driven by the vision to encourage government participation in economic sustainability in Nigeria. While the private sector and civil society have typically been strong participants in previous conference, the general national vibe of change and policy reform in the air has birthed a renewed and mutually reciprocated interest in pursuing focused government participation.

    Attendance will see government personnel, business leaders, change enthusiasts and innovators from all works of life. This year, SITEI seeks to renew political commitment to sustainable development while discussing structural modifications within political institutions in relation to development, investment and local participation in local extractive industries.

  • Nigeria loses $9.1b yearly to oil thieves, others

    The Society of Petroleum Engineers (SPE) Nigeria Council has said the crude oil stolen by thieves between January 2013 and April this year stood at 39.3 million barrels while an average of 250,000 barrels of oil per day (bopd) is either deferred or partly stolen through activities of pipeline vandals and thieves representing an average loss of $9.1billion per year at $100 per barrel oil price.

    According to the engineers, pipeline vandalism and oil theft have led to a decline in oil production from 2.45 million (bpd) to 2.05 million bpd in the last four years (2010 – 2014).

    The group also noted that the drop in crude oil earnings arising from low oil price presents an annual underfunding of $1.8 – $2.0 billion to the Federal Government. Crude oil market dislocation from the United States destination requires strategic realignment geographically to seek alternative markets in Europe and Asia to address the dip in earnings, it added.

    In a communiqué produced from its 2015 annual conference and exhibition, obtained at the weekend, the group noted that with proven gas reserves of 181 trillion cubic feet (tcf), and having the ninth largest natural gas reserves in the world and largest in Africa with undiscovered potential gas reserves of about 600tcf, Nigeria should be able to comfortably meet its export and domestic requirements.

    It said: “Gas production has been largely export focused with approximately 15 per cent going into domestic market. Out of approximately 4000km of gas pipeline in Nigeria, only a third is dedicated to domestic consumption.

    “Gas is the future of Nigeria, the key to unlocking economic potential of Nigeria and increasing the living standards of the average Nigerian. Therefore, domestic gas development will be driven by indigenous independent companies and not the international oil companies (IOCs). Natural gas is world’s fastest growing fossil fuel with global consumption projected to increase from 118tcf in 2013 to 185tcf in 2040.

    “Renewed efforts need to be made in gas discovery based on projected local gas utilization forecast and sales export to meet growing demand. Gas development with the right strategy could achieve adequate power supply by 2017. The extent of collaboration for the gas industry will determine the success of the industry. Gas to power will generate huge revenue and save money for Nigeria.

    “Therefore, high development cost of gas projects and low oil price is currently unfavourable to the industry. Power distribution pricing to investors must be conducive for investors to improve the power sector and regulatory framework alone is not sufficient to address the gaps in Nigerian Gas Supply.”

  • Ali Baba, Caroline Danjuma, Ozzy Bosco, others for Project Asha

    Ali Baba, Caroline Danjuma, Ozzy Bosco, others for Project Asha

    COME Sunday, November 1, a Non Profit Organisation, Project Asha, will hold its first empowering day and award night at the Oriental Hotel, Victoria Island, Lagos.

    According to Mr Steve Robinson, the event which will be headlined by top entertainers in the entertainment industry will feature appearances and speeches by international personalities. According to him, proceeds from the sales of the tickets will be used to support the cause of the project, which he says has helped quite a number of young teenage girls from the street go back to school and also get enrolled in skill acquisition programmes.

    Speaking at a press conference recently, at Hope Studio, Ikeja, Steve noted that he did not allow his disability to stand as a hindrance to who he is today. He says that he desires to help others achieve their dreams if given the chance.

    “I have soft bones. That is the reason I am using a support. But I didn’t allow that stop me from reaching where I want to be. I just came in; I used my personal money to pay for my ticket. That is to show the passion I have for this project, which I joined two years ago. Overseas, entertainers come together to organise shows and concerts to help the less privileged. The money generated is sent to Africa. What if we do it here ourselves, we won’t need their funds,” he opined.

    He also revealed that though the award night has been held in London, this will be the maiden edition in Nigeria.

