The Nation Newspaper

Tag: seek

  • Manufacturers seek liberalisation of meter market

    The Electricity Meter Manufacturers Association of Nigeria (EMMAN), has urged the Federal Government to liberalise the meter market to allow their members sell meters directly to individuals and corporate organisations through approved vendors by the Nigerian Electricity Regulatory Commission (NERC).

    The Executive Secretary of EMMAN, Mr. Muideen Ibrahim, made call at the inauguration of the remodelled National Meter Test Station and the opening of the Technical Inspectorate Service Field Office in Lagos at the weekend. The meter test station is under the newly created Electricity Management Services Limited (EMSL).

    Also, the Federal Government has said it will enforce standards on electrical materials to ensure that Nigeria does not become dumping ground for substandard materials.

    The Minister of State for Power, Mr. Mohammed Wakil, also made this known in Lagos at the commissioning of the remodelled National Meter Test Station and the opening of the Technical Inspectorate Service Field Office.

    He said President Goodluck Jonathan has reformed the generation, transmission and distribution value chains of the power sector adding that the government now focuses on effective delivery of safe and reliable electricity supply to Nigerians.

    He noted that the government is resolved to enhance consumers and investors’ confidence through sustained inspection, testing and certification of electrical materials and equipment.

    Wakil said: “Electricity materials should be of high quality and specification. All categories of electrical installations, power systems and network must be properly planned, designed and tested before use. Gone are the days of sub-standard equipments and installations which compromised safety of Nigerians. More pointedly manufacturers of fake power equipments are hereby put on notice.

    “The long arm of the law shall catch up with those endangering lives of innocent citizens. Nigerians do not only want adequate power supply but also safety and reliability.”

    The minister said the significance of safety and quality control informed the establishment of Electricity Management Services Limited adding that the agency is growing into a giant. “I am happy to note that EMSL has within this short period achieved remarkable success which includes the remodelled meter test station and others at Kaduna and Port Harcourt. The technical inspectorate service field offices of EMSL, have detected defective power equipments in many zones,” he added.

    The Managing Director, EMSL, Mr. Peter Ewesor, said the remodelled national meter testing station will be saddled with the roles and responsibilities of enforcement of technical and safety standards. He said other roles are technical inspection, testing and certification of all categories of electrical materials and equipments and electrical installations adding that in line with EMSL mandate and regulations, no electrical installation or network can be put into use unless it has been tested and certified fit for use by engineers and technical officers of EMSL.

    “Over 10,000 substandard meters have been rejected for not having anti-energy-theft protection. These types would have led to high commercial and collection losses for the investors. We have rejected over five thousand meters having terminal connections that were out of specifications, this would have led to risk to workers and staff of the utility companies and possible burning of the meters on installations,” he said.

    Ibrahim said the only way to ensure effective distribution of meters to electricity consumers is when meter manufacturers are allowed to sell meters to government institutions, private estates and barracks, among other consumers.

  • Phamacists seek to stop quack

    Pharmacists Council of Nigeria (PCN) is collaborating with key health managers to regulate  patent medicine vendors’ activities.

    Besides, it signed a Memorandum of Understanding (MoU) with Incorporated Trustees of National Association of Patent and Proprietary Medicine Dealers (NAPPMED) on patent medicine vendors regulation.

    The MoU said:“Pursuant to the mandate of PCN, NAPPMED and its associate, LSMDA shall partner with PCN to carry out the regulation of Patent Medicine Vendors in Nigeria.”

    The agreement would also involve the Lagos State Medicine Dealers Association (LSMDA), which was identified as a key stakeholder in Lagos. PCN said it has agreed to liaise with other stakeholders and relevant government agencies to review from time to time, the approved drug list for PMVs in line with the national drug policy.

    “The prevention of drug hawking falls under the mandate of NAFDAC, however, the proliferation of drug hawkers in Nigeria is a major concern and will be presented by PCN representative at the meeting of the Federal Task Force on Counterfeit and Fake Drugs and unwholesome Processed Food,” it said.

    The PCN said: “On the ongoing sensitisation on the modalities for implementing the Mega Drug Distribution Centres (MDDC) NAPPMED is urged to encourage its members that meet requirements to establish MDDCs before the deadline of July. It is understood by parties that the use of policemen by PCN inspectors is desirable as it ensures safety of the inspectors and averts possible breakdown of law and order during inspection exercises and for no other purposes.

    “To render the collaboration with the PCN effective, NAPPMED and LSMDA have undertaken to mend fences and operate with singularity of purpose and shall in future discourse present issues as a united body. “

    “Parties are of the understanding that the guidelines on Patent and Proprietary Medicine Vendors License (PPMVL) which provides that ownership of Patent Medicine Shops should be open to all Nigerians who have met the requirements should be respected in order not to infringe on the rights of citizens”, he stated.

  • Reps seek revival of railway

    The House of Representatives would repeal the Nigerian Railways Corporation Act of 1955, The Nation has learnt.

    It is to be replaced by the Nigerian Railways Authority Act.

    The draft bill made provision for a 25-year development plan that would ensure the sustenance of the development programme.

    According to the lawmakers, the extant law is a hindrance to the economic develolment rail transport could bring to bear on the Nigerian economy.

    Speaking in Abuja at the opening of a two-day National conference on rail transportation organised by House Committee on Land Transportation, Chairman of the Committee, Musa Sarkin-Adar, said it is expedient for the country to have a functional world class rail transport system capable of driving the economy.

    He said: “Although the rail sector in recent times has attracted the federal government’s attention but permit me to say that the current intervention in the sector is a far cry considering the level of infrastructural development in the rail transport system in Nigeria, a nation estimated to inhabit over 150 million people.

    “Our rail development must never be considered a destination but rather a stepping stone for the actualisation of Nigeria of our dream with a world class rail transport system.”

    The Committee opined that it is the legislation that would institutionalise the sustenance of the development plan of the rail sector.

    Sarkin-Adar, who was represented by his Deputy, Sokonte Davies, assured that work would be expedited on the bill as soon as it is transmitted to the National Assembly.

    However, the Managing Director of the Nigerian Railway Corporation (NRC), Adeseyi Sijuwade, said it is the private sector that can take the rail system to the next level.

    He said it is impossible for the government to provide the required fund to actualise the transformation of the once moribund sector.

    According to him, the corporation has embarked on a number of rehabilitation and modernisation agreements with some foreign companies.

    This, he said, has resulted in the achievement so far recorded in the rehabilitation and construction of narrow and standard rails across the country, in addition to a number of coaches, wagons and locomotives.

    He, however, warned that the sector may not be able to go further without an active private secret participation.

    Akin Fatunke, Manager, Public and Government Affairs, Mobil Oil Nigeria Plc, assured NRC of support from major oil companies and the Major Oil Marketers Association of Nigeria (MOMAN).

  • Boko Haram: Northeast governors seek more troops, equipment

    Boko Haram: Northeast governors seek more troops, equipment

    •Insist on 2015 election in peaceful atmosphere            •Jonathan, governors, security chiefs meet

    Governors in the Northeast  yesterday met with President Goodluck Jonathan and the service chiefs at the Presidential Villa, Abuja.

    It was all about security ahead of next month’s elections.

    Governors Kashim Shettima (Borno) , Ibrahim Geidam (Yobe),  Bala Ngilari (Adamawa) and Geidam’s predecessor,  Bukar Abba Ibrahim, attended the meeting.  The three states are under a state of emergency.

    The governors insisted on deployment of more troops and equipment to stop the Boko Haram insurgency.

    They insisted on the elections holding in the area under a peaceful arena.

    Geidam said: “We have come to brief the President on the security features of our various states. We have come to greet him and we told him of the challenges we have been facing. We are appealing to the Federal Government to deploy more troops, in addition to what we have on ground to arrest the situation in our various states.

    “We need more troops, the troops on ground we have in our various states are not enough to contain the situation, so we are appealing to the Federal Government to deploy additional troops with full equipment to tame the situation. We don’t have any state of emergency now, so you are not correct.” he said

    “ Elections will hold, that is the position of the Electoral Commission and definitely in all those areas where the insurgency exist, elections will hold.”

    Shettima said the security agencies were rising up to the task.

    “Well, we had very fruitful deliberations and pollination of ideas on how to find lasting solution to the insurgency bedeviling us in that part of the world. I’m an eternal optimist  –  and I am passionate too for that matter –  that we shall have enduring peace very soon, with the very robust framework on ground. We don’t want to mention a date or anything but I believe our military is rising to the challenges of the time.

    “Our military will robustly respond to the challenges I believe. Like I said earlier, I’m an eternal optimist. We have to hope for the best against whatever odds.”

    Speaking on how many local government areas are held by the insurgents, he said: “Well, there are some local government areas that are partially under the control of the insurgents and there are some that are largely under our control.

    “I really don’t want to bolster Boko Haram by quoting numbers and figures because these lunatics feast on the oxygen of publicity. The more publicity they get, the happier they become. I don’t want to give them that luxury.

    “But I want to assure you that with 1,000 years of recorded history, Borno shall rise again, in spite of all the challenges, believe me Inshallah.”

    On whether the military are getting more motivated than before, Shettima said: “They are making efforts. I want to leave it at that. I don’t want to pass any negative comment. They are people with blood running in their veins, facing the insurgents and so I have to be respectful of the institution.”

    He also said that Nigeria does not have any option than to win the war against insurgency.

    The governor said: “We must win, we have no option. Elections will be held –  by the grace of God. We are facing real extinction threat to our culture, to our people and to our civilisation. It is amazing when people dwell so much on the elections.  Elections are for the living, but elections are being conducted in war-torn Afghanistan, election was conducted recently in Iraq, in Syria and so many other places. So, it is not an issue in contention; the most important issue is how to safeguard the lives and property of our people, how to recover our lost territories, the Chibok girls.

    “You have daughters; you have sons; how will you feel if your daughter is forcibly taken away from you for the past 267 days. So, I want to dwell more on how to safeguard the lives and properties of our people, how to get back the Chibok girls, how to recover our lost territories.

    “Two days ago (Sunday) it clocked exactly five months since Gwoza fell to the insurgents, Bama is now firmly under their control. M Muba, Abadam, Kukawa – all tales of woes, of devastations, of destruction, of killings. This is the sad tale that is coming out of Borno.”

    The governor went on: “We are titled chief security officers of our states. But our most important task is to offer whatever support be it logistics, financial to the military to carry out on their operations. Honestly, I don’t want to dwell on the politics behind the counter-insurgency operations because we are one people with a common destiny. And this is the time for all of us, irrespective of differences in political affiliations, religious persuasions, tribal or sectional background to collapse into a single course and bring about this madness to an end.”

    “Elections can be held in the IDP camps, it is human beings that conduct elections not spirit or anything. My take on this is that, are we giving in to Boko Haram? Are we giving in to their antics by not holding elections? We have to tell them to their face that you can kill as Malala said but you cannot kill our spirit.” he stated

    With Shekau claiming that the Chibok girls have been married out, he said: “Shekau is a lunatic. He is a deranged element; he is not somebody anybody should give any molecule of respect. His actions are beneath the act of even an animal, believe me.

    “But, as I said, we are not resting on our oars; we will continue to support the military by providing them with quality information when it becomes available. We believe in spite of people’s pessimism that in the fullness of time and not in a distance far off, we are going to get back the girls; we hope to,” he said

    Also speaking yesterday, the Chief of Defence Statff (CDS), Air Chief Marshal Alex Badeh, promised that security will this year.

    On whether Chad and Niger forces had pulled out of the Multinational force, he said: “No. They have not pulled out of Multinational force because we have held several meetings; they are still part of the Multinational force.”

    “What has been happening is that they have not contributed troops to the point of Baga. Chad has people on their own side but I believe they have withdrawn. Niger had people with us they too withdrew and left Nigeria only at the multinational force headquarters.”

    On the suggestion that the borders between Nigeria and Chad, Nigeria and Niger should be closed, he said: “I wish it could be closed but how do you close such a very large border? And it is not for military to close border any way or is it?”

    On the attack on the military base in Baga, A Chief Marshal Badeh said: “Of course, there was an attack. Don’t worry we are at work.”

    On whether Baga can be reclaimed, he said:”Why not? I can’t give you exactly what is going to happen.”

  • ‘I don’t seek cheap fame’

    ‘I don’t seek cheap fame’

    Alex Okoroji is a woman of many parts. The daughter of Chief Tony Okoroji, former president, Performing Musicians Association of Nigeria, PMAN, shares with ADETUTU AUDU her life as an actress, single motherhood, her failed marriage as well as her wave-making project ‘Alexandra and her naked thoughts’.

    What are you working on currently?

    Oh well, I’ve been working on a number of incredible things recently. I started my blog ALEXANDRA N’ HER NAKED THOUGHTS at www.alexokoroji.net where I share my honest, crazy and unfiltered everyday thoughts. It’s doing very well and transcends geographical borders. It is getting quite a lot of foreign traffic. What it tells me is that, not only do people connect globally with the subjects of love, life, sex, inspiration and reality. They also value my thoughts and style of writing. I also started writing my upcoming book, THE NAKED EXPERIENCE: From Timid Girl to Confident Woman. It’s sort of a memoir romancing a guide book. But it is an interesting read that will make people laugh, cry and reflect on their own lives through my weird, funny and somewhat shocking life experiences. It will be launched and released in March and then accompanied by a book tour. I also birthed my newest project, my online talk radio show on BlogTalkRadio, “THE NAKED TALK with ALEX OKOROJI”.  It’s really a candid, unscripted, uncensored interactive live show, where I chronicle the naked truth about real issues and real life experiences with some of the most celebrated guests globally as well as regular folks. It will bridge the gap to promote expression and create a presence of mind. Somewhere in the middle, there are my live video broadcasts on Hang W/, my social work with #4NL. I’m also involved in conceptualising and creating content for a few brands.

     Since you had your baby, you took a break from acting. When are we seeing you back?

    Yes, I did take a break to raise my son. But I’m still an actor. My son is quite a little man now. And so I’m back to working like my life depends on it.  (Actually, my life and his life depend on it). I recently recorded a number of independent films and I’m just waiting for the producers to premiere them. I’m also hoping I can do more quality film projects. But let’s be honest. I’m not about to jump from location to location, audition to audition trying to kiss ass for something I am clearly born to do. Yes, I love hard work and I love to grind hard for my craft, that being said, there’s a limit to what I’m willing to sacrifice at this stage in my life, as a professional seeking creative fulfilment not cheap fame. If I’m invited to a streamlined screen test and casting by reputable producers/directors who are genuinely looking for an all round actor to cast. I’ll be there in all humility before my call time, do my screening, get the hell out and pray for a call back. But we know half the time, it is usually a bunch of jokers (forgive me) wasting time I do not have enough of. Why call for a grand audition when you are looking for just one character to add to your list of table casts? Or call for serious actors when all you want are extras? (And oh, I do believe no role is too small for a good actor). It’s just the manner in which people try to take advantage of one’s hunger to work. If you are going to offer a new actor a tiny part for a tiny sum, you might as well respect them as human beings and don’t keep them in the sun or allow them to spend 5 thousand for a 10 thousand job (just assuming) I see a lot of fresh actors suffer. It is outright foolishness. Yes, one needs to pay their due, that’s not a reason to be inhumane. I only now want to work with serious film producers, directors and actors who understand not just the technicalities and business, but also the spirit of film making. (If you know what characters you are auditioning for, put it out in the public domain. So the actors can decide if they fit the bill and come in prepared.) Just my naked opinion, anyway.

    Your marriage didn’t work out and if you look at Nollywood today, there are so many failed marriages, from your point of view, what is the problem?

    My point of view is that marriage is crumbling in every faucet of the different industries, sectors, and tribes. People are simply less tolerant and perhaps more incompatible. The truth is that marriage remains an institution that is more complex than our fickle minds can fathom.

    Have you at any point in time regretted that the marriage didn’t work?

    I’ll be honest, the only regret I have is not giving my son the complete family he deserves. I sometimes feel like I failed him in that regard. That being said, he’s not alone. I am his mom and his dad and he has guidance and love from his extended family. Plus, I have God’s grace and his unwavering love. When the right time comes, God will give him a real father that will raise him with love. Anything other than that, I only have lessons.

    What has motherhood changed in you?

    Plenty!!! I simply grew. I probably didn’t change, I just grew up. And I mean that emotionally, psychologically and spiritually. I see life differently and I now embrace my responsibilities whole heartily.

    How are you coping as a single mother?

    It’s not a walk in the park. It’s not like cooking beans but I’m coping. The naked truth is that being a single mom can be challenging, especially if you are a working mom who needs to bring home the bacon. I don’t come home tired from all the work and traffic and expect someone to massage my feet and give me a back rub. I just come reminded that if there’s an ache in my knee or back. I take panadol, check on my son and go to bed.  That’s my reality. But I’m not complaining.

    You mentioned on social media that you were treating depression. What exactly happened, why were you depressed?

    I never said I was treating depression, that’s a clinical diagnosis. I was never diagnosed of depression. What I said was that I took a break because I was dealing with depression. And there are so many ways we get the feeling of depression and several sources too (anger, resentment, fear, guilt, pain, abandonment, conflict etc) and that tend to happen to most first time mothers, especially if they have a job like mine in the spotlight. Let’s be honest, I was the quintessential IT girl in 2009. (I mean almost everyone thought I was somewhat smoking hot for whatever ridiculous reasons best known to them).  So I was a budding working actress, a rising star and then I got married and pregnant and everything changed instantly. I lost my initial appeal. My body, my mood, my marriage and I had a tiny tot I didn’t know what to do with. I wanted to work so badly. I mean on TINSEL, I used to go to work with my big belly until my character, Susan, could no longer be shown and I had to do voiceovers. I love working. So to be stuck in a country where I was relatively unknown, without my support system and the people I was used to seeing day in day out, I sunk low. And delivering my child through a Ceasarean section just didn’t make the transition easy. I was constantly in pain and I didn’t know how to jerk myself back to work. You can say it was a case of post partum depression.

    Let us talk about Alex and her naked thoughts, at what point did you conceive the idea?

    It is pretty strange. I think it was when I moved back from Ghana in 2011. And I was feeling a lot of frustration and I needed to vent/channel my emotions, thoughts and pain somewhere. Unfortunately, seeing a psychologist or shrink to help us deal with the changes in our emotional health, is not a culture here in this part of Africa. So, I became my own hero and started writing to help myself heal and reclaim back my life. So, all those face book notes and BBM broadcast gave birth to the challenge that pushed me to start my blog in January. And now I’m comfortable and at peace with myself. I’m using my thoughts to also influence and help others express themselves.

    You studied Biochemistry but have passion for the arts. Are you not missing your calling?

    Where did you get that from? Missing my calling ke? I’m actually in the exact industry I was called to be from the moment I was formed as a baby. I did a post on my blog a few months ago “How I Miss Those Days….” I wrote about my early creative days from being pink house inter house sport princess, a member of the Atilogu Dance Troupe, The Igbo Cultural, Yoruba Cultural, Drama Club and Press Club in primary school to being Green house cup bearer, Blue house queen, the only junior student in the entire FGGC Akure to be an active performing member of the Music Club, Drama Club and Press Club at the same time. I represented my school in debates and mimed at inter different school events. I wrote short novel series in SS1, never commercially published but read by my school mates and I wrote poetry and songs. I have an archive of 55 unpublished songs solely written by me and I used to be the lead singer of an underground musical girl band “The Alternates”, I performed in a number of school plays. So the way I see it, this didn’t just start today or even at AMBO. It’s not a deviation. It is who I am. I’m the daughter of a musician. So many people forget that Tony Okoroji was actually a “performing” musician. He didn’t only sing or write hit songs, he played musical instruments too, a fantastic song writer and music/show producer. I’m his first child, where do you think I get my creative genes from? Despite his brilliant mind and administrative skills, he is still an artiste and everything he does is coloured by that artistic creativity. Same goes for me. My mom wanted me to be a doctor and I tried to challenge myself in that direction. But guess what, I’m an artiste. And anyone who knows me very well enough will tell you I’m a natural at its finest. It’s not forced. It took me a long time to accept the gifts of my talents and harness them into skills, knowing it’s possible to be gifted at many things and execute them with the same level of excellence and passion. That’s why I’m not in a hurry to compete with all those chasing fame my goals are clearly different. I’m an entertainer with value.

    Did your dad’s life as a musician influence your choice of career in anyway?

    Yes it did. I grew up in a house hold coloured with books and movies. I grew up listening to different genres of music and reading all sorts of great books. I was exposed to having celebrities around the house and going to a number of high profile functions/awards even at a young age. That definitely expands your creative taste, exposes your mind artistically and forms your creative decisions.

    What was growing up like, with a father like him?

    He has always been a very busy man. He wasn’t always around. But whenever he was, we definitely felt his presence.

