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  • Sterling Bank, Jaiz Bank, others make NSE’s index stocks

    The Nigerian Stock Exchange (NSE) has included Sterling Bank and Jaiz Bank as part of stocks that will form benchmark stocks for stocks’ groups and sectors.

    The NSE stated that it has reviewed its NSE-30 Index and eight sectoral indices, including NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil & Gas, NSE Pension, NSE Lotus Islamic and NSE Corporate Governance Indices.

    The composition of these indices took effect January 1, 2019, after the completion of the year-end review and index rebalancing exercise which saw the entry of some major companies and the exit of others from the various indices.

    According to NSE, Sterling Bank has now been included in the NSE 30 Index, the benchmark index that tracks the 30 largest companies on the Exchange. Jaiz Bank has now been included in the NSE Banking Index, which tracks the most influential banking sector. The NSE had removed Beta Glass and Diamond Bank from the NSE 30 Index and NSE Banking Index respectively. Jaiz Bank also replaced Nigerian Aviation Handling Company (Nahco) in the NSE Lotus Islamic Index, which tracks Sharia’a compliant stocks.

    Also, the NSE Insurance Index now included Consolidated Hallmark Insurance Plc, Sovereign Trust Insurance Plc and Regency Assurance Plc while Continental Reinsurance Plc, Staco Insurance Plc and Standard Alliance Insurance Plc have been removed. In the NSE Oil and Gas Index, which tracks the oil and gas sector, MRS Oil Nigeria replaced Eterna as one of the benchmark stocks.

    The NSE Pension Index now included Cement Company of Northern Nigeria (CCNN) Plc, Beta Glass Co. Plc and Julius Berger Plc while Diamond Bank Plc, Continental Reinsurance Plc and Ecobank International Incorporated were removed.

    The indices, which were developed using the market capitalization methodology, are usually rebalanced on a biannual basis, the first business day in January and in July. The stocks are selected based on market capitalization and liquidity. The liquidity is based on the number of days the stock is traded during the preceding two quarters.

    To be included in the index, the stock must have traded for at least 70 percent of the number of trading days in the preceding two quarters.

    The NSE began publishing the NSE 30 Index in February 2009 with index values available from January 1, 2007.

    On July 1, 2008, The NSE developed four sectoral indices and one index in 2013, with a base value of 1,000 points, designed to provide investable benchmarks to capture the performance of specific sectors. The Insurance and Consumer Goods sector index, comprises the 15 most capitalized and liquid companies; Banking and Industrial Goods sector index, comprised of 10 most capitalized and liquid companies, while the Oil & Gas sector index, is composed of the seven most capitalized and liquid companies.

  • ‘Distribution, security, others are power sector’s challenges’

    The nation’s recurring  power supply challenge is  largely attributed to defects in the distribution chain, security and community issues, among others, the Managing Director, Niger Delta Power Holding Company Limited (NDPHC), Chiedu Ugbo, has said.

    Ugbo told The Nation that despite the targeted increase in generation, if there is no efficient distribution to the end users, the challenge will not abate.

    He acknowledged that there has been huge improvement in gas supply to the thermal power plants, resulting in adequate power  generation despite some challenges.

    He said the most nagging point is  power distribution. “Power distribution companies should be able to take more than what the transmission gives out. This is to allow reduction of redundancies at the various levels and reduce losses while transmitting power from one location to another.

    “The farther you travel with power, the more the quality and efficiency of the power is reduced. Another problem with the distribution network has been poor town and urban planning which has made it difficult to regulate power distribution and downstream activities, thus overloading the grid.

    “Some challenges that the NIPP has had to grapple with include security and community issues; right-of-way challenges for distribution equipment and transmission lines; port clearing coordination hitches and contractor performance-related problems. Even though the three tiers of government own the NIPP, equipment imported for the power projects are often delayed or seized at the ports by the Nigeria Customs Service (NCS) because of non-payment of import tariffs, thereby stalling the execution of some power projects. Sadly, some of the equipment at the ports were auctioned by the port authorities after demurrage charges had accrued on them. It took the intervention of an alarmed Senate to recover some of the equipment sold off under questionable circumstances.”

