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Tag: rises

  • Turnover rises as African Prudential assets hit N24.88b

    Africa Prudential Plc, a share registration and investor services firm, has announced its Unaudited Financial Statements for the period ended June 30, 2018. It showed turnover growth of 48 per cent from N1.47 billion last year to N2.17 billion. Its total assets also grew by 13 per cent to N24.88 billion, compared to N21.93 billion as at period ended December 31 last year.

    The firm also delivered earnings per share of 49 Kobo. Profit Before Tax grew by 20 per cent from N0.95 billion in the corresponding period of 2017 to N1.14 billion, while Profit After Tax grew by 14 per cent year-on-year to N0.98 billion.

    The firm was commended by the leadership of the Nigerian Stock Exchange (NSE) for championing laudable initiatives which have contributed significantly in developing the capital market.

    While speaking with delegates during the Closing Gong Ceremony in honour of the firm at the weekend, the Chief Executive Officer of the Exchange, Oscar Onyema,  lauded Africa Prudential Plc for ground-breaking initiatives over the past years.

    Represented by the Chief Risk Officer, Tunji Kazeem, the CEO said: “The Exchange and Africa Prudential Plc have had several years of cordial relationship. We are sure the wisdom and leadership of the company will present further opportunities to collaborate on capital market development and other mutually beneficial areas such as sustainability.”

    Driven by the need to diversify its business portfolio to achieve long-term sustainability and viability, the firm decided to initiate a change of name from Africa Prudential Registrars Plc to Africa Prudential Plc which it completed in first quarter 2018.

    In line with its diversification drive, the new firm has so far evolved four business lines and continues to leverage technology to develop and enhance its revenue. The Company sets the pace in its industry, bringing technology into the standard share registration model, revolutionizing primary processes, and driving advocacy for regulatory initiatives within the evolving sector, with intentions to deploy its business solutions to Africa in the nearest future.

    Commenting on the financial results, Obong Idiong, the Managing Director/CEO of Africa Prudential Plc, said: “The results show the success and strength of our business model as a company, as we are committed to taking Africa Prudential Plc to greater heights by continuing to break new grounds, thereby staying ahead of competition.

    “Africa Prudential is still poised to be number one in Nigeria, with an aspiration to expand into the African market, driven by technology, translating to strong operational and financial efficiency.

    “The company will intensify efforts to build on the progress so far recorded in our business diversification drive by pursuing relentless innovation in product development and process improvement, leveraging technology to offer exceptional customer experience to our clients.”

  • PMI rises to 58.8 in March

    The Purchasing Managers’ Index (PMI) report released by Stanbic IBTC Bank Nigeria has shown that private sector business conditions improved at an unparalleled rate in March. This was led by record growth in new orders, employment and stocks of purchases.

    Panel respondents frequently noted an upturn in demand across the domestic market, whilst new export orders also returned to growth in the latest survey. Price pressures sharpened in March, with both input and output charge inflation registering above their respective long-run averages.

    The PMI readings above 50 signal an improvement in business conditions on the previous month, while readings below 50 show deterioration.

    The March figure showed that at 58.8, up from 56.0 in February, the figure accelerated to a record high in March. This signals the fastest improvement in business conditions since the survey began in January 2014.

    Furthermore, the first quarter of 2018 indicated the strongest quarterly expansion on record.

    Inflows of new business received by private sector firms were key component of the latest expansion. The rate of growth was unprecedented in March, with many firms reporting a strong upturn in domestic economic conditions. New order books have been improving continuously since the start of 2017. Meanwhile foreign demand returned to expansion in the latest survey.

    In response to record inflows of new orders, firms increased output at a sharp rate. The rate of expansion was strong overall and the third-fastest since the survey’s inception.

    Reflecting the increase in output requirements, firms hired additional staff at a record pace in March. Job creation has been recorded in every month since May last year. Despite the increase in staff numbers, inflows of new orders outpaced output capacity, as indicated by a solid increase in backlogs of work in the latest survey.

    In terms of inflation, average cost burdens increased at a historically elevated pace in March. The rate of input inflation was the fastest recorded for 49 months and was comprised of both rising staff costs and higher raw material prices.

  • Power generation rises to 6619mw

    Power generation rises to 6619mw

    Power, Works and Housing Minister Babatunde Fashola has presented the power sector’s scorecard for two years. Fashola, who was in Lagos for The Guardian Power Summit and other activities in the sector, said the President Muhammadu Buhari-led government has recorded many successes in the sector. EMEKA UGWUANYI reports.

    The Minister of  Power, Works and Housing, Babatunde Fashola, has presented the Federal Government’s scorecard on the power sector for the past two years.

    He said power generation increased from 2690 megawatts (mw), which the government met in 2015, to 6619mw.

    According to him, the growth is not limited to generation, but to all other arms, such as transmission and distribution, noting that the government was focusing on the distribution arm.

    He said the growth didn’t come by chance but that it was planned. He cited the Power Sector Recovery Programme as one of such plans.

    Through the programme, he said, the government has completed the rehabilitation of the 240mw Afam Power Plant; the 10mw Katsina Wind Farm, the 29mw Dadin Kowa Hydro Plant, 30mw Gurara Hydro Plant, the 40mw Kashimbilla Hydro Power Plant, the 215mw Kaduna Plant, Zungeru’s 700mw Hydro Plant and the Mambilla 3050mw Hydro Plant, which was just approved for award. Also, the government would soon complete several transmission projects across the country, and the first phase of nine federal universities out of the 37, he said.

    Fashola delivered the keynote address at The Guardian power summit entitled: Beyond rhetoric: Turning Nigeria’s power sector value chain potentials to profit.

    At the summit, held at Four Points by Sheraton, Lagos, he said: “When the President Muhammadu Buhari Buhari-led government was inaugurated on May 29, 2015, the amount of power available on the grid on that day was 2690 megawatts (mw).  The transmission capacity was around 5000mw and was then infamously described as the weakest link. The distribution capacity existing at around 750 33/kv trading points, from where power is received by the DisCos and sent to us, was about 4000mw.

    “Clearly, the power being generated at 2690mw was not up to the transmission capacity of 5000mw and was insufficient to fully optimise the distribution capacity of 4000mw.

    “Within a few months after President Buhari’s assumption of office, power improved and we all acknowledged it. We credited it to the President’s ‘body language.’But the truth was that it had little to do with body language, and more to do with a sense of purpose that people sat up and began to do what ought to be done.

    “In addition, the rains were upon us in July  to September 2015. There was gas supply, which allowed the thermal plants to produce power. Therefore, from Hydro and Thermal sources we reached an all-time peak power production of 5,074mw before the damage to the pipelines started and we started losing power.

    “We cannot damage power and gas assets and still expect them to provide service to us. It does not make sense. Instead of rhetoric, this government set to work.Government engaged the aggrieved communities where the attacks were taking place to restore peace, repaired the damaged gas pipelines and gradually restored gas supply.

    “Government also launched an economic recovery and growth plan which made power supply one of five critical pillars, and as well launched a Power Sector Recovery Programme to work out and implement policies and actions such as constituting the regulatory commission, the Nigerian Electricity Regulatory Commission (NERC); except the chairman, now awaiting the confirmation of Senate and the Rural Electrification Agency (REA) to champion solar power development and rural electricity  deployment and access.

    “Others include payment of debts to specific distribution companies (DisCos), and verification of debts to all others. Payment assurance guarantee scheme of N701 billion to give confidence to generation companies (GenCos), gas suppliers and their financiers to let them know that we mean business.

    “The government created the ‘Declaration of eligible customers, to encourage people to invest in building and expanding distribution assets, development of mini grid regulations to encourage individuals and communities to build their own mini power generation and distribution facilities, and award of contracts to complete and expand transmission facilities and building new ones across the country.”

    The minister said the policies and actions were beyond rhetorics.They are well-thought out decisions, consistent with law and informed by a diagnosis of the problems in the sector that have produced a clear set of solutions to deliver incremental power, he said.

    “The result is that as at September 4, the available power that can be put on the grid was 6619Mw, the incremental power we sought to achieve from 2069mw in 2015); the transmission capacity was simulated at 6,700mw up from 5,000mw in 2015but the distribution capacity was 4,600mw, which was what was put on the grid.On September 12, 2017, production of power reached an all-time level of 7,001mw,” he added.

    To buttress the claims, Fashola, who also spoke at the inauguration of a mobile transformer at the Eko Distribution Company at Akangba Transmission, said the figures underscored the progress made by the government. He noted the Gross Domestic Product (GDP) growth results released by the National Bureau of Statistics (NBS), announcing Nigeria’s exit from recession. NBS had said: “Electricity production as well as financial services and construction also grew strongly…

    “Other sectors that did very well in the second quarter 2017 include electricity and gas and financial institutions, with electricity and gas growing by 35.5 per cent.”

