The Nation Newspaper

Tag: reduction

  • FAO seeks reduction in food waste

    With one in five deaths associated with poor diets, a policy brief launched by the Food and Agriculture Organisation of the United Nations (FAO) has  urged  policymakers to prioritise the reduction of food loss and waste to improve people’s access to nutritious food.

    The brief, which has the theme: “Preventing nutrient loss and waste across the food system: Policy actions for high-quality diets”, pointed out that poor-quality diets are a greater public health threat than malaria, tuberculosis or measles.

    Meanwhile, approximately one third of food produced for human consumption does not reach consumer’s plate.

    The brief was prepared by the Global Panel on Agriculture and Food Systems for Nutrition in partnership with FAO.

    It noted how foods such as fruits, vegetables, seeds, nuts, dairy products, meats and seafood are rich in nutrients, but are also highly perishable and therefore, susceptible to losses throughout the food system.

    The numbers are staggering: each year more than half of all the fruits and vegetables produced globally are lost or wasted. A vital source of protein, around 25 percent of all the meat produced – equivalent to 75 million cows – is not consumed.

    Panel member and FAO Director-General José Graziano da Silva, said:  “To tackle all forms of malnutrition and promote healthy diets, we need to put in place food systems that increase the availability, affordability and consumption of fresh, nutrient-rich food for everyone. Taking specific actions to reduce the losses and waste of fresh and nutritious food is a fundamental part of this effort.”

    The brief proposed a series of policy actions across the entire food system, including educating stakeholders; focusing on perishable foods; improving public and private infrastructure; encouraging innovation and closing the data and knowledge gaps on food losses and wastes.

    Panel member and President of the Public Health Foundation of India (PHFI), Prof. Srinath Reddy, welcomed the brief, saying: “The Global Panel’s policy actions show how reducing food loss and waste could play a key role in improving the poor and inadequate diets that affect three billion people globally, and which are often responsible for persistent undernutrition, and the rise of overweight and obesity and the associated increase in non-communicable diseases.”

    FAO data indicated that in low-income countries food is mostly lost during harvesting, storage, processing and transportation, while in high-income countries the problem is one of waste at retail and consumer levels. Together, they have a direct impact on the number of calories and nutrients that are actually available for consumption.

    The loss and waste of micronutrients are of particular concern given the direct impact on wellbeing, learning capacity and productivity. Globally, agriculture produces 22 per cent more Vitamin A than we require. However, after loss and waste, the amount available for human consumption is 11 per cent less than required. Reducing the loss and waste of nutritious foods could therefore, yield substantial health benefits.

     

     

     

     

     

  • Prestige Assurance seeks to increase share capital after reduction

    Prestige Assurance Plc is seeking to increase its authorised share capital to N3 billion of 6.0 billion ordinary shares of 50 kobo each.

    Shareholders of the insurance company are expected to vote today on special resolutions that will enable the board of directors of the company to create 1.55 billion ordinary shares of 50 kobo each.

    Prestige Assurance plans to increase its authorised share capital from N2.223 billion to N3 billion. Shareholders are also expected to vote on a resolution authorising the board of the company to distribute bonus shares of 41 ordinary shares for every 100 ordinary shares held by the shareholders.

    The company plans to capitalise N782.57 million from its share premium account to pay for the new shares issuance. The scrip issue will increase the company’s issued share capital from N1.91 billion to N2.69 billion.

    Prestige Assurance last week concluded share reconstruction exercise that resulted in cancellation of about 1.6 billion ordinary shares of 50 kobo each. The reconstruction was undertaken to remove bubble assets.

    The Nigerian Stock Exchange (NSE) on June 7, 2018 lifted the full suspension placed on trading in the shares of the company to mark the conclusion of the share reconstruction exercise.

    The NSE stated that Prestige Assurance had notified it that the exercise had been completed and the shareholders’ register updated accordingly before the Exchange decided to lift the suspension.