    Ugbo said to fast-track the attainment of stable electricity for Nigerians, the Federal Government should seriously consider waving duties on equipment for power projects. It needs to seriously educate contractors on their patriotic duty to deliver, and on time. There is need for a special para-military unit to ruthlessly tackle the activities of vandals, and address the kidnap of the employees of the contractors.

    “Host communities also need to be educated on the recurring problem of right-of-way for the routes for the 330kv and 132kv transmission lines of the NIPP. Once when NDPHC diverted the transmission line to the Ihovonbor station in Edo State at a considerable cost because of the presence of a shrine, a new shrine emerged overnight on the new route and the villagers went on demanding a huge amount to relocate it. These things can be best handled with proper enlightenment of the responsibilities of civic duties.

    ‘’Also, operatives of para-military agencies, especially men of the National Security and Civil Defence Corps (NSCDC), should be adequately motivated and mobilised to protect power installations from vandals across the country. An asset protection mechanism for the safety of power generation/distribution equipment like pipelines and plants must be established with technologically advanced means applied.

    “All three-tier arms of the government, parastatals, the ministries of defence, trade and of oil and gas, the privately-owned generating and distribution companies and indeed all Nigerians must join hands in true patriotism in confronting this multi-faceted problem and  wipe out this embarrassing situation of inadequate electricity supply.

    ‘’Many Nigerians have made a living for decades from national dysfunction. Many have engaged and still do in pipeline bunkering. They have in the past fought against national pipelines protection. Those that make livings importing electric generators will never want to see the country enjoying uninterrupted power supply. And because these folks have made a lot of money from their activities and are powerful, more like armed militants, they need be handled delicately to minimise collateral damage.”

  • Oyetola, Aregbesola, others usher in 2019 with fireworks, funfair

    Osogbo, the Osun State capital, entered the New Year with fireworks and funfair.

    Governor Gboyega Oyetola, his predecessor, Rauf Aregbesola and Deputy Governor Benedict Alabi, witnessed the crossover night ceremony, which attracted a big crowd.

    Also there were the state chairman of the ruling All Progressives Congress (APC), Gboyega Famodun and the party’s Osun Central senatorial candidate, Dr Bashir Ajibola, and top government functionaries.

    The programme, tagged: “Osun Countdown to 2019 continuity edition,” held at the Nelson Mandela Freedom Park in the state capital.

    Oyetola congratulated Nigerians, particularly residents of the state, for witnessing the New Year.

    Read also: Oyetola’s wife presents gift to Osun first baby of 2019

    He expressed gratitude to the people for electing him in the last election in the state.

    The governor, who described 2019 as the “Year of Hope and Abundance”, said his administration would bring development to the people in all the strata of the economy.

    Oyetola assured the people that hope, abundance and prosperity would be witnessed in the year and beyond.

    He said: “We will not relent in our efforts at taking Osun to the next level of socio-economic development.”

    Aregbesola hailed the people for voting and supporting the continuity bid initiated by his administration.

    He expressed appreciation to the residents for supporting the Oyetola administration.

    The former governor expressed confidence in the ability of the new government to take Osun to greater heights.

     

  • Council fetes 500 widows, widowers, others

    About 500 people were yesterday fed and given take away food items and cash by the Itire-Ikate Local Council Development Area (LCDA).

    The beneficiaries, including widows, widowers, as well as other residents and members of the All Progressives Congress (APC), were hosted at separate venues.

    The widows and widowers were feted on Mogaji  Street, at Ijeshatedo; others were entertained on Anjorin Street in Lawanson.

    They partied with the council boss, his wife and senior council officials after cutting the Christmas and New Year cakes.

    Council Chairman Ahmed Apatira said the events were organised to celebrate with the residents.

    He said the widows and widowers deserved support from well-meaning Nigerians to ameliorate their plight.

    “We cannot be celebrating the festive season while people who elected us are not happy due to financial constraints. We came up with this initiative to ensure many people have something to eat, drink and money to spend during the Yuletide,” Apatira said.

    He said the local government, being the closest to the grass roots, would address people’s yearnings.

    “It is not possible to attend to the needs of everybody in the council. We have embarked on projects to make our environment conducive for business operators, especially the small scale entrepreneurs. We gave out funds to associations to support their members’ businesses.

    “We’ll continue to do more, especially in the area of empowerment and poverty alleviation,” Apatira said.

    He thanked the residents for their support over the years, urging them to continue to support the APC.

    A beneficiary, Mrs. Adetola Ojo, a physically-challenged, thanked the council chairman for the gesture.

    She suggested that the programme should be regular.

    “If it is regular, those who do not benefit from today’s distribution will do in the subsequent ones,” she said.

    Another beneficiary, Pa Adewale Salami, urged the council chairman to interact more with the residents.

    “A situation whereby Town Hall meetings are held from ward to ward will make our needs known to the government. Apatira is doing well, but there is room for improvement, especially in the area of accessible roads,” he said.

     

  • Govt orders $877m arms to fight Boko Haram, others

    Of the $1 billion approved by the National Assembly for the procurement of military equipment, $877 million has been released, The Nation has learnt.

    There has been some controversy over the whereabouts of the money.

    Immediately after the Metele, Borno State attacks on the military last month, the controversy got bigger. Chief of Army Staff Lt.-Gen. Tukur Buratai said the military had not received such cash from the government to boost the anti-Boko Haram and other campaigns.

    However, The Nation can confirm that $496,374,470 was released from the Excess Crude Account (ECA) for the purchase of Super Tucano aircraft from the United States. The payment has been made.

    Besides, $380,513,958.71 was released (as first tranche) for the procurement of critical equipment for the Army, the Navy and the Defence Intelligence Agency (DIA), a source said.

    These releases along with other deductions may have contributed to the depletion of the ECA from $3.502 billion in January to $631 million in December 2018.

    Finance Minister Mrs. Zainab Ahmed attributed the “rapid” depletion of the ECA to payments made to the military as approved by the National Assembly.

    A source in the Office of the Accountant General of the Federation (OAGF) confirmed to The Nation that $876m had since been released to the military. But the source did not give the exact date when the payout was made.

    The source also disclosed that the ECA had an opening balance of $3.502 billion in January 2018, made up of $2.451 billion as balance brought forward on the January 1, 2018 and additional inflows of $1.052 billion.

    In the course of the year, the source said that $1.761 billion was withdrawn from the ECA as refund to state governments for Paris Club deductions made in the past from the state governments accounts. Besides, $0.233 million was withdrawn and paid to state governments as grants to fund their Universal Basic Education Commission (UBEC) obligations.

    These deductions brought the ECA down to over $600 million balance as at the last Federation Account Allocation Committee (FAAC) meeting in Abuja.

    Gen Buratai did not categorically say how much the military was expecting from the government but said that the government had not released funds to the military to effectively prosecute the war against insurgents across the country.

    A member of the Senate Committee on Defence said it was not aware that the fund had been released.

    He spoke of how some members of the committee made inquiries, but were not told that part of the $1 billion had been released.

    He said: “We are actually in the dark as far as the issue is concerned. It is an important issue. When the Chief of Army Staff said they had not received the money as approved by the National Assembly, some of us made enquiries.

    “May be because of the security nature of the fund, the authorities may not want details of the releases to be known. We will definitely follow up, although it may not be for public consumption because of the security implications.”

    “We may have to invite relevant authorities to brief us,” the senator, who did not want his identity disclosed, told one of our reporters.

    The House of Representatives is investigating the whereabouts of the $1 billion appropriated for the procurement of arms and equipment in the fight against Boko Haram in the Northeast and general insecurity.

    President Muhammadu Buhari had approved the release of $1 billion for the procurement of security equipment.

  • Buhari, Jonathan, others pay tribute to Shagari in Sokoto

    PRESIDENT Muhammadu Buhari and his predecessor Dr. Goodluck Jonathan were among the army of dignitaries who were in Sokoto yesterday to commiserate with the family of former Second Republic President Shehu Shagari.

    Alhaji Shagari, who passed away on Friday at the National Hospital in Abuja, will be immortalised in due course, President Buhari said.

    Dr. Jonathan was accompanied by Sokoto State Governor Aminu Tambuwal, the presidential running mate of the Peoples Democratic Party (PDP), Mr. Peter Obi and other PDP chieftains.

    The planned immortalisation of the late president was conveyed in a letter routed through Sokoto State Governor Aminu Waziri Tambuwal to the family.

    The letter, read by the governor during the visit, stated: “I received the very sad news of the passing away of Alhaji Shehu Usman Aliyu Shagari, former President of the Federal Republic of Nigeria.

    “This, indeed, is a grievous loss, which will be felt throughout Nigeria, irrespective of any difference. The late Alhaji Shagari was a landmark figure being virtually our last link to the post-independence government of Alhaji Abubakar Tafawa Balewa, and the first elected Executive President of Nigeria.

    “Please convey to his immediate family, the government and the people of Sokoto State my heartfelt condolences on the passing away of this great statesman.

    “The Federal Government will in due course institute a suitable memorial to the late former President.

    “May his soul rest in peace.”

    President Buhari was received in Sokoto at the airport by Tambuwal and his Kebbi State counterpart Abubakar Bagudu as well as Senator Aliyu Magatakarda Wamakko and other APC leaders in the state.

    He was at the Sama Road Sokoto residence of the deceased to commiserate with family members, led by the late Shagari’s eldest and district head of Shagari, Alhaji Bala Shagari, former Governor Attahiru Bafarawa, former Transport Minister Yusuf Sulaiman and traditional rulers among others.

    However, the President was ushered into the sitting room of the late President where he condoled with the family members, including the deceased widows.

    Buhari described the late President as a “Landmark figure”, being virtually our last link with the first independent government and the first executive elected President of Nigeria.

    “Please convey to his immediate family, the people and the government of Sokoto State our heartfelt condolences on the passing away of this great nationalist.

    “The Federal Government will in due course institute a suitable memorial to the late former President. Please accept our conferences.”

    Responding, eldest son of the late former President, Bala Shagari, thanked President Buhari for the visit despite his tight schedule.

    Tambuwal commended the President for the condolence visit. In the same vein, special prayer was offered for the repose of the soul of the late President by Prof Shehu Galadanci.

    Galadanci also prayed Allah to grant President Buhari more wisdom and strength in order to continue with the good work he has started.

    Jonathan said the late Alhaji Shagari played a key role in the development of Nigeria and the democratic system.

    He said: “A unique habit of the late former President, which only those who interacted with him will tell is, he was a very simple and humble man in spite of the various positions he held.

    “He possessed a very clean and good heart which he showed clearly in his life time thorough various engagements and activities.

    “We are mourning today however, we are still happy because it is not easy to reach the age of 93.

    “I believe he has done all the works Allah has asked him to do on earth.”

    The former president urged family members of the deceased to be happy because their father impacted on all Nigerians.

    Obi, who represented the PDP presidential candidate, Atiku Abubakar, urged Nigerians to emulate the lifestyle of the late former president for the betterment of the country.

    The late Shagari’s eldest son thanked Dr. Jonathan for the visit, recalling the concern and solidarity shown by the former president when their father was ill.

    The governorship candidate of the National Rescue Movement (NRM) in Zamfara State, Sen. Sa’idu Dansadau, also described Shagari’s death as a great loss to the country, Africa and the whole world at large.

    Visitors who thronged the residence of the former President included a former Nigerian High Commissioner to the United Kingdom (UK), Dr. Dalhatu Sarki Tafida, among others.

  • Hyundai Creta, Camry, others get awards

    It was a harvest of awards by leading auto brands, tyre, lubricants marketers in the country as the Nigeria Auto Journalists Association (NAJA)  recently presented different categories of awards to deserving winners at the Eko Hotels, Victoria Island, Lagos.

    The award night, which had the Director-General of the National Automotive Design and Development Council (NADDC), Aliyu Jelani and the representative of the Corp Marshal of the Federal Roads Safety Corps (FRSC) as special guests, was well attended by many chief executives and other stakeholders in the nation’s automotive sector.

    In the award categories for 2018, Hyundai Creta won the Car of The Year (COTY) award beating Toyota Corolla and GAC GA3.

    In the Luxury Car of The Year, Mercedes Benz S-class emerged winner ahead of BMW 7-series while the Luxury SUV of the Year award went to Range Rover Autobiography.

    Toyota Hilux and Toyota Hiace clinched the Pick-up of the Year award and Mini Bus of the Year awards respectively.

    Indigenous Lubricant of the year went to Lubcon, just as Ceat smiled home with the Tyre brand of the year.   Miking won Best New Entrant Lubricant.

    Also Massilia was named as the Most Innovative Auto Company (Mitsubishi) while Mitsubishi Fuso Cantre grabbed the Light Duty Truck of the year award and JAC T6 won Auto Value for money. AIICO won the Auto Insurance Company of the year, among others.

    While the Yutong bus won the High Capacity Commercial Passenger Bus of the year, the JAC truck won the Heavy Duty Truck of the year. Both are assembled in Nigeria by Kojo Motors and Lanre Shittu Motors respectively.

    Other winners are Mandilas winning Workshop of The Year; PAN  with Auto Assembly Plant of the Year, Primero Transport Services Limited honoured with Road Transport Operator of The Year and Castrol (Eterna Oil Plc) Outstanding Lubricant of The Year.

    Also, Outstanding Design of the Year (Small Sedan) went to GAC GA3; Outstanding Design of the Year (Big Sedan) was won by Toyota Camry; and Outstanding Design of the Year (SUV) went to Mitsubishi Eclipse.

    In his response, Stallion Motors Nigeria Limited (HMNL) Managing Director Parvir Singh thanked the organisers for putting up the award and for finding the Hyundai Creta worthy for the COTY award.

    He promised that the company will continue to uphold the integrity which the company has been known for, while contributing positively to the Nigeria Auto industry.

    Toyota Nigeria Limited (TNL) Corporate Affairs Manager Mrs Bukola Ogunnusi expressed appreciation for the myriad of awards given to TNL for 2018.

    NAJA Chairman Mike Ochonma, said NAJA award is the most prestigious and only recognised auto award in the country.

    The winners were arrived at after an exhaustive, but objective evaluation of competitors in each of the categories through votes.

    Chairman Organising Committee Moses Ebosele, said the annual event always provides an opportunity for all stakeholders in the sector to come together to celebrate and exchange ideas especially in the areas of manufacturing, efficiency, innovation and Corporate Social Responsibility (CSR).

  • ‘How to tackle renewable energy, others’

    In its advocacy to ensure renewable energy, the Energy and Environment Desk of the Delegation of German Industry and Commerce, AHK Nigeria, has conducted seminars on the subject.

    The seminars, facilitated by the Consulate-General of the Federal Republic of Germany in Lagos and the German Embassy, Abuja, beamed light on: Waste management in Nigeria, Renewable energy financing, Electronic waste and enabling solar photovoltaic in Nigeria.

    Speaking during electronic waste aspect of the seminar, Dr. Stefan Traumman, Consul-General of the Consulate-General of the Federal Republic of Germany in Lagos and Dr. Marc Lucassen, delegate of the Delegation of German Industry and Commerce in Nigeria, said authorities should adopt a national e-waste policy, which will help to check illicit  import of used electrical electronic equipment (UEEE) on one side and regulate disposal and treatments of e-waste, and provide incentives to spur foreign direct investment in the capital intensive e-waste sector in Nigeria on the other.

    In a statement on surge in mass of e-waste, the Energy and Environment Desk said: “With 53.6 per cent global internet access and increasing variety of digital products and services, electrical/electronic equipment is witnessing an exponential surge in population globally. Although this on one hand could invariably mean valuable economic potential locally, however, on the other hand, it is a major threat both for people and the environment considering its hazardous chemical and material components.

    “According to e-waste statistics 2018, a report that is jointly financed by the Global E-waste Statistics Partnership, around 60,000 tonnes of UEEE were imported into Nigeria in 2015 and 2016 through containers without vehicles and with roll on/roll off imported vehicles most of which functionality rate averaged 19 per cent. Corroborating this data, the United Nations Industrial Development Organisation (UNIDO) reported that about 1.1 million tonnes of e-waste (mostly PCs, air-conditioners, LCD-TVs, mobile phones, refrigerators is generated in Nigeria annually about 40 per cent within Lagos.

    “Absence of adequate infrastructure for sane and eco-friendly e-waste management, lack of a robust e-waste data repository, extensive informal recycling activities across the value chain and a non-functional extended producer responsibility (EPR) framework, which mandates producers to take responsibility for end-of-life scraps,” the Desk said, adding it is essential that the country implements an inclusive benchmark assessment of e-waste handling across board.

    While stating the relevance of access to finance as a crucial factor for improving off-grid energy access in Nigeria, Duke Benjamin, the Desk head and Deputy Delegate of the Delegation of German Industry and Commerce, emphasised the dire need of capital and technical interventions to salvage the nation’s energy crisis which he said has heavily impacted on almost every sector of the largest economy in Africa.

    Similarly, the Deputy Head of Mission of the German Embassy Abuja, Regine Hess, called for a closer collaboration among all stakeholders in the sector to improve access to sustainable and climate-friendly energy for all in Nigeria.

    The Renewable Energy Financing edition of the seminars, while it lasted, featured presentations on:  Off-grid Investment and Funding Opportunities in Nigeria, German Desk Nigeria- Financing Support and Solutions for German and Nigeria Companies and Off-grid Renewable Energy Financing.

    The latest edition of the seminars tagged ‘Enabling Solar Photovoltaic (PV) in Nigeria’ recorded presentations on ‘Obstacles to doing business in the Nigerian Solar PV sector, PV business cases in Nigeria and the Online profitability tool for Solar PV investments and Bringing cost-effective energy Ccoser to industries and commercial off-takers.

  • Kids thrill parents with ballet dance at Paddysco Sports event

    Parents, guardians and spectators were treated to ballet dance performed by kids at the Paddysco Sports Academy 2018 sports fiesta and awards last weekend.

    The event, held at the Astro turf Soccer Arena, Festac Town, Lagos, also saw youths from the academy exhibited soccer skills and breathtaking runs to the applause of the audience.

    The academy offers football, athletics, aerobics, ballet dance and other fun games. Others include sports seminars, talent discovery, skills assessment, and drills.

    The academy’s Chief Executive, Mr. Peter Azunnaya Okereke, said the academy, which started in March last year is “a system and structure that strives to engender genuine management of sports talents with a methodology that allows kids to reach their full potential and achieve their goals as well as complement the extra-curricular activities of schools for a well-rounded formation of children’’.

    “Since the kids are all students, we train them on Saturday mornings so that it does not disturb their academic performance. During the holidays, we include holiday programme where they train on Tuesdays, Thursdays and Saturdays. We have from active three years up to 15 years and they have their different categories.

    “This event is an end of the year event and award day. We are looking at these players who have over one year given us reasons to believe in what we are doing here. So we are going to encourage them by awarding them. So some of them will win awards on discipline, neatness, skillfulness. We are also recognising some individuals who are friends that want to come in and see how they can help the academy,” Okereke said.