    Among the artistes who will be treating guest to a night of fun are Ali Baba, Gordons, Oke Bakassi, Ozzy Bosco, Buchi, Timi Dakolo and Toby Grey. The event will be anchored by Princess and MC Bambino, with Chief Mrs. Caroline Danjuma, Ogee Robinson, Vweta Chadwick, and Segun Manuel, expected to speak on Women Empowerment and Child Education.

  • Akinyemi, Nwachukwu, others for Aelex lecture

    Two former foreign affairs ministers, Prof Bolaji Akinyemi and Senator Ike Nwachukwu are among the guests expected at this year’s annual lecture organised by Aelex Legal Practitioners and Arbitrators.

    They will join other leading experts in policy, law and business to tackle fundamental issues in Nigeria’s political development.

    The event will hold tomorrow at the Agip Recital Hall, Muson Centre, Lagos, by 2pm, with the theme: Politics, democracy and ethnicity.

    Speakers will discuss vital issues on the theme, such as how the aspirations of minority and majority ethnic groups affect the stability of a nation. They will answer questions around political stability and proffer solutions on how to integrate an economy in a multifaceted and pluralistic society.

    Among discussants will be Dr. Sa’idu Ahmad Dukawa of the Department of Political Science, Bayero University, Kano and Mrs. Yemi Adamolekun, a social media activist.

    The Aelex lecture is an annual event to mark the formation of Aelex Legal Practitioners and Arbitrators in 2004; borne out of a merger of four leading law firms with diversified practice areas.

    A leading international law firm based in Nigeria with offices in Lagos, Port Harcourt, Abuja and Accra, Ghana, Aelex was recently named Nigeria’s Law firm of the Year by one of the world’s leading legal referral guides. It was also ranked as a top-tier firm in seven key practice areas in its latest rankings for Nigeria by the IFLR 1000 – a global Guide to the World’s Leading Financial Law Firms. The areas include, Mergers and Acquisition, infrastructure, oil and gas, banking, energy, project finance and capital markets.

    AELEX supports “Child lifeline” a Nigerian charity geared towards taking children from the streets and providing better quality of life as part of its Corporate Social Responsibility (CSR).

    The first of the annual series commenced in 2005 with the theme: “The Regulator in a Deregulated Economy”- (2005). Others were: “Competition Policy as an Engine for Economic Growth” (2006); “Corporate Governance: Who profits?” (2007); “Freedom of information: Balancing the Public’s right to know against the individual’s right to privacy”(2008); “How Ghana Kept the Lights On” (2009), “Taxation without Represen-tation” (2010); “Corruption, the Thief in Broad Daylight” (2011); “This House Must Not Fall: Constitutional Reform and the People’s Will” (2012); “In God’s Name: Politics, Religion and Economic Development” (2013).

     

     

  • TOYIN ADEGBOLA, JAIYE KUTI, OTHERS JOIN ‘MR & MRS KOGBEREGBE’

    TOYIN ADEGBOLA, JAIYE KUTI, OTHERS JOIN ‘MR & MRS KOGBEREGBE’

    CREATIVE Village Productions, producers of Mr & Mrs Kogberegbe on African Magic Yoruba, have announced new additions to the long-running TV series.

    Actors added to the romantic Yoruba comedy are Toyin Adegbola, Jaiye Kuti, Helen Paul, Doris Simeon, Regina Chukwu, Bayo Bankole (Alinco), Abdullateef Adedeji, Mistura Asunramu Alao and Awelewa Omoibadan.

    The new development comes as the third season of the production progress on its weekly show on AfricanMagic Yoruba.

    Speaking on the new development, Adebukola Olanrewaju Olakanlu, Executive Producer of the sitcom revealed that Mr & Mrs Kogberegbe is now also showing on African Cable (ACTV) Satellite platform.

    “We just signed a deal to begin airing on Ibile Channel on ACTV. What this means is that more people will have access to the quality entertainment content that we provide through Mr & Mrs Kogberegbe TV Series,” he said.

    The series also received a boost following its endorsement by veteran Yoruba actress, Toyin Adegbola also known as Ashewo to re Mecca. The recently appointed member of the board of Osun State Arts and Culture Council who is joining the cast of the series has confessed that she is a big fan of the programme and does not miss watching any edition on African Magic.

    “It was a big encouragement getting commendation from a veteran like Mama ToyinAdegbola. We are looking to bring in something more freshness and dynamism to the homes and hearts of our viewers. Since we debuted with the third season some months ago, our feedback channels like Kogberegbe Family on Facebook have been bombarded with positive messages from fans and celebrity colleagues from different part of the world including Lagos, America and London to mention but few,” Olakanlu added.

    The US-based producer who just completed certifications from the London TV & Film School added that new injections into the programme would be witnessed in different departments such as casting, scripting and technology.

  • Teachers honour journalists, others

    Teachers honour journalists, others

    Five journalists were honoured by the Academic Staff Union of Secondary Schools of Nigeria (ASUSS) and Basic Education Staff Union of Nigeria (BESUN) for their contributions to the growth of the education sector last week.

    The groups presented awards to the journalists and two other citizens and 60 of the associations’ retirees during the World Teachers’ Day celebration, held at the Nigerian Army Officers’ Mess, Yaba, Lagos State, last Monday.

    The journalists honoured were: Mr Adegbola Adedigba, Senior translator, Bond F.M. 92.9, Lagos; Mrs Taiwo Omilani, Education correspondent, Leadership Newspapers; and Mr Abiodun Elugbaju, Radio Nigeria, who all got the Emerald Chamber of Tutors awards. Mrs Oluyemisi Ayodele, Producer, Federal Radio Corporation of Nigeria (FRCN), got the ‘Rugby Chamber of Tutors’; while Mr Oyeniran Apata of Daily Independent, was presented the Diamond Chamber of Tutors’ award.

    Other recipients were Dr Uche Okeke, Registrar, Chattered Institute of Local Government and Public Administration of Nigeria, who chaired the occasion; and the guest speaker, Prof Victor Edun.  The retirees were decorated with broaches of the title of ‘Senior Citizen’ and got retirement benefits and cheques worth about N10 million.

    Speaking on the awards, ASUSS Chairman, Comrade Labaika Kazeem said: “These people are the ones that are promoting the image of the education industry. For the journalists, with their credible reportage and specialised reports, they help us to point the government and society to loopholes in the education sector and the individuals have contributed in no small way to education in this country. So, we felt the need to appreciate their efforts and tell them thank you.”

    Kazeem also called on government to confer recognition of ‘Senior Citizen’ on retired teachers and called for recruitment of more teachers to fill the gaps that exist in public schools.

    In his lecture, Edun, a Professor of Education at the Olabisi Onabanjo University (OOU), Ago-Iwoye, called for an upgrade of the teaching profession through continuous professional development, higher remuneration and establishment of teachers’ licensing authorities.

    Speaking on the theme: ‘Empowering teachers, building sustainable societies’, he suggested that the teaching profession  should have a legalised Code of Conduct bureau, and that teachers’ councils should be run by teachers, rather than government.

    Edun emphasised the need for a proper standard of qualification in specified fields (primary, secondary or tertiary) for teachers before they are allowed to practice and to be allowed flexibility to switch specialisations, if they are not satisfied with their initial choice.

    Advising the teachers, the professor said: “Let us all fight corruption and fight for our rights, but before you can fight, you must position yourself to fight. You must ensure that you are competent and skilful and you can compete favourably with any other professional. You must ensure that you build yourself. The Council has identified what you need to do to be professional, so do it. If you position yourself properly, nobody can rubbish you.”

     

  • SEC advises investors on choice of stockbrokers, others

    Securities and Exchange Commission (SEC) has advised investors to check the regulatory status of any capital market operator before entering into new business relationships or sustaining existing ones with a view to ensuring that they are dealing with duly authorized and compliant operators.