    Under the share reconstruction, Prestige Assurance had reduced its share capital from N2.685 billion or 5.370 billion ordinary shares of 50 kobo each to N1.909 billion or 3.817 billion ordinary shares of 50 kobo each in the issued and fully paid up ordinary shares of the company.

    This led to reduction of N776 million or 1.55 billion ordinary shares. “The share capital so reduced will be applied in writing off the capital of the company which is lost or unrepresented by available assets,” according to a regulatory filing on the reconstruction.

    Prestige Assurance had stated that the essence of the capital reconstruction was to enable it wipe out its accumulated retained losses of N776.511 million.

    The company noted that the reconstruction would reposition it on a trajectory for subsequent accumulated retained profit while creating more value to its shareholders.

    Besides, the reconstruction would allow the company to declare dividend and improve its perception in the market thereby making it more competitive.

    Shareholders of the insurance company had on Friday, August 18, 2017 at its 47th annual general meeting (AGM) in Lagos approved the share reconstruction and authorised the board of directors to take necessary actions to implement the share reduction.

    Established in 1952 as a branch office of The New India Assurance Company Limited, Mumbai, Prestige Assurance was incorporated as a limited liability company on January 6, 1970 and licensed to write all classes of non-life insurance in Nigeria. In order to reflect the majority shareholding of the public in the company, its name was changed to Prestige Assurance Plc on September 24,1992 in line with the indigenisation decree passed by government of Nigeria. After successful recapitalization in 2007 and subsequent rights issue in 2015, Prestige Assurance is a subsidiary company of The New India Assurance Company Ltd, Mumbai, which has majority equity stake of 69.5 per cent shareholding.

     

  • Luxury bus owners seek reduction in import duties, others

    THE Association of Luxury Bus Owners of Nigeria (AIBON) have sought for Federal Government’s intervention in many areas, including reduction in import duties for their products.

    Leader of AIBON delegation, Prince Emeka Mamah, made the request at a closed door meeting on Monday night with Vice President Yemi Osinbajo at the Presidential Villa, Abuja.

    A copy of the speech circulated to reporters at the end of the meeting reads: “Transportation in Nigeria has been tough majorly because of absence of rules and regulations guiding the business, couple with other sundry expenses like tariffs on imported good, which is about 35 per cent as against what obtains in the past, and sub charges being paid by the operators in the industry.

    “In the light of this, we appeal that import duties be reduced to 10 per cent in order to forestall road transportation going into extinction.”

    On value added tax, Mamah said: “It is increasingly becoming a fact that the Federal Inland Revenue Service has plans of collecting VAT from Nigerians, especially now that airline operators will be enjoying VAT free services. Consequently, our members appeal that the Federal Government should consider removing this VAT as we render the same services as airline operators and will be most honored if treated the same.

    “Similarly, due to the cost of bringing in a bus into this country, stakeholders in road transport undergo some hurdles simply to keep road transportation going. Therefore, we ask that Federal Government to make the purchase of these buses cost effective by subsiding them for us in form of loans.”

    On insecurity, he appealed to the Federal Government to look inward and come up with a workable solution to resolving the problem.

    Mamah said many of its members have recorded series of attacks on their buses with rising loss of several lives.

    He urged the Federal Government to appeal to Lagos State Government to reconsider its decision ordering them to stop operations in their various offices being used as private motor parks on Ikorodu road, Jibowu, and move to Ojota bus terminal.

    “Again, our assessment reveals that the facilities at the terminal failed the mandatory requirement of what a bus terminal looks like due to inaccessibility of spare parts and workshops, road and the cost implication of a slot at the bus terminal.

    “All letters written to have audience with His Excellency, Governor or Akinwunmi Ambode proved abortive. This is so notwithstanding our massive support during the 2015 election that brought him to power.

    He appealed that the government should allow them operate in their individual parks.

     

     

  • MAN seeks company income tax reduction

    MAN seeks company income tax reduction

    •’Morocco’s admission into ECOWAS will further de-industrialise Nigeria’

    Manufacturers Association of Nigeria (MAN) President Dr. Frank Jacob Udemba has called on the Federal Government to review downwards company income tax (CIT) from 30 to about 20 per cent or less.

