The Nation Newspaper

Tag: Stakeholders

  • Stakeholders advise Oando against undue reconciliation

    Some shareholders of Oando Plc have advised the board and management of the indigenous oil and gas group against purported moves to reconcile Oando and Ansbury Investments Inc. Ansbury Investments’ petition was one of the two petitions that triggered the ongoing investigation of Oando by the Securities and Exchange Commission (SEC). Ansbury Investments is owned by popular Nigerian-Italian billionaire, Mr. Gabriele Volpi.

    Shareholders under various associations including Distinct Shareholders Association, Pacesetters Shareholders Association and Sage Shareholders amongst others said Oando should be wary of going against the course of law by entering into negotiation with Ansbury Investment.

    Shareholders said their objection to the reconciliatory moves was on the basis of an alleged investigation by Italian authorities of some related parties to the purported reconciliation, warning that such entanglement may negatively affect the good corporate image of Oando.

    Shareholders who spoke on condition of anonymity because of the sensitivity of the issue said reconciliation at this point may not be in the best interest of Oando and its shareholders.

    A senior official at the Convention on Business Integrity (CBi), who pleaded not to be named, said reconciling Ansbury and Oando may raise fundamental ethical questions on Oando.

    “This alone may affect not just the reputation of Oando but its share value,” the official stated.

    A member of the Pacesetter Shareholders Association, who pleaded anonymity, also expressed reservation at the reconciliation move, saying it was capable of eroding the company’s stock and reputation.

    “One of those two brands will kill the other, and it will not profit shareholders like me,” the shareholder said.

    Oando had earlier reached a truce with one of the two petitioners-Alhaji Dahiru Mangal with affirmation of Mangal’s substantial shareholding and an offer that allowed him to appoint a director unto the board of Oando. The truce was brokered by the Emir of Kano, Emir Muhammadu Sanusi II under a peace accord concluded on January 7, 2018.

     

  • Stakeholders to Sirika: inaugurate agencies’ boards 

    Some stakeholders have called on Minister of State, Aviation, Hadi Sirika, to inaugurate boards of agencies.

    The Federal Airports Authority of Nigeria (FAAN), the Nigerian Airspace Management Agency (NAMA), the Nigerian Civil Aviation Authority (NCAA) the Nigerian Meteorological Agency (NIMET), the Nigerian College of Aviation Technology (NCAT), Zaria and the Accident Investigation Bureau (AIB), among others, have been running without boards in the past five months.

    Muhammadu Buhari directed that the boards be inaugurated when he constituted them last December 29.

    Following the directive, the Secretary of the Government of the Federation (SGF), Mr. Boss Mustapha, directed ministers and their deputies to inaugurate boards.

    Investigations revealed that the agencies are being run by their maangement.

    According to observers, this might have given the minister unlimited power in the agencies.

    In an interview, Air Transport Services Senior Staff Association of Nigeria (ATSSSAN) National President, Comrade Ahmadu Illitrus, said it was not the first time such thing is happening.

    He painted a similar scenario during the tenure of Stella Oduah.

    According to Ahmadu, though the delay in the inauguration was abnormal, he attributed it to  ‘an error in the appointment of politicians with little or no knowledge on the technicalities’ of the sector.

    His words: “May be the minister saw the appointment as an error and waiting for the Presidency to correct it.

    “Most of the board composition are made up of politicians who do not have the technical knowledge about aviation.”

    But,  an ATSSSAN National Officer, Comrade Sarah Rindams, disagreed with Ahmadu.

    She described the failure to inaugurate the boards by Sirika as  abnormal.

    Rindams said the minister’s refusal to inaugurate boards would only encourage unauthorised activities,  and absence of checks and balance  at the agencies.

    She said such negative development at a time Nigeria is preparing for election could have negative impact on the agencies.

    Rindams said the right thing to do was for Sirika to inaugurate the boards.

    An industry player, who pleaded not to be named, said Sirika might be capitalising on the delay in inaugurating boards for the agencies for a  motive based on the so called error in the appointment of non-industry professionals on the list.

    According to the key player, the failure to inaugurate the boards may have a negative effect on the agencies since the financial spending by their heads are limited by law as they can only go through the board for approval.

  • Stakeholders declare support for Ortom’s reelection

    More than 250 major stakeholders of the All Progressives Congress (APC) in Benue State have reaffirmed support for the re-election of Governor Samuel Ortom and pledged to stand by him come rain or sunshine.

    The over 250 delegates promised to mobilise grassroots support for the governor throughout the state.

    They made the declaration yesterday in a communiqué after a meeting of leaders of associations, non-governmental organisations, groups and political stalwarts in Makurdi.

    Member of the National Assembly representing Katsina-Ala/Ukum/Logo constituency, Emmanuel Udende and former Vice Chancellor of the University of Mkar, Professor Nancy Agber, signed for the Benue North East while former Makurdi local government chairman, Godwin Donko and former Vice Chancellor of the Benue State University, Professor Akase Sorkaa signed for the North West District.

    Signatories for the Benue South are members of the House of Representatives for the Okpokwu/Ado/Ogbadibo constituency, Saleh Hassan and former Minister of the Niger Delta, Sam Ode.

    The delegates reaffirmed confidence in Ortom’s leadership, expressing continued support for his position on ranching and noted his vindication at various levels.

    The stakeholders noted Ortom is tackling security and economic challenges which they said were not his creation with commitment, transparency and fairness.

    They noted the directive of APC National Executive Committee for elective congresses and that of the North Central Zonal leadership that the former party executives be retained at all levels.

    Governor Ortom, represented by Udende, appealed to all APC members to remain calm and united.

     

  •  Remove black spot label on Warri Port, stakeholders urge IMO

    Delta Association of Cham-ber of Commerce, Industry, Mines and Agriculture (DACCIMA has urged the Federal Government to prevail on the International Maritime Organisation (IMO) to remove the black spot label placed on Warri Port.

    Its President, Mr Simon Asite, made the appeal in Warri, Delta State.

    He said the label connotes that  the port is unsafe for business during the heat of the unrest in the oil-rich city many years ago.

    The maritime operator said removal of the label would help to convince the global maritime operators that peace had indeed returned to the city.

    According to him, it will also have a multiplier effect on maritime activities when the Warri/Escravos Bar is eventually dredged.

    “Dredging the Warri/Escravos bar is one thing, but there is also a need to correct the erroneous impression that Warri Port is not safe for business.

    “The black spot label placed by the IMO has prevented Baco Liners (vessels that carry containers) from sailing into the port.

    “It is my appeal to the Federal Government to prevail on the IMO to remove this label.

    “When that is done, the entire global maritime industry will now see that Warri is peaceful and free for maritime activities,’’ Asite said.

    He alleged that the rumours of insecurity in Warri were a ploy by some persons to malign the oil-rich city.

    He said some persons benefited from both the Federal Government and oil companies in the city by negative information.

    “The Federal Government should ignore the negative rumours that Warri has security challenges.

    “Some people are benefiting from the wrong information. They are reaping so much from the Federal Government and oil companies.

    “For instance, the petroleum depots in Warri, Sