The Nation Newspaper

Tag: results

  • GTBank announces final tender results

    GTBank announces final tender results

    Guaranty Trust Bank Plc yesterday announced the expiration and final tender results of the any and all cash tender offer (the “Tender Offer” or “Offer”) with respect to the $500 million  7.50 per cent. Notes due 2016 (the “Securities”), which Securities were issued by its wholly owned subsidiary – GTB Finance B.V. (the “Offeror”) – and unconditionally and irrevocably guaranteed by the Bank.

    As the expiration deadline for the Tender Offer was February 10,  the deadline for tendering the Securities under the Offer has now passed.

    An aggregate principal amount of $126,586,000 of the Securities that were validly tendered on or prior to the Expiration Deadline and not validly withdrawn were accepted. No Securities were tendered through the guaranteed delivery procedures described in the Tender Offer Memorandum dated February 4, 2016 (the “Tender Offer Memorandum”). The Settlement Date for the Tender Offer is February 16, 2016.

    The tender offer is consistent with GTBank’s liability management strategy and reflects the Bank’s ongoing efforts to enhance the efficiency of its funding and capital structure as it seeks to reduce its overall funding costs.

    Subject to applicable law, the Offeror or any of its affiliates may at any time and from time to time following completion of the offer, purchase the remaining outstanding Securities by tender, in the open market, by private agreement or otherwise on such terms and at such prices as the offeror or, if applicable, its affiliates may determine. Such terms, consideration and prices may be more or less favorable than those offered under the tender offer.

    According to the Bank’s CEO – Segun Agbaje, “we are pleased at the outcome of this exercise. The Offer, which is the first of its kind involving a Nigerian corporate in the international financial markets, has enabled us achieve the objective of reducing some of the Bank’s borrowing costs ahead of the maturity of the Eurobond in May of this year.

  • Take a step to change your results

    Happy New Year to you. Thank God you made it to 2016. There is something quite interesting about life- it is a never-ending cycle. Towards the end of 2015, there was an excitement about ending the year. We all looked forward to it as though we had lived the entire year just to see it end. We spent a lot of money travelling, celebrating and buying gifts. It was undoubtedly a delightful holiday. Now, 2015 has ended and we have entered into a new year. The race has begun again. A few minutes before 12am on January 1, 2016, we waited and prayed. We held our breath as though awaiting the unveiling of a special package. Now the package has been unveiled; it is time to make the best of it.

     

    Believe me, 2016 is worth the wait, because this is your year. If you’ve ever dreamt of achieving something great, this is your opportunity. There is something special about beginnings. The foundation of a building determines how high it rises. This is the opportunity you’ve always prayed for. Don’t think my intention is to stir up your emotion so that you can feel good about yourself. If you feel good after reading this, consider it a bonus. What I hope to achieve is to make you see that you have a fresh opportunity take the right steps that can take you to a desirable destination.

     

    A lot of people pray for miracles to change their fortune, unfortunately, they are expecting a magic. People want their lives to change without their commitment to do something about it. You can’t succeed without your involvement. Les Brown, one of the world’s leading motivational speakers, told the story of a young man who walked past a family sitting on a porch, with a dog groaning at their feet. Out of curiosity, he went back and asked, “Sir, why is the dog groaning?” “Because he’s lying on a nail” the man answered. “So why didn’t he get up?” he asked, confused. “Because it doesn’t hurt enough for him to get up” the man answered. Have you ever met people who were not satisfied with their lives, jobs, relationships, etc, and they did nothing but moan about it? I am yet to meet the first person who changed an undesirable situation by complaining.

     

    A world class author and speaker, Zig Ziglar, said he spoke to people in Psychology, Psychiatry and Ministry who had experience in counseling, and they all agreed that not everyone who came to them with a problem wanted it solved.  A lot of people just wanted to tell someone about it to elicit sympathy. Zig said that if you solve the problem, you have spoilt it for them because they can’t tell people about it anymore. According to him, “They want the attention that goes with the problem”. In case you think that is extreme, I have heard of people who preferred to be ill because they got the attention of some people they felt had previously ignored them. The big question is this: “are you complaining about something you can change, without the will to change it?”