    Aside acting and blogging, what else puts food on your table?

    My world revolves around the creative industry. I started professional writing by writing screenplays for movies and content for TV. I still do even though it’s quite hectic juggling all my writing gigs. I also do copy writing for brands. I’m a voice talent, so I record and script voiceover and jingles. I’m a television host, used to host three separate TV programmes. I host red carpet events. I started doing lots of public speaking and compering events as a ‘Mistress of Ceremony’ and I’m top of promoting #TheNakedExpression. (It’s really my clamour for honest, sincere expression, so people can be open and embrace who they really are). I produce documentaries and I create concepts and contents for brands, TV and events. I also have a production company FUSCHIA HOUSE that manages all of these. And most recently, I’m involved in the Campaign for New Lagos (#4NL).  Let’s just say I have my table full with work. I’m simply uninterested in courting unnecessary attention. My focus right now is to reap the financial reward for all the hard work I put in everyday and expand my influence.

    What is the craziest thing a fan has done to you?

    Someone once asked me that and I said a fan proposed to me. Actually that’s not new, neither is it crazy. I get all sorts of messages on social media, and I’m sure I’m not the only celebrity to get proposals from fans. I used to a write up a series called THE DAILY QUICKIE, it’s not about sex but I use sexual innuendos to inspire people. Yet some mischievous fans have tried sending me nude pictures of their private genitals. I stopped finding it irritating. I just think it’s amusing when people translate my ‘naked thoughts’ so literally.

    What are your greatest achievements?

    My greatest achievement right at the top of the list is my son. No amount of money, awards, accolades or praises can equate to him. I can now follow it up by saying that configuring/designing/creating my blog all myself using just a blackberry mobile phone (Z10) is a major achievement because I had no prior knowledge of web development or designing or Java script coding et al, neither did I understand how the online world works. It has become my home and I am very proud of the two months it took me to figure it all out by myself, albeit many sleepless nights. Google was my best friend. Would you ever believe my entire weblog www.alexokoroji.net was configured by me using a phone?

  • Samsung, Apple seek end to patents war outside U.S.

    Samsung, Apple seek end to patents war outside U.S.

    Samsung Electronics Co Ltd and Apple Inc said they had agreed to drop all patent litigation outside the United States, scaling down a protracted legal battle between the smartphone rivals.

    The iPhone and Galaxy handset makers issued nearly identical statements announcing the global ceasefire while vowing to pursue ongoing litigation in the United States, which analysts say involves much bigger amounts of potential damages.

    Last week, Samsung Electronics posted its weakest earnings since the second quarter of 2012, partly hit by rising competition from Chinese smartphone makers.

    Xiaomi took China’s smartphone crown in the second quarter after replacing Samsung Electronics as China’s largest smartphone vendor, data from Canalys shows.

    The legal battle between Samsung Electronics and Apple began in the United States in 2011 when Apple first filed a suit alleging that Samsung “slavishly” copied elements of its iPhones, the device which launched the industry.

    Days after the initial Apple suit was launched in the United States, Samsung Electronics sued its Cupertino, California-based rival in South Korea, Japan and Germany, kicking off a series of tit-for-tat cases that spread around the world.

    The latest agreement ends patent disputes in Australia, France, Germany, Italy, Japan, the Netherlands, South Korea, Spain and the United Kingdom, countries where the smartphone market leaders had engaged armies of lawyers for what analysts said were questionable gains.

    The South Korean and U.S. tech giants declined to disclose the terms of the deal, but said it did not involve “any licensing arrangements and the companies are continuing to pursue the existing cases in U.S. courts.”

    The litigation raged on even as business flourished between the two companies, with Apple depending heavily on Samsung Electronics for components such as chips and liquid crystal displays.

    Apple and Samsung Electronics together dominate the global smartphone market with a combined market share of 37.1 per cent in the second quarter, according to Strategy Analytics.

    “They now see little need to wage a war around the world, which will only fatten the bills of lawyers,” said Young Park, a Hyundai Securities technology analyst in Hong Kong, adding that the deal raised the possibility of a final license agreement settling how the companies use each other’s patented technology.

    He and three other analysts whom Reuters talked to said they do not have estimates for the legal costs that Samsung Electronics and Apple are facing.