    This, the association said, will technically reflect on the prevailing operating environment and economic situation of the country.

    Udemba, who disclosed this in a chat with The Nation, said it would  assist in reducing poverty and stimulating the economy, especially in the manufacturing sector.

    The government, he advised, should expedite action on the resource-based industrialisation programme adopted by it through deliberate funding and creation of an enabling environment. HE stressed that it would fast-track the development of selected mineral resources through backward integration, especially those with high inter-industry linkages.

    Udemba urged the government to release some of the money dociled in the TSA to deposit money banks, explaining that the money could be re-invested or ploughed back into the economy to generate more income.

    Udemba re-echoed that Morocco is a member of the European Union (EU), stressing that the Federal Government should strongly resist its admission into ECOWAS as it would be a deliberate effort to de-industrialise the manufacturing sector in the region.

    He said: “The implication is that admitting Morocco, who is a member of the EU, will result in signing EPA through the back door. So, our members cannot compete favorably with them. This means that products from Europe would find their way easily into the regional market. If there is no ulterior motive, I see no reason why Morocco that is in North Africa would want to join ECOWAS.”

    According to Udemba, MAN and other members of the Organised Private Sector of Nigeria (OPSN) had unanimously rejected Morocco’s admission into ECOWAS as it would not help the region to develop.

    He pointed out that MAN, as the OPSN leading voice on trade-related matters, maintains that signing the EPA in its present form would adversely affect the manufacturing sector, dispel the industrialisation headways already made, and worsen the unemployment and poverty levels in Nigeria.

  • Fed Govt tackles reduction of mercury use

    The Federal Government is set to develop a National Action Plan (NAP) to reduce mercury use, Ministry of Mines and Steel Development Permanent Secretary, Dr Abdukadir Muazu, has said.
    He made this known at a workshop on National Comprehensive Analysis of Artisanal and Small Scale Gold Mining Sector in Abuja.
    The event was aimed at supporting the National Action Plan for Reduction of Mercury Use/Emission in Nigeria.
    According to Muazu, the Ministries of Environment, and Mines and Steel Development and other stakeholders are working to eliminate the use of mercury by artisanal miners across the country.
    He said mercury was used by Artisanal and Small-scale Gold Mining (ASGM) to extract gold from gold ore, adding that the process exposes them to mercury poisoning and also pollute the environment.
    Muazu said artisanal and small scale gold mining was practised in over seven states – Zamfara, Kebbi, Katsina, Kaduna, Niger, Kwara and Osun- and the Federal Capaital Territory(FCT).
    “It is, therefore, safe to say that Nigeria has more than insignificant use of mercury in (ASGM) operations,’’ he said.
    He said the training and ASGM assessment project would improve national capacity and capability for the management of the mercury in the ASGM sector.
    The Regional Director and Country Representative for Nigeria and ECOWAS, UNIDO Regional Hub Nigeria, Mr Jean Bakole, said artisanal and small scale gold mining was responsible for 37 per cent of the anthropogenic emission and releases of mercury into the environment.
    Bakole, represented by Mr. Yomi Banjo, an environment expert with UNIDO, said the organisation has a history of working in the ASGM sector around the world and was implementing National Action Plan projects in several African countries.
    “Our long-standing cooperation with the Nigeria government to improve industrialisation and safeguard the environment is receiving another boost today.’’
    He congratulated the ministry for the sustainable structure put on ground for the sector, adding that UNIDO would support the ministry to achieve its goals.
    The Artisanal and Small-scale Mining Director of the Mines and Steel Development mnistry, Mr. Patrick Ojeka, disclosed that Nigeria became a signatory to the Minimata Convention on October 10, 2013 through the Ministry of Environment.
    Ojeka said the ministry had been coordinating the activities preparatory to developing the country’s national action plan for the reduction of mercury use in Nigeria.
    He said the treaty required member countries to carry out activities to reduce in the use of mercury.
    He said the workshop was aimed at building capacity in the ministry’s technical enumeration team such as MDAs, NGOs, Miners Association of Nigeria and other related stakeholders in specific special enumeration skills.

  • Ondo monarchs’ wives for maternal death reduction

    Wives of traditional rulers in Ondo State yesterday met in Akure, the state capital, following the directive of the governor’s wife, Mrs Betty Anyanwu-Akeredolu, that communities should participate in efforts to reduce maternal and infant mortality rates across the state.

    The forum was part of efforts of the President’s wife, Hajia Aisha Buhari, to bring effective health care delivery to women, children and other residents and make them active stakeholders in improving healthcare delivery at the grassroots.

    Speaking at the Babafunke Ajasin Memorial Hall in Akure, Mrs Anyanwu-Akeredolu said the move would help the National Population Commission (NPC) to have a smooth registration of new born babies in the state.

    She said the statistics of new born babies would be determined in every community to be registered through the wives of royal fathers.

    According to her, the President’s wife’s project will reduce unnecessary bureaucracy created over the years in the registration of new born babies.

    The programme, tagged: Olori Connection, provides a platform for interaction with the wives of traditional rulers in the three senatorial districts of the state.

    Mrs Anyanwu-Akeredolu promised to ensure the success of the Reproductive, Maternal, Newborn Child, Adolescent, Health and Nutrition (RMNCAHN) initiated by Mrs Buhari.

    The governor’s wife expressed optimism that the monarchs’ wives would bridge the gap and secure the trust of fellow women in various communities to aid their advancement.

    She added that the idea was not a threat to the operation of birth attendants but a complement to their job.

  • Wema Bank plans capital reduction to write off retained losses

    Wema Bank plans capital reduction to write off retained losses

    Wema Bank’s Board of Directors at the weekend indicated that it has called an extraordinary general meeting of shareholders of the bank to consider a comprehensive capital reduction exercise that will lead to a write off of accrued legacy losses in the bank’s balance sheet.

    Under the capital reduction exercise, the bank will create a capital reduction account to charge off impaired assets and legacy losses while simultaneously moving the equivalent amount from its share premium account to effectively close the entries. The capital reduction will, however, have no impact on the shareholdings of the bank.

    Shareholders are expected to meet next week to consider and vote on the capital reduction scheme. If approved, the bank will subsequently apply to the Federal High Court for the approval of the scheme in line with extant laws.

    In a regulatory filing signed by the Company Secretary/Legal Adviser, Wema Bank Plc, Mr Oluwole Ajimisinmi, the comprehensive capital reduction represents an holistic approach that will enable the bank to position its balance sheet for improved efficiency.

    The bank noted that while it has emerged stronger and more profitable, negative earnings that arose from legacy losses prior to June 2009 have continued to undermine the bank’s ability to pay dividends while restricting the ability to raise new capital.

    “Though the bank has since returned to profitability in the last four years, the impaction of negative retained earnings and other impaired assets is that, the bank, by regulation, is precluded from providing necessary returns by way of dividends to shareholders and most importantly, restricts the ability and cost to raise new capital,” the bank said.

    Wema Bank’s capital reduction plan comes on the heels of plan by another quoted company, Prestige Assurance Plc,  to cancel about 1.6 billion ordinary shares out of its issued and fully paid up share capital under a share reconstruction that seeks to write off accumulated losses.

    Under the share reconstruction proposal, Prestige Assurance is seeking to reduce its share capital from N2.685 billion or 5.370 billion ordinary shares of 50 kobo each to N1.909 billion or 3.817 billion ordinary shares of 50 kobo each in the issued and fully paid up ordinary shares of the company.

    This will lead to reduction of N776 million or 1.55 billion ordinary shares. “The share capital so reduced will be applied in writing off the capital of the company, which is lost or unrepresented by available assets,” according to a regulatory filing on the reconstruction.

    Prestige Assurance stated that the essence of the capital reconstruction is to enable it wipe out its accumulated retained losses of N776.511 million.

    The company noted that the reconstruction will reposition it on a trajectory for subsequent accumulated retained profit while creating more value to its shareholders.