    SEC, through the market-wide Implementation Committee on new minimum capital requirement for capital market operators, said investors should verify the compliance status of capital market firms by checking the list posted on the Commission’s website. To facilitate the smooth implementation of the new minimum capital requirements for operators, the Capital Market Committee-the umbrella body for capital market stakeholders under the coordination of SEC, had set up a market-wide “Implementation Committee on New Minimum Capital Requirement” comprising the SEC, Nigerian Stock Exchange (NSE), Central Securities Clearing System (CSCS), Association of Stockbroking Houses of Nigeria (ASHON) and all other capital market trade groups.

    The advice came on the heels of the expiration of the September 30, 2015 deadline and the publication of the provisional list of capital market firms that have met the new minimum capital requirements for their functions by the apex capital market regulator at the weekend.

    As a guide for investors with non-compliant firms and those seeking to change from one firm to another, the Commission outlined the guidelines that should be adhered to by investors, target firms and the Central Securities Clearing System (CSCS) where an investor wishes to move his stock account from an under-capitalised broker-dealer to a broker-dealer or broker that has complied with the minimum capital requirement.

    The procedure for moving stock accounts include where the broker-dealer has not met the new minimum capital requirement, the investor should approach a capitalised broker-dealer or broker for engagement. The investor should undergo a Know Your Customer (KYC) process with the new firm. The broker-dealer or broker should open a CSCS account for the investor using the investor’s existing Clearing House Number (CHN) from his former Brokerage Firm. The investor should give a mandate to the target firm to transfer his account from the under-capitalised firm to the new firm.

    Also, the investor would be required to submit evidence of purchase of the shares such as contract notes, receipts of purchase, dividend stubs or confirmation of holdings from the registrar’s office, signed by the managing director of the Registrar firm to the target firm. The new target firm would initiate inter-member transfer request with the managing director of the firm expected to go to the CSCS to sign off the indemnity form. Then, the CSCS shall process the request and notify the broker-dealer or broker through the CSCS website.

     

     

     

     

  • ‘Fed Govt yet to remit N100b retirees’ accrued rights, others’

    ‘Fed Govt yet to remit N100b retirees’ accrued rights, others’

    The Federal Government is yet to remit about N100billlion representing retirees accrued pension rights and employees’ outstanding contributions under the Contributory Pension Scheme (CPS), the Chairman, Pension Fund Operators Association of Nigeria (PenOp), Misbau Yola, has said.

    Yola, who made this known while speaking to journalists in Abuja, said the last payment on accrued rights was made in February, this year.

    Pension accrued rights represent the total sum of employees’ pension benefits before the commencement of the new Contributory Pension Scheme (CPS).

    The PenOp chairman, however, noted that despite the fiscal challenges, the Federal Government is trying its best as it has remitted contributions up to July, this year.

    He pointed out that it is important that all outstanding payments  are paid to avoid erosion of confidence in the CPS.

    He said: “The fiscal challenge being encountered by the Federal Government has affected its pension contribution and remittances

    “The Federal government is trying, as it has paid its remittances of contributions on its employees up to July, 2015. There are few challenges with the accrued rights, but we have been told that it would be paid soon. The last payment was made in February, 2015. These are issues that affect the confidence in the system.

    “We are aware that the Executive members of the National Pension Commission (PenCom) visited President Muhammadu Buhari and raised the issue of the accrued rights, and the President promised the accrued rights would be paid soon. The accrued rights and outstanding contribution rights is about N100 billion.”

    Speaking on compliance level of CPS by State Governments, he said Lagos State and perhaps Delta State are the only state that is up to date.

    He said others are at different levels of compliances.

    “The states are in various stages. We have various states and they have different needs and challenges. The Federal Government has complied the most and we can only encourage the states to also join the CPS.

    “Even in the PRA 2014, there is a mention of states; the reality is that Federal Government does not make laws on pension matters for states. The states have rights to do their pension he way they want so we have to continuously engage them based on moral suasion for them to join. The states don’t have the resources the FG has and fiscal discipline is different.

    “With the fiscal revenue challenges the states are having, it is not clear when the states will come out of the challenge. The states have revenue challenges and the Federal Government has more revenue streams,” he said.

  • Adebule, others celebrate Erogbogbo at retirement

    Adebule, others celebrate Erogbogbo at retirement

    Lagos State Deputy Governor Dr Idiat Oluranti Adebule was all smiles as she launched into a Yoruba song: Ma f’owo teacher se oun re re, ma fi ko le, ma fi ra moto, ma fi ran omo ni ilu oyinbo, ma fowo teacher se oun rere … (I will use my proceeds as a teacher to acquire good things; build houses, buy cars, send children to study overseas and accomplish other good things…).

    Others at the event quickly ‘hijacked’ the song complementing same with some gentle dance steps. It was all at the send off for the Permanent Secretary of the Ministry of Education, Mrs Folashade Erogbogbo.

    Mrs Adebule paid her dues as a lecturer at the Lagos State University (LASU)  before joining the political fray and eventually becoming the number two in the state. She must have nursed similar hope for Mrs  Erogbogbo during the latter’s last day in office.

    Mrs Erogbogbo was a force, who got the job done, regardless of the challenges, while serving as the helmsman of the Lagos State ministry of education.

    More songs poured in by friends, former subordinates and other well-wishers in appreciation of Mrs Erogbogbo’s charismatic leadership.

    “You succeeded in fostering good relationships with all the staff creating an atmosphere of peace and harmony is commendable. We are proud of you,“ said Mrs Adebule, who also chaired the event.

    She described the celebrator as an amiable, hardworking, loyal, dedicated, diligent, reliable, responsible, efficient and committed civil servant.

    The deputy governor advised the retiree to use her knowledge and wealth of experience for the good of the state, and exercise regularly to have a healthy life.

    Former commissioner for education, Mrs Olayinka Oladunjoye, who worked with Mrs Erogbogbo, described her as compassionate, highly cerebral, reliable and competent.

    “When you give her assignment, you can go to sleep,” Mrs Oladunjoye said.

    Personal Assistant to the Permanent Secretary of the Ministry, Oladehinde Sheleru, described his former boss as a workaholic who  took education issues seriously.

    “She never took her job with levity. She resumes before 8am and leaves work as late as 7pm sometimes. She is a very hardworking and generous woman, always willing to lend a helping hand, despite her busy schedule and high status,” Sheleru recalled.

    In her response, Erogbogbo described her experience in service as being full of challenges, but which she overcame by faith.

    She advised her former colleagues  never to reject a posting, but strive to make a difference always.

    “In my 33 years of service,” Erogbogbo recounted, “there’s just one point I want to draw attention to, particularly to my colleagues in the service and junior ones: ‘Don’t ever refuse a posting. You never can tell where your glory is. Experience has taught me that wherever you are, with faith, the Lord will bless you.”

    She thanked the government for the opportunity given her to serve and contribute her quota to the development of Lagos state.

    The ceremony, which was anchored by popular Comedian Tee.A, was heralded by dance and choral renditions, cultural displays, among other festivities.

     

  • Ondo, others for Cowbellpedia semi-final

    Representatives of six states and the Federal Capital Territory (FCT) have qualified for the semi-final in the ongoing maiden edition of Cowbellpedia TV quiz showing on 14 stations across Nigeria.

    Ondo, Rivers, and Bayelsa states as well as the Federal Capital Territory(FCT) secured the tickets to join their counterparts in Imo, Osun and Oyo.

    Evans Owamoyo, a 13-year-old student of Greater Tomorrow International College, Ikare, Ondo State, led five other pupils who also represented their states to emerge first in the junior category.

    Abdulmueez Yusuf, another 13-year-old student of Nigerian Turkish International College, Abuja came second in that group.

    Similarly, Prince Chima of Graceland International School, Port Harcourt, Rivers State and Nne Ogedi-Jacob of Federal Government Girls College, Imiringi, Bayelsa State; clinched the first and second positions in the competition to qualify for the semi-final.

    Eight students – four in the junior and senior categories – crashed out of the contest.

    With this, eight students have qualified for the next stage, while 16 have been evicted in the competition, which is being aired on 14 television stations across the country.