  • Sovereign Trust Insurance to seek N1.1b from shareholders

    Sovereign Trust Insurance (STI) Plc plans to raise about N1.1 billion in new equity funds from existing shareholders, The Nation has learnt.

    A regulatory filing obtained yesterday at the Nigerian Stock Exchange (NSE) indicated that Sovereign Trust Insurance would float a rights issue to raise about N1.1 billion before the end of this year. Although the details of the rights issue are still sketchy, rights issue are usually pre-allotted to existing shareholders on the basis of their shareholdings at a particular qualification date.

    Market trend indicated that the rights issue may be offered at around the insurance company’s nominal share price of 50 kobo.

    According to the document, the net proceeds of the rights issue would be used to finance the company’s strategic plan accomplishing its five-year blueprint. The blueprint is expected to reinforce the company’s competiveness’ in the Nigerian market, including its market share.

    The rights issue is expected to commence in the third quarter of this year. However, the rights issue is still subject to approval of the Securities & Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE).

    Several companies are turning to existing shareholders to raise funds as the primary public offer market remains largely inactive.

    Shareholders of RT Briscoe (Nigeria) Plc last week authorised the board of the company to raise N10 billion to deleverage its operations as the automobile and real estate company struggled with losses induced by huge interest expenses.

    At the annual general meeting in Lagos, shareholders mandated the board to raise new funds through any option or a combination of debt instruments, preference shares and ordinary shares by way of rights issue, private placement or offer for subscription.

    To create room for the impending fresh capital, shareholders also increased the authorized share capital of the company from N2 billion divided into 4.0 billion ordinary shares of 50 kobo each to N3.25 billion divided 6.5 billion ordinary shares of 50 kobo each.

    Majority and retails shareholders in several quoted companies have been using rights issue to bridge equity financing gaps and reduce dependence on bank loans by injecting their own funds into their companies.

    Against the background of the in investors’ apathy and deteriorating pricing trend at the capital market, several core investors that hold the decisive votes on the success of recapitalisation of quoted companies have opted for rights issue, which allows existing shareholders to recapitalise their companies.

    Rights issue gives the first right of refusal to existing shareholders and thus preserve existing shareholding structure. It however provides window for new investors to buy into the company through rights trading on the secondary market.

    Market analysts said the growing list of rights issues early this year underscores the preparedness of core investors to refinance their companies as well as the undervaluation of several companies at the stock market.

    According to analysts, rights issue implies significant financial commitment by the core investors.

    Market analysts said they expected more companies to file for rights issue given the high gearing ratios of several quoted companies, which interest burden could stifle returns to shareholders in the period ahead.

    Managing director, GTI Securities, Mr. Tunde Oyekunle, said the recourse to rights issue was a sign of confidence of share holders in the prospects of their company, especially the core investor, which would provide the larger chunk of the required capital.

    He added that the generally weak state of the capital market has left core investors with little option then to pick up the gauntlet.

    Economist and securities advisor, Sterling Capital, Mr. Sewa Wusu said the current market scenario and timing did not favour public offer, particularly given d recent experiences and loss of value by most investors.

    “We are seeing more of rights issues because the core shareholders are ready to inject more funds to their company and still maintain their current holdings. The rights issue avenue will also give the existing shareholders the right to purchases new shares at a discount to the current market price,” Wusu said.

  • Enyimba seek pound of flesh against Giwa FC

    Enyimba seek pound of flesh against Giwa FC

    Enyimba will face Giwa FC in today’s 2014 Federation Cup semi-final with revenge on their mind after they failed to beat the Jos club in their last two meetings.

    The six-time Nigeria league champions and Federation Cup holders lost 1-0 to Giwa last Sunday in Jos and drew goalless in Aba in a Week 19 league game.

    Enyimba defender Semiu Liadi told AfricanFootball.com they are going into the match with the aim to stop Giwa’s fine run against them and zoom into the final fixed for August 16.

    “It is true we couldn’t beat them in our two previous games in the league, but this is the Federation Cup and we are the holders. We are going for a revenge to see that we beat them and send them packing. They are good, but we will be better in the game on Thursday,”Liadi told AfricanFootball.com.

    The other semi-final between Dolphins and Prime FC will be played in Abuja also today.