  • Experts push for maternal, child deaths reduction

    Experts push for maternal, child deaths reduction

    All hands should be on deck to ensure that Nigeria reverses its data on perinatal deaths  experts in feto-maternal medicine and other allied stakeholders have said.

    According to the Association of Fetomaternal Medicine Specialists of Nigeria (AFEMSON) President, Prof Olufemi Kuti, Nigeria is one of the 26 countries yet to record reduction in maternal mortality, as stated by the Millennium Developmental Goals (MDGs).

    He spoke at the maiden edition of the association and its General Meeting and Scientific Conference.

    The event, with the theme  ‘Reducing maternal and peri-natal mortality’ held at the  Lagos State University Teaching Hospital (LASUTH), Ikeja.

    Kuti said: “There was a 44 percent global reduction of maternal mortality, from 588, 000 in 1990 to 303,000 in 2015. It is however sad that Nigeria was one of the 26 countries that made no progress.’’

    He said the reason his association is canvassing for everybody to be involved is because with a total of 58, 000 maternal deaths in 2015, Nigeria is currently the leading contributor of maternal deaths in the world, being responsible for 19 percent of the global maternal mortality burden.

    “In figurative terms, this is like two planes crashes per week with 500 people on board each plane. For every maternal death, there are at least 14 perinatal deaths. The  situation warrants the declaration of a state of emergency to address such colossal loss of young Nigerian women and babies. The most unfortunate part of this disaster is that more than 90 percent of these deaths are avoidable, given the right attitude and commitment of all stakeholders.

    ‘’AFEMSON believes that the cooperation of women organisations, religious bodies, and national and international aids agencies and most importantly the political will are vital in reducing this carnage.

    “The sub-themes are chosen to help in improving the quality of care and identifying avoidable factors in maternal and peri-natal deaths. Fetal monitoring is to provide a good opportunity to update specialists on the 21st century methods of peri-natal care to help reduce the current high stillbirth rate in Nigeria,” said Prof Kuti.

    Former  Ondo State Governor Olusegun Mimiko, who was the special guest of honour, said from experience and the success of ‘Abiye’, political will and public financing were vital to the attainment of Universal Health Coverage in Nigeria and the developed world, being that maternal and perinatal care are part of.

    Dr. Mimiko, who was given a commendation award at the event, said political leadership should muster and develop the needed political will and deplore public fund towards Universal Health Coverage.

    Drawing copious references from data and reports of global and national agencies on the Gains and Challenges of Universal Health Coverage, Mimiko said players and policy makers have all agreed that, “Universal Health Coverage delivers substantial health, economic and political benefits across populations,” which means that “public finance must be deplored to the pursuit of coverage” in other to reap associated health, economic and political benefits.”

    He added: “Universal Health Coverage, as has been said earlier, is a goal.

    “Movement towards it must be incremental in coverage and in benefit package. Since matching resources with health needs will always be a continuous exercise, setting priority becomes unavoidable. Every nation moving towards Universal Health Coverage will require an irreducible minimum health benefit package. Most will start from the most cost effective interventions like immunisation and the need of vulnerable groups like maternal and child health. Maternal health is doubtlessly a cost-effective intervention.

    “Beyond the economic dictates of investment in it, maternal health is a moral imperative. Giving birth, is a process of perpetuating the human race. It is a divine instruction. Genesis 1:28 states: ‘’… be fruitful and multiply and replenish the earth…”

    Mimiko, who referred to various  interventions of his administration, said women, children and adolescents must be given priority in universal health coverage as they are the most vulnerable of the population.

    He added that the attainment of the health target of the SDGs, “is inextricably tied to universal health coverage”.

    Mimiko, who traced his achievements in the health sector to his conviction that maternal and perinatal deaths could be prevented, if the society paid attention to delivering affordable health care, said: “Working with other stakeholders, I put in place processes that have to a large extent proved that even in resources challenged settings like ours we can post reasonable outcomes in maternal and perinatal death reduction.”