    The Minister said because we produced more power, we could distribute, but this did not mean that we have enough yet. It meant that policies were working, but all the problems were not resolved, he said. ‘’We must continue the Power Sector Recovery Programme to impact the distribution end of the value chain so that we distribute and sell everything that we produce as an incentive to more power production and supply,’’ he added.

    He noted that a chunk of the power generation came from the thermal plans as output from the hydro plants, including Jebba, Kainji and Shiroro by September 4, was about 1,000 mw. He said the improvement in supply was not as a result of the rains, which boosted production from hydro plants.

    At the inauguration of the 60MVA Mobile transformers at Ajah 330/132/33kv transmission substation in Lagos, he said lack of maintenance of equipment had resulted in the shutting of many transmission substations.

    “Substations do shut down suddenly and there is no part available to replace faulty or damaged equipment, so, we need to know the regular part that frequently breaks down so that we can make provision for it,” he added.

  • Firm’s net profit rises to $10.5m

    Renaissance Capital recorded $10.5 million net  profit for the six months ending June 30, compared with $8.7 million in June last year.

    This year’s figures showed the firm delivered strong revenues from its core businesses, including global markets, which showed a solid performance led by particularly strong growth in Fixed Income, Currencies and Commodities (FICC), despite headwinds.

    Continued focus on cost management has resulted in a 25 per cent decrease in operational costs year-on-year. Total operating expenses declined to $73.7 million from $98.3 million in 2014 year-on-year. Total operating income reached $97.8 million.

    In the first six months of the year, Renaissance Capital has initiated coverage of stocks and sectors in the new frontier space, including consumer, cement, fertiliser and utility companies in Pakistan, as well as the banking and construction sectors in wider Middle East and North Africa (MENA).

    As part of Renaissance Capital’s plans to grow its MENA offering from its Dubai office, the firm continued to expand its services in Egypt along with the Gulf Cooperation Council (GCC) markets.

    The firm remained committed to developing and strengthening its team with new hires and promotions in fixed income, research and trading operations. Specifically, Victor Lugo joined the firm as Director of FICC Sales, and Elena Kolchina was appointed Director and Fixed Income Strategist in July.

    In the same month, Renaissance Capital announced the appointment of James Friel as Global Head of Investment Banking, who joined the firm from Rothschild. In Sub-Saharan Africa, Temi Popoola was hired as Head of Equities and recently appointed as CEO of the firm’s Nigeria office, to further strengthen its already established offering on the ground.

    Renaissance Capital CEO, Igor Vayn, said: “We are pleased to announce strong results as we celebrate two decades of successful operations in emerging and frontier markets. During this time, the Firm has grown from a Russia-focused bank to one of the leading international investment banks in the emerging and frontier space. Renaissance Capital’s geographical diversification is one of the key factors that led to all-round positive results for the Firm despite turbulent market conditions globally.

    He added: “We know that only the highest quality research and service bring the necessary comfort level for investors looking at new markets, from Russia to Africa and across the Middle East and frontier space. Our goal is to stay at the forefront, offering best in class trading, banking and access to capital to our clients from around the world.

    Looking to the rest of the year, we will use our expertise and experience to navigate the challenging market conditions as we remain committed to our core markets, and work to maintain our leading positions across the product offering.”

    After hinting that the Central Bank of Nigeria’s currency controls were making Nigeria’s bond market transactions too complex to meet its rules, JP Morgan, the United States-based lender, has moved to expel Nigeria from it) by the end of the month, as a result of the illiquidity and lack of transparency in our foreign exchange market.

     

  • BoI’s profit rises to N5.19b

    BoI’s profit rises to N5.19b

    Efforts by the Bank of Industry (BoI) to re-jig its system within the last financial year may have paid off, as the bank’s profit after tax moved up to N5.19billion at the end of December 2014 financial year.

    Specifically, the bank’s profit after tax rose by 138 percent year-on-year, representing an increase of N3.01billion from N2.2billion in  2013 to N5.2billion in 2014, according to the financial results released by the bank.

    Similarly, the lender grew its profit before tax by 233 per cent from N1.7billion in 2013 to N5.6billion in 2014.

    The growth in profitability, according to the bank, is attributable to an increase in its loan portfolio last year, and a decrease in its overheads.

    Its MD/CEO, Rasheed Olaoluwa, said: “The bank’s results for 2014 represent the outcome of our deliberate revenue and cost-optimisation strategies as well as improved staff productivity. We’re focused intensely on our core mandate as a development bank.

    “New loans processed exceeded N127billion to companies in various sectors such as agro processing, metals, gas distribution, plastics, pharmaceuticals, general manufacturing, creative industry, and SMEs generally. We continue to make developmental impact in key economic sectors.’’

  • Union Bank’s PBT rises 11% to N4.94b

    Union Bank’s PBT rises 11% to N4.94b

    Union Bank’s unaudited results for the three months ended March 31, 2015 showed a Profit Before Tax (PBT) of N4.94 billion, up by 11 per cent compared to N4.45 billion for first quarter of last year.

    The bank’s total assets was up four per cent to close at N957 billion while net loans and advances was up 16 per cent to N350.1 billion. Customer deposits was up six per cent to N539.4 billion while net interest income was flat at N12.5 billion. The banks also recorded a loan book growth of 16 per cent and also improved cost to income ratio.

    Its Managing Director/CEO, Mr. Emeka Emuwa, said: “During the first quarter of 2015, Union Bank was focused on delivering critical operational and technology initiatives. We have completed migration to Oracle Flexcube UBS 12.0, the latest version of the Flexcube banking platform, which will eliminate previous system redundancies and enable faster customer service and turnaround times in our branches once full integration has been achieved by mid-year. In addition, we continued to focus on growing our corporate and commercial businesses and enhancing our retail product offering.”

    He said the bank’s new platform enhances efficiencies, and will focus on growing the retail business with a revamped product portfolio, enhanced marketing communication and an evolving branch network, which will include four of our, high tech, self-service banking centers, Bank of the Future (BoTF).

    He said the BoTF centres enable customers to open and fund their accounts instantly using self-service kiosks and ATMs, and also get product information and one-on-one customer service using interactive screens.

    Further commenting on the first quarter numbers, Chief Financial Officer, Mrs. Oyinkan Adewale said:

    “Once again, the bank has been able to translate its operational efficiency improvements into strong financial results.”

  • India landslide: Rescuers race to find survivors as toll rises

    Rescue workers in western India are working to locate survivors of a landslide that has claimed at least 30 lives and buried up to 200 people. Eight people have been rescued from the wreckage in Malin village, near the city of Pune in Maharashtra state.

    But more than 36 hours after Wednesday morning’s landslide, chances of finding more people alive appear small.

    Officials say rain is hampering efforts to search for scores of people presumed trapped under the mud and debris.

    The landslide hit the village early on Wednesday while people were sleeping. On Thursday, rescuers continued their search through heavy rains, but hopes of finding any more survivors were fading. “Miracles do happen, we will keep looking, but under current conditions it is very, very bleak,” AFP news agency quoted Alok Avasthy, regional commandant of the National Disaster Response Force (NDRF) at the scene, as saying.

  • NOSCEF rises against terror

    NOSCEF rises against terror

    Hemmed on all sides by terror attacks, Christian leaders and traditional rulers met in Abuja last week to chart the path of peace, reports Sunday Oguntola 

    They came with anguished hearts and dampened spirits. They had been bruised, battered and brutalised. But there was a glimmer of hope in their strides and eyes as they walked into the Ecumenical Centre, Abuja last week. It was at the national conference of the Christian Elders Forum of Northern States (NOSCEF) where they had been invited to deliberate on the ceaseless attacks against their communities.

    Some of them were ordinary northerners; some community leaders. They were also traditional rulers, policy makers, church leaders and leaders of interest groups from the north. Their mission was simple: compare notes on their attacks against them and devise means of getting peace at all costs. This was the atmosphere at the Christian centre last week.

    NOSCEF’s chair, Olaiya Philips, welcomed the delegates to the conference, saying it was most timely and strategic to endanger peace in the troubled northern states. “We need to come together and provide a strong voice for our communities. We need everyone on board,” he charged.

    From Borno with fear

    To get a firsthand experience of how badly the terror war has affected the north, Prof. Nuhu Gworgwor, recounted how the insurgents have practically taken over the whole of Borno State. The villages and hinterland communities, he pointed out, have been raided, razed and deserted by locals. Of the five roads that lead to Maiduguri, he said, only the Damaturu road remains accessible. The others, according to him, have been overrun by terrorists, making them impassable for residents and travellers.

    “The moment they take it, we are completely siege off and anything can happen to us,” he warned. On the modus operandi of the Boko Haram sect, he said: “They send us notices and when they come, they won’t be protection for us. Our freedom to free worship has been contained. We are all terrified”.

    He lamented that churches might no longer open for services in Borno State, going by the numerous attacks against them. He solicited for government’s support to arrest the tide and prayers of all believers to scale through the stormy challenges.

    Forgiving the attackers 

    The Secretary for Inter Religious Affairs for the Church of England, Rev. Dr Toby Howarth, who delivered the keynote address, called on Christians never to retaliate the many attacks against them. Forgiveness, he counselled, is critical to winning the terror war. Using the Egypt’s experience as an example, he said the country is still standing because Christians have refused to retaliate in the face of needless provocations.

    “We must never strike back. That is the way of Christ. That is what Jesus did himself. We must refuse to retaliate because that will give the attackers enough reasons to do even much worse,” Howarth began. “We must tell our kids that they must not hate because the way of Christ is the way of love.”

    Admitting this could be tough in the face of ceaseless attacks, he pointed out that Christians worldwide are praying for their Nigerian counterparts to pull through and demonstrate their faith in the face of strongest oppositions. “God is with you. Jesus knows about your persecution and challenges. He won’t leave you and we are praying for us. That is the best anybody can do in this circumstance,” he added.

    Combining force and dialogue

    Olaiya, in his speech, called for application of maximum force and dialogue to resolve the nagging terror war. According to him: “The army must start putting effective pressure on Boko Haram to stop the massacres.  They should stop being timid and harness military, intelligence and police support. With the situation so dire, our communities need all the help we can get.

    “They need to use the mailed fist of force to put the killers on the back foot. At the same time, they need to reach out with the hand of peace to end this conflict for good in the way that Jesus taught us.”

    This combination, he assured, will win the terror war. He also said every Nigerian must raise their voices against increased violence across the nation. “It’s time to stand up and speak out. It’s time we stood up and spoke out – about the importance of religious values and the religious freedoms of our people.

    “Time we stood up and spoke out – about the importance of protecting minorities from persecution. Time we stood up and spoke out – about the provision of equal access to education, healthcare and justice for all Nigerians.

    “Time we stood up and spoke out – about preserving the secular state and the integrity of the nation.

    “I do not fear the consequences of taking this approach whatever the controversy, but I do fear the consequences of war without end and terror enduring, for we have seen it for ourselves.”

    Olaiya warned: “There is a terrible price to be paid for silence in the face of violence; for apathy in the face of oppression; and for indifference in the face of injustice.”

    Winning the terror war

    The National President of the Christian Association of Nigeria (CAN), Pastor Ayo Oritsejafor, said the Boko Haram malaise is the current manifestation of a long-standing demon that has been afflicting the soul of northern Nigeria.

    Lamenting the thousands of churches and Christians destroyed by the sect, Oritsejafor said every peace-loving Nigerian must be committed to ending the group’s demonic attacks.

    To end the insurgency, the CAN’s helmsman said the country must begin to be truthful in its classification and analysis of the sect’s activities. “We must face the truth that Boko Haram underlining ideology is religion. Don’t tell me it is political or poverty because it is not. Until we accept this, we have not started winning the war,” he stated.

    He also challenged Muslim cleric, traditional rulers and politicians to engage the sect’s radical ideology with a “superior, stronger ideology that promotes peace”. An ideology, he said, cannot be shut off by guns but a superior ideological orientation. “We need our Muslim brothers to help and engage the insurgents with superior ideologies,” he appealed.

    Olaiya announced the formal take-off of the computers for Christians’ project aimed at improving education for northern school children. The initiative, he stated, also include the emergency preparedness and response plan for pre and post-attack responses among churches and Christians.

    “While we continue to raise our voices for investment in jobs and businesses – we will provide opportunities for people to learn new skills and trades and start their own businesses.

    While we continue to raise our voices for the protection and safety of our community – we will provide assistance in helping our churches prepare for disasters, so that should the worst happen, they will be ready to respond,” he explained.

    Traditional rulers from northern communities pledged to serve as peace agents in their localities. The Agom-Adara 111 in Kaduna State, His Royal Highness Dr Maiwada Galadima, said they would stop at nothing to promote peace coexistence among their subjects. The Osana of Keana in Nasarawa State, His Royal Highness Emmanuel Elayo, promised he and his colleagues would form a powerful consensus against violence and attacks in their domains. “Everyone is our subject and we have what it takes to direct them towards the path of peace,” he assured.

    The conference ended with the signing of a charter for peace by NOSCEF. The charter appealed to government officials to step up security and called on everyone to collaborate for peaceful coexistence.

  • Dollar rises with US yields, euro holds above lows

    Dollar rises with US yields, euro holds above lows

    The dollar rose against major currencies as higher US bond yields revived appeal for the greenback, while the euro recovered from recent lows on upbeat economic data.

    The dollar’s gains were limited by a bigger-than-expected rise in US weekly jobless claims, while the shared currency has remained pressure by bets the European Central Bank will loosen monetary policy next week to avert deflation.

    The yen, which had fared well on worries about the global economy and conflict in the Ukraine, broadly underperformed as investor sentiment improved.

    The dollar index that gauges its value against the euro, yen and four other currencies was up 0.17 percent at 80.232, bringing its month-to-date gain to 0.95 percent.

    The euro fell 0.2 per cent versus the greenback at $1.3655 , recovering from a three-month low of $1.36345 on Wednesday, while the dollar gained 0.3 percent against the yen at 101.63 yen after hitting a 3-1/2-month low against the yen a day earlier.

    Higher US Treasuries yields helped the dollar’s recovery, but analysts said it was unclear whether it could be sustained.

    “It’s been difficult to assess the dollar because yields have fallen to these fairly low levels,” said Sireen Harajli, currency strategist at Mizuho Corporate Bank in New York.

    US 10-year Treasury yields, which have a good correlation with the dollar/yen pair, edged up to 2.54 percent. Last week, they hit 2.473 per cent, the lowest since October.

    The dollar’s rise was held back by a larger-than-forecast rise in weekly domestic first-time for unemployment benefits, raising doubts about another month of strong payroll increase.

  • Hope rises for ailing PHCN employee

    The Management of Eko Electricity Distribution Company (Eko-DISCO), has said it is working on the health challenges of an employee of the defunct Power Holding Corporation of Nigeria (PHCN), Mr Mojeeb Shokunbi.

    The plight of Shokunbi, 29, was published on Monday, January 6, by The Nation. He fell off a high-tension pole at the PHCN office, Orile, in Ajeromi Ifelodun Local Government Area of Lagos, while on official duty on June 2, 2011 and has since remained battling with “deteriorating” spinal cord injury.

    Mr Debo Adeyemi, Vice President, Human Resources and Corporate Services, Eko-Disco, who spoke with The Nation at his Marina, Lagos, office said: “While the young man in question is not directly our staff, we are surely concerned about his plight. And we are not inhuman to overlook such a situation.”

    Also thanking The Nation for its efforts, Adeyemi SAID: “It is important for Nigerians in general to understand that the company is under an entirely new management which came into being barely two months ago – November 1, 2013.

    “But naturally, there were cases that the defunct PHCN had before we took over. And the case of Mr. Shokunbi was one of them. And we as the new owners of the business recognise that there are issues pending before we came in. And one of the things that the government assured us of was that all liabilities would be duly taken care of. In fact, what the government did was to set up the Nigerian Electricity Liabilities Management Company (NELMCO) with the principal responsibility of dealing with all out-standing issues that existed with the old PHCN before the new owners took over the company.

    “This means that NELMCO is expected to deal with issues such as this right across the offices in any part of the nation whatever the degree of the liabilities is. And indeed, our records show that Mr. Mujeeb Shokunbi was a full employee of the PHCN, but at one time along the line, he had an accident in the line of duty. The records also show that there was treatment being given to him; that means he was being taken care of until the time the company was to be handed over. And at that point, in line with the government’s directives, all outstanding issues were handed over to NELMCO.”

    “We have it on records that his case was duly handed over too. But it is just unfortunate that his case was caught up in the midst of the hand-over process. If not, the new investors are very swift in responding to issues that have to do with workers’ welfare. Our value for human life is the same that we have brought into Eko-DISCO,” he added.

    Asked how Eko-DISCO intervened on learning about Shokunbi’s case, Adeyemi said: “When we heard, we were fully assured that NELMCO was handling the case. And we have documental evidence to prove the correspondence. And because we were informed about several other cases, it was impossible for us to isolate his case. I assure you that we will implore NELMCO to expedite action on his case so that he can receive prompt medical attention.”