  • Council chiefs, cleric seek peace

    The Chairman, Ojodu Local Council Development Area (LCDA) of Lagos State, Hon. Olumuyiwa Oloro; his Oto-Awori counterpart, Hon. Bolaji Robert and popular Islamic cleric, Alhaji Muyideen Bello, have urged more prayers for the country.

    Oloro, who made the call yesterday, said the various troubled besetting the nation call for fervent prayer during the ongoing Ramadan. He added that he had just given some donations to over 300 Muslim faithful in his domain in support of their fasting.

    Robert and Bello spoke at the sixth Annual Bibiire Ramadan lecture and special prayer held at Ijankin, a Lagos suburb. “Today‘s lecture is timely due to the incessant security challenges in the country. We should learn how to dwell peacefully with one another. We should be tolerant of one another’s belief and be a worthy example of responsible citizenry,” Robert said

    On security, he said the council had stepped up arrangement to protect lives and property, adding that strategic measures were being taken to forestall breakdown of law and order in Oto- Awori LCDA.

    In his lecture, Bello warned politicians against making statement that could cause mayhem in the society.

    “As Muslims, this is the period to devote ourselves to Allah to cleanse the land of the terrorist activities of Boko Haram and other forms of violence perpetrated in the country. We should abstain from sin and worship our creator with our hearts,” he said.

  • NPDC’s questionable hide-and-seek

    If threats are anything to go by, the Nigerian Petroleum Development Company (NPDC) may soon have to close shops. The fate of Shell Petroleum Development Company (SPDC) in Ogoniland may befall it.  For some time now, it has run into turbulent waters with many of its host communities in Delta State. Protests now characterise the company’s daily dealings with many of its host communities. Things have, indeed, fallen apart and the centre will soon give way.

     NPDC, which operates most of the divested oil facilities of the SPDC, is the oil prospecting and exploitation arm of the Nigerian National Petroleum Company (NNPC).

    Of recent, not less than three communities in different parts of the state demanded the company’s exit over alleged agreement breaches. The people of Otu-Jeremi community, Ughelli South Local Government  Area last week threatened to shut down the company’s facilities if its management failed to repair a pipeline, which has been leaking gas into the community. They claim many residents have fled to avert sicknesses.

     The Otu-Jeremi issue was occasioned by an integrity test on the Abura line from the Utorogun Flow station. The leak has negatively impacted the environment in Iwhrekan, Iyara, Okpare and Agbowhiame, Otu-Jeremi’s neighbours, forcing many residents to seek refuge in safer places.

     The company is also in trouble in Opuama (Ikpotogbene) community, Warri North. Tuesday last week, it demanded that the company halt its operations in their area, citing the company’s failure to follow due process. Addressing reporters in Sapele, members of the community, under the aegis of the Concerned Oloduwa Descendants (COD), alleged that the company entered their “native-land and commenced clearing as well as dredging work without conducting the necessary Environmental Impact Assessment (EIA)”.

    They also said the company failed to sign a Memorandum of Understanding (MoU) with them.  The community’s list of grouses, which was titled “Our Demand”, was signed by Mr French O. Ukuto, Chief Samuel Peggy, Chief Stephen Ukulor,  Elisha Ukuto, Mrs Alero Ugedi, Ati Reach, Mrs Evelyn Ukulor, DSP (retired) Abel Sule, Ebipade Elisha and Damage-Clark Aboh.

     A neighbouring community to Opuama, Polobubo (Tsekelewu) earlier gave a six-day ultimatum to the company to either enter into what it called a “proper agreement” on how to use its land or wind up its activities. It threatened to deal with it if it did not heed their words.

     The company has dodged this reporter’s attempts to respond to the allegations against. All official channels explored were frustrated. When this reporter called its Manager (External Relations Department), Ugo Atugbokoh, on phone, he said he was in a meeting and promised to get back. He never did.  A repeat call to Atugbokoh  was unanswered. He also did not respond to a message sent to persuade him to respond to the growing opposition to his company’s interest in the state.

    The way things are: the company is dodging its hosts and the media, raising the poser: what does it have to hide? Issues, such as the ones raised against it by the host communities, should be addressed. When gas leaks into the atmosphere, like the communities allege, it has dire consequence on the ozone layer and the people’s health. These are things that should not be toyed with. And dodging press enquiries also give the impression that the company has something to hide. Atugbokoh has done the company a disservice by shunning enquiries.