    Mimiko added: “As posited in Centre for Strategic and International Studies’ (CSIS), report on the first year of his government’s Abiye’s safe motherhood initiative, progress in universal care is possible with right leadership. I root out traditional birth attendants. I empowered them with new source of livelihood and income.

    “We put together the Agbebiye (Safe Birth Attendant) programme, which is essentially to incentivise through cash, training (in alternative vocation) and start-up microfinance, referral of pregnant women to designated public facilities and ensure delivery at such facilities. They are, therefore, given dignified exit out of the trade of maternity services. The programme started in February 2014 and as at December 2015, there has been 14,802 referrals of pregnant women by Traditional Birth Attendants (TBAs) and Mission Home Built Attendants (MHBA) to Public Health facilities. Of these, there were 29 sets of twins, 13 sets of triplets and one set of quadruplets.’’

    He continued: “This brings me to the issue of health financing. Public versus social health insurance financing for universal health coverage (UHC) is an issue. But, it is well established that there is no single path towards Universal Health Coverage. Variants occur due to many factors of history, social cohesion, prevalent socio-political preferences etc. One must however emphasise the need for increasing public expenditure in health care.”

    Mimiko said like Prof David Heyman, Head of Global Health Security, Chatham House, puts it, “by its very nature, (Universal Health Coverage) creates a larger role for the state in ensuring a free health financing system that market alone cannot provide. Market cannot be effective driver of heath care.

    “This is what United States is learning the hard way by the controversies surrounding its healthcare system. This is perhaps why it is the one and only high income country of eight countries in which maternal mortality rate has been on the rise. It is reported to have recorded an increase in maternal mortality rate of approximately 26.6 percent from 2000 to 2014. Could this dismal picture be the consequence of promotion of market dictates over public funding of health care? Time will tell. An improved maternal health outcome also implies some reduction in peri-natal mortality.”

  • Don calls for reduction of chemicals in farm produce

    Prof. Timothy Olabiyi, a crop and environmental expert, says the high use of chemicals by farmers is affecting the acceptability of Nigeria’s farm produce in the international market.

    Olabiyi of the Department of Crop and Environmental Protection, Ladoke Akintola University of Technology, Ogbomoso, spoke during a one-day training workshop organised for farmers on “Organic Agriculture’’ in Ejigbo, Osun.

    News Agency of Nigeria (NAN) reports the training, which was organised by the Association of Organic Practitioners of Nigeria, has “Go Organic’’ as its theme.

    Olabiyi said organic farming was still the best agricultural methodology which farmers could adopt, bemoaning the excessive use of chemicals for farm produce by the country’s farmers.

    According to him, Nigerian farmers are so used to chemical application to such an extent that some of them believe that they cannot farm without the application of chemicals.

    “Before any developed country takes any farm produce from Nigeria, they will assess the chemical residue in it.

    “And at a point, when the chemical in the farm produce exceeds the required standard, it will be rejected.

    “We need to start producing high-quality produce, devoid of chemical or insects, and wood, among others.”

  • Lagos seeks partners on housing deficit reduction

    Lagos State government has called for Public-Private Partnership (PPP) to reduce the state’s 2.5 million deficit in the housing sector.

    The Commissioner for Housing, Mr Gbolahan Lawal, said this in Lagos, during the Institute of Directors (IoD) induction at Eko Hotel and Suites.

    According to the Commissioner,  the government cannot make housing available because of the  others needs calling for the government’s attention.

    Lawal explained that to bridge the  housing gap, a lot has to be considered, including the reduction of infrastructural commission, construction financing and transportation cost.

    He however assured that the state government would continue to explore opportunities for low income earners to access homes through the many schemes it has put in place to make housing affordable.

    This, he said, include focus on the land, allocations, and location that will ensure that less amount is spent on infrastructure which will further reduce housing cost.

    “The government will continue to see that the cost of construction is drastically reduced by making sure that those houses are located where their infrastructure is affordable. We will remain committed to the housing policy, which is our developmental agenda,” he said.