     

    This is your year, but you must be ready to do what you have never done. How can you keep doing the same thing (or actually do nothing) and expect a different result? You may not be able to change other people, but you can change yourself and how you react to circumstances.

     

    I would love to know your views about our topic for today so please send your comments. I would also love to respond to your questions. I look forward to hearing from you. Thank you.

  • Bayelsa: INEC to declare results 6pm

    Bayelsa: INEC to declare results 6pm

    The Independent National  Electoral Commission (INEC) in Yenagoa, Bayelsa State capital, has announced 6pm Sunday as the time for results declaration.

    This was after Journalists and party agents have waited for about 9 hours.

  • Kogi: Result of Kabba/Bunu LGA

    Kogi: Result of Kabba/Bunu LGA

    Kabba/Bunu
    APC: 9,659
    PDP:7,768

  • Lagos releases JSS1 placement test results

    Lagos State has released the result of the placement test conducted on July 11 for admission into the state’s public junior secondary schools.

    A statement by spokesperson of the State Universal Basic Education Board (SUBEB), Mrs. Adewunmi Okoh, directed head teachers of public schools to check results of their candidates at their Local Government Education Authorities (LGEA).

    She urged approved private schools to check the results at the State Examinations Board located at Iyana Ipaja.

    “Parents/guardians can check the results of their pupils/wards at their schools,” Mrs. Okoh said.

    The board has denied the rumour making rounds about recruitment into public primary schools and warned the public to beware of scam.

  • Worried by results’ delay

    Worried by results’ delay

    Almost nine months after graduating students of the Federal Polytechnic, Offa (OFFA POLY) in Kwara State wrote their examinations, they are yet to receive their results. The students are not happy with the management over the continued delay of their results. JENNIFER UMEH and EKETE OGHENETEJIRI (ND II Mass Communication) report.

    They wrote their final examination at the same time but their results are being released in batches by the management. With this development, many Higher National Diploma (HND) graduates of the Federal Polytechnic in Offa (OFFA POLY), Kwara State will  not be mobilised for National Youth Service.

    While some departments released their graduating students’ results in batches, many students are yet to know their fate in many departments of the school. The school held its first semester examination last November, while the second semester’s was held in June. But, none of the results have been fully released.

    Many of the affected students have bemoaned the development, wondering why it took school almost seven months to release the first semester results in batches. If graduating students’ results could not be released fully in nine months, they wondered how long it would take to release entrance test results of fresh applicants.

    Some of the HND students, who are waiting for their mobilisation for the National Youth Service, are criticising the school management on what they called the “poor handling” of their results.

    Speaking with CAMPUSLIFE, some of them said the delay was becoming a tradition in the school. They are worried that non-release of their results could delay their future engagements, because many of them are yet to know their academic performance.

    Babatunde Adeniyi, a student of Food Technology Management, said it was important for the school management to intervene in the matter, so that many departments can release results. He said: “It has been over five months after the final year examination was completed, but so far, only a few departments have deemed it fit to release results to enable students know their fate. Most graduating students are worried because they don’t know whether they will be going for National Youth Service or not. They don’t even know their final Cumulative Grade Point Average (CGPA) to know which classes of degree they will be graduating with. As it is now, everybody is scared.”

    CAMPUSLIFE learnt that several complaints had been sent to the top management through the Students’ Union Government (SUG), but mum has been the response from the school.

    National Diploma II students of the institution are also not happy with the school over the delay of their results and industrial training letters that will enable them go for compulsory Students’ Industrial Work Experience Scheme (SIWES).

    A ND II student of Business Administration, who pleaded anonymity, said: “We are crying out to let the management know our challenge, so that they can consider us and release our result and give us our SIWES letter. Some of our colleagues have been given their letters in some department, while some are yet to get theirs.”

    CAMPUSLIFE learnt that, only 20 students could get their SIWES letter in a class of 70 students. Some ND students said they are worried about the situation.

    Yetunde Balogun, a ND II Mathematics and Statistics student, lamented silence of the SUG leaders on the issues, wondering if the union members were part of the “plot” to delay their programmes.

    Another student, who did not give his name, said: “I finished my project on first week of June and I have been in school since then, waiting for my SIWES letter. We have not got response from the management to know what is delaying our letters.

    “Delaying students’ results unnecessarily is becoming a threat to our academic pursuit. If they could not release the final year students’ results on time, we should ask them if they are also marking SIWES letter. The school can put our results on hold but they should give us our SIWES letters to go out and do something with our lives.”

    A student of Electrical Engineering, who simply gave his name as Taofeek, said: “I am not surprise by the delay, because it has been the tradition of the school. But, I will plead with the SUG leaders to look into the matter and meet members of the management on students’ behalf. The SIWES delay has made some students to forge their letters, because they could no longer remain at home. It is high time the management considered our plight. There should be improvement in service delivery.”

    A member of the SUG, who did not want his name in print, said the union had started to engage the management on the matter, pleading for calmness. “We have met with management many times to bring the situation back to normal, but we urge students to remain calm,” he said.

    The school Information Officer could not be reached at press time for comment.

     

     

     

     

  • Withheld results: Who takes the blame?

    SIR: Going down the memory lane, I can still remember how, with anxiety and ecstasy, I received the news that our West African Senior School Certificate Examination (WASSCE) results had been released after waiting for some months. I was tense and expectant until the moment I saw it with my widely-opened eyes; ditto my friends and every other student I knew. And I strongly believe that the anticipation that’s associated with the release of results of such magnitude as WASSCE still exists till date — it’s a natural occurrence.

    And that’s why it would be very unfair to allow such results-associated anxiety stay longer than necessary in the minds of highly expectant WASSCE candidates. Unfortunately, this is already happening in some states across Nigeria. The Head of Nigerian office of West African Examination Council (WAEC), Charles Eguridu, recently announced that the 2015 May/June WASSCE results of candidates who were sponsored by the thirteen (13) states that are indebted to WAEC have been withheld.

    It’s totally unbelievable and embarrassing. The implication of this is that hundreds of thousands of innocent candidates who sat the exam do not have access to their results. In other words, they do not get to see the outcome of the exam they laboured to write for weeks. By extension, these students can’t adequately prepare for the next phase of their lives. The students are obviously in a quagmire, which regrettably, they cannot save themselves from — they cannot pay for their individual registration fees and their state governments have not paid on their behalf. What psychological torture is more devastating than this?

    It’s very shameful that Nigeria—Africa’s most populous nation and largest economy — currently has about one-third of her states indebted to WAEC, an examination body which also operates in other West African countries like Ghana, Sierra Leone, Liberia and Gambia. One may be quick to ask if the governors of these yet-to-be-named states know exactly the likely implications of their action and inaction on the public image of the country.

    Should we therefore say that the education of young people is not a ‘big deal’ for many governors in this country? Or perhaps the “Free Education” that’s being run by these states is a huge burden on them. If it’s the former, that’s a real time bomb and if the latter is the case, it’s actually better to let the students pay their fees and prepare well for exams and have access to their results whenever they are released. That’s much better than giving them “Free Education”—and then subject them to unnecessary hardship.

    No matter how unfavorable the financial status of a state is, education, I believe, must remain a priority. Even if it involves putting a hold on certain projects or taking bank loans to make sure that the registration fees of these students are paid on time, so be it. I expect that in the next few days, the governors and the leadership of WAEC would reach a compromise so as to ensure that they do not prolong the agony of these students. For goodness sake, these are the future Nigerian leaders!

     

    • Kofoworola Ayodeji,

    Lagos

     

  • WAEC releases May/June SSCE results

    WAEC releases May/June SSCE results

    Withholds 118,101 candidates’ results

    The West African Examination Council, WAEC, has just released the result of the May/June 2015 Senior School Certificate Examination, SSCE, withholding 118,101 candidates’ results out of the 1.5 million students that participated in the examination.

    Announcing this in Lagos at a press conference on Monday, WAEC Head of National Office, Mr. Charles Eguridu noted that the states owing WAEC were now 13, saying the candidates in public schools in the 13 states would not have their results until their state governments pay their candidates’ registration fees.

    The examination body had recently raised the alarm that 19 states owed the agency about N4bn, an amount that might cripple its operations.

  • N4b debts: WAEC threatens to withhold results of 19 states

    N4b debts: WAEC threatens to withhold results of 19 states

    West African Examinations Council (WAEC) has threatened to withhold results of candidates in 19 states, who wrote the May/June 2015 West African Senior Certificate Examination (WASSCE), following unpaid examination fees by state governments.

    The National Head of the Council, Mr. Charles Eguridu, lamented that the affected states owed N4 billion for the May/June 2015 WASSCE and 2014.

    Eguridu, who refused to mention the states, gave them two weeks to pay the money after which the council would release this year’s result.

    “As I speak to you now, we are cash-strapped as a result of the delay in off-setting the registration fees owed the council by some states. As a result, we are finding it difficult in meeting our financial obligations, particularly to our supervisors, examiners and service providers.

    “We have written to the affected states governments without any response. The poor response of debtor-states is threatening the smooth operations of the council,” he added.

    Eguridu noted that the council gave room for the state-sponsored candidates to write the examinations on credit because WAEC was not profit-making.

    Of the defaulting states, Eguridu said only one responded to WAEC’s notifications six weeks ago, but was yet to pay.

    He warned that if the affected states reneged after the two-week ultimatum, the council would be forced to make the names public when releasing the results of the May/June 2015 WASSCE.

    The council, therefore, appealed to the affected states to pay the registration fees of their candidates as soon as possible, “as we cannot guarantee that the results of their candidates for May/June 2015 WASSCE will be released along with others”.

     

  • How to get results from oil industry via the law

    Indeed, I feel highly honoured by the invitation to review this reference book ‘Nigerian Laws, Cases and materials on Oil and Gas’ written by my friend and colleague Niyi Ayoola-Daniels  Esq.

    Perhaps before I delve into my primary assignment, I will start by sharing with you what motivated the author to embark on the publication of this book. In my discussion with Niyi sometime in 2005, he told me of an indirect challenge thrown at him by two American Investment attorneys whom he met at Columbia University Law Library on a visit to New York. These New York Attorneys requested to know if there was a one-source publication where they could obtain up-to-date information on the complete laws and regulations governing Nigeria’s oil and gas industry (upstream, midstream and downstream).

    They claimed to have contacted the Nigeria Consulate in New York and the Embassy in Washington but without any useful and positive outcome. It was upon his return to Nigeria and after our discussion during which he got to know that I was the author of the book “Petroleum Development Contracts between Nigeria and the Multinational Firms” that he decided to respond to this challenge of producing this unique book that is being  publicly presented to you here  today.

    You will all agree with me that Nigeria’s oil and gas legal regime is a specialised area of law, regulating the exploration, production and transportation of crude oil and natural gas, the supply, distribution, storage and marketing of petroleum products, as well as liquefied natural gas. As diverse as the area of coverage, so diverse is the legal regime governing same in the form of statutes, cases, subsidiary legislations and regulations.

    In other words, there has been no one one-stop compendium containing all these laws and cases until now. This is what makes this book unique. The book is unique in the sense that unlike those written by earlier scholars and experts in the field, it goes one step further. It is a one-stop digest of Nigeria ’s oil and gas laws, regulations, relevant cases, materials and commentary and is therefore a welcome addition to the existing works on the subject. Indeed, the book covers laws governing the entire legal regime regulating the upstream, midstream and downstream operators of Nigeria ’s petroleum and natural gas industry.

    In content and form, the book is broadly divided into two volumes. Volume One is composed of five parts whereas volume 2 comprises 11 parts. The work is published in loose leaf form which covers the 16 parts and gives complete outline, comments and indexes to all the laws, statutory instruments and judicial decisions. Almost all oil and gas cases decided by Nigerian courts are adumbrated in this work and their relevance highlighted. One great advantage of this loose leaf format adopted by the author is that new changes or amendments in the laws or statutory instruments affecting Nigeria ’s oil and gas industry can easily be incorporated into the pertinent sections of this work by the user. I understand the author will periodically publish updates of the new laws, amendments of statutes, cases and other materials and make them available to subscribers. These updates will then be periodically inserted into this work by the user and the old or outdated ones removed.

     

    Legal framework for Fed. Govt ownership of oil and gas resources, including exploration and production rights available to investors

     

    Part 1 deals with laws and regulations governing Federal Government ownership of oil and gas resources in Nigeria . This part also captures the judicial interpretation of Federal ownership of oil and gas resources including the extent and size of such ownership in the well known “Resource Control” case involving the A.G Federation V A.G Abia State (N0. 2) (2002) 6 N.W.L.R Part 764 pages 542-905, ET this case, the Supreme Court interpreted many oil and gas issues including the determination of the seaward boundary of a littoral state within the federation of Nigeria for the purpose of computing the revenue accruing to the Federation Account directly from oil and gas resources in those littoral states

     

    Legal framework for evacuation and transportation of Nigerian crude from oil fields, including shipment (export/domestic)

     

    The focus of this part  is on the laws, regulations, cases and materials governing evacuation, transportation including shipping of crude oil in Nigeria from oil fields to storage tanks via Pipelines and Oil Terminals. Also covered here are the laws and regulations on transportation of crude oil by Ocean Tankers as well as Domestic Coastal and Inland Shipping (Cabotage) of crude oil and other ancillary services. The author is of a strong view that the scope and applicability of the “Cabotage” Act in Nigeria covers both upstream (domestic carriage of crude oil) and downstream (domestic carriage of  petroleum products).

     

     Legal framework for Nigeria – Sao Tome and Principe joint development of petroleum resources including exploration and production rights available to investors in the joint development zone

     

    This part focuses on the laws and regulations governing Joint Development of

    Petroleum and Natural Gas between Nigeria and Sao-Tome and Principe in areas of Exclusive Economic Zones of the two countries. Covered here are the principles of Joint Development Zone (JDZ) including the legal status of JDZ Treaty in Nigeria as well as guidelines for bidding for petroleum blocks in the JDZ and petroleum exploration and production rights available to JDZ investors.

     

    Legal framework for National participation in petroleum operations including the role of NNPC

     

    The focus of this part  is on the law governing Federal Government’s direct participation in Petroleum and Natural Gas operation in Nigeria especially the role of Nigerian National Petroleum Corporation (NNPC). Here the Laws that brought about the acquisition by NNPC of all shares, rights including petroleum exploration rights formerly held by Shell British Petroleum Company Limited

     

     

    Legal framework for petrolem profits taxation and other taxation in Nigeria including royalties and fiscal incentives

     

    This part   covers the law on taxation of companies engaged in upstream petroleum operations (Petroleum Profits Tax Act). This Act contrast sharply with Companies Income Tax Act as amended, which is a law regulating taxation of companies engaged in downstream oil and gas operations (marketing, distribution and sales of petroleum products and natural gas). This part highlights more than 30 headings regarding petroleum profits tax issues including their judicial interpretation. Of special note here are the decisions of the Supreme court of Nigeria in Shell Petroleum Development Company Limited V. Federal Board of Inland Revenue (1996) 8 N.W.L.R Part 466 page 256 on meaning of ‘Petr0leum Profits Tax’ and ‘Petroleum operations’ and Gulf Oil Company Limited V. Federal Board of Inland Revenue (1997) 7 N.W.L.R Part 514 page 535 on

    computation of‘ chargeable tax payable under Petroleum Profits Tax Act. Also discussed in this part is the Court of Appeal decision in Texaco Overseas Nigeria Petroleum Company V. F.B.I.R (1997) 4 N.W.L.R Part 501 pages 511.

     

    Legal framework for natural gas development and utilisation in Nigeria, including the West African gas pipeline project.

     

    The theme of part six is Natural Gas Development and Utilisation (upstream). And since the proposed law on downstream gas operations in Nigeria is still a bill awaiting passage in the National Assembly, downstream gas operations is not discussed in this work. It is in this part that the West African Gas Pipeline Project Act and Regulations are covered including the legal status of West African Gas Pipeline Project.