    Ahmed Tolani, Ogbonna Michael, Onyike Harmony, Chukwumuanya Emeka Daniels were awarded the Most Valuable Player (MVP) Award. Chukwudebelu Chidalu, Onyeharam Chibuike Micheal, Amobi Chimezugo, Ukpe Favour and Afeez Azeez got the Most Disciplined Player Award.

    The Best Goal Keeper Award went to Ihezuru Chiagozie Favour, Onyeanusi Ifunanya and Nwachukwu Lawrence, and the Best Goal of the Year award went to Ulasika Elvis.

    The trio of Chinweze Somtochukwu Joseph, Ogbonna Raphael and Chukwueke King Benedict clinched the Best Striker Award.

    In the Ballerina category, Ekene Micah won the Overall Ballerina of the Year Award; Sophia Uzoamaka got the Most Flexible Ballerina award, while the Best dressed in Ballet kits went to Chukwueke Queen Lucia.

    Similarly,Nlemadim Munachimso received the Most Punctual and Responsive award.

  • Hyundai Creta, S-Class, Camry, others win Awards

    It was a harvest of awards by leading auto brands, tyre, lubricants marketers in the country as the Nigeria Auto Journalists Association (NAJA)  recently presented different categories of awards to deserving winners at the Eko Hotels, Victoria Island, Lagos.

    The award night, which had the Director General of the National Automotive Design and Development Council (NADDC), Aliyu Jelani and the representative of the Corp Marshal of the Federal Roads Safety Corps (FRSC) as special guests, was well attended by many chief executives and other stakeholders in the nation’s automotive sector.

    In the award categories for 2018, Hyundai Creta won the Car of The Year (COTY) Award beating Toyota Corolla and GAC GA3.

    In the Luxury Car of The Year, Mercedes Benz S-class emerged winner ahead of BMW 7-series while the Luxury SUV of the Year award went to Range rover Autobiography.

    Toyota Hilux and Toyota Hiace clinched the Pick-up of the Year award and Mini Bus of the Year awards respectively.

    Indigenous Lubricant of the year went to Lubcon, just as Ceat smiled home with the Tyre brand of the year.   Miking won Best New Entrant Lubricant.

    Also Massilia was named as the Most Innovative Auto Company (Mitsubishi) while Mitsubishi Fuso Canter grabbed the Light Duty Truck of the year award and JAC T6 won Auto Value for money.  AIICO won the Auto Insurance Company of the year, among others.

    While the Yutong bus won the High Capacity Commercial Passenger Bus of the year, the JAC truck won the Heavy Duty Truck of the year. Both are assembled in Nigeria by Kojo Motors and Lanre Shittu Motors respectively.

    Other winners are Mandilas – Workshop of The Year; PAN – Auto Assembly Plant of the Year, Primero Transport Services Limited – Road Transport Operator of The Year and Castrol (Eterna Oil Plc) Outstanding Lubricant of The Year.

    Also, Outstanding Design of the Year (Small Sedan) went to GAC GA3; Outstanding Design of the Year (Big Sedan) was won by Toyota Camry; and Outstanding Design of the Year (SUV) went to Mitsubishi Eclipse.

    In his response, Stallion Motors Nigeria Limited (HMNL) Managing Director Parvir Singh thanked the organisers for putting up the award and for finding the Hyundai Creta worthy for the COTY award.

    He promised that the company will continue to uphold the integrity which the company has been known for, while contributing positively for the Nigeria Auto industry.

    Toyota Nigeria Limited (TNL) Corporate Affairs Manager Mrs Bukola Ogunnusi expressed appreciation for the myriad of awards given to TNL for 2018.

    NAJA Chairman Mike Ochonma, said NAJA award is the most prestigious and only recognised auto award in the country.

    The winners were arrived at after an exhaustive, but objective evaluation of competitors in each of the categories through votes.

    Chairman Organising Committee Moses Ebosele, said the annual event always provides an opportunity for all stakeholders in the sector to come together to celebrate and exchange ideas especially in the areas of manufacturing, efficiency, innovation and Corporate Social Responsibility (CSR).