     

    Legal framework for downstream petroleum sector covering supply, distribution, storage and

    marketing of petroleum products

     

    The focus of part seven is on the laws and regulations governing downstream petroleum sector in Nigeria , (excluding gas). This part covers the legal framework for the supply, distribution, storage, marketing and sales of petroleum products including the laws governing the construction of Refineries, Pipelines as well as importation and exportation of petroleum products. Covered in this part also are the activities of Petroleum Products

    Pricing Regulatory Agency (PPPRA), uniform rate/prices of petroleum products including activities of Petroleum Equalization Fund (PEF) and the Petroleum (Special) Trust Fund (PTF).

     

    Legal framework for managing environmental pollution and

    spillage in Nigeria

     

    The concern of Part Eight is with the laws and regulations affecting environmental pollution and spillage in the oil and gas industry. This part covers the laws on Federal Government’s policy on National Oil Spill Contingency Plan. Also covered in this part are the laws regulating the obligation of holders of OPL and OML to adopt measures to prevent pollution of inland waters, rivers, water courses and the Territorial Waters of Nigeria, the Continental Shelf as well as the Exclusive Economic Zone.

     

    Legal framework for transparency and accountability initiative in the oil and gas industry

     

    The theme of this part is Transparency and Accountability Initiative in Oil and Gas Revenue in Nigeria including the powers of Economic and Financial Crimes Commissions (EFCC) to investigate and punish fraudulent manipulation of statement of accounts resulting in wider payment of oil and gas revenue accruable to the Federal Government.

     

    Legal framework for due process and fundamental a principles of public procurement and contract award in Nigeria ’s oil and gas industry

     

    In this part, the work here centers around the laws governing Due Process and Fundamental Principles of Public Procurement in Nigeria’s Oil and Gas Industry especially the application of Public Procurement Act 2007 to all NNPC’s procurement contracts. Also highlighted here is the applicability of Public Procurement Act of 2007 to non-government owned oil and gas enterprises which derive at least 35 per cent of funds appropriated or proposed to be appropriated for any procurement contract from the Federation share of Consolidated Revenue Fund.

     

    Legal framework for oil and gas export free zone scheme in Nigeria

     

    Here the laws and regulations governing oil and gas export free zone scheme in Nigeria is (the focus including the legal procedure for obtaining oil and gas free zone license. A covered under this part are the laws regulating health, safety and environmental matters within the oil and gas free zones.

     

    Legal framework for investment protection and guarantees

    in Nigeria ’s oil and gas industry

     

    The theme of part 12 is Investment Protection, Assurances and Guarantees for companies engaged in oil and gas activities in Nigeria . Also covered here are the laws regulating the activities and operations of Nigeria LNG. This part examines the recent decision of the Federal High Court ( Port Harcourt ) in a case involving Niger Delta Development Commission (NDDC) V. Nigeria LNG (unreported Suit No. FHC/P/CS/361/2007) over

    whether or not NDDC is entitled to receive from Nigeria LNG, 3% of the latter’s total annual budget for the years 2001, 2002, 2003 & 2004 and thereafter.

     

    Legal framework for oil and gas communities in the Niger Delta

    Part 13 focuses on Niger Delta Development Commission Act, the law regulating oil and gas community issues in the Niger Delta area of Nigeria , including its purpose, funding as well as method of rotation of the office of Chairman of the Commission.

     

      Legal framework for human resources development and capacity development in oil and gas industry

     

    The theme of Part I4 is on Human Resource Development and Capacity Building in the oil and gas industry. Here the law establishing the Petroleum Technology Development Fund (PTDF) as well as the Petroleum Training Institute (PTI) is covered in this part.

     

    Legal framework for strategic planning and survellan of oil and gas policies in Nigeria

     

    The theme on part 15 is on strategic planning, surveillance and co-ordination of National policies in oil and gas and other energy sources in Nigeria . Here the law establishing the Energy Commission of Nigeria is covered.

     

     Legal framework for the control and management of oil and gas development funds in Nigeria

     

    This is the concluding part of this work and it focuses on the Finance (Control and Management) Act which is designed to provide legal framework for the control and management of public finances and funding in Nigeria as it affects the control and management of Petroleum Technology Development Fund (PTDF), especially the mechanism for funding, budgeting and disbursement of PTDF including the oversight constitutional powers of the National Assembly as contained in sections 88 and 89 of the 1999 Constitution over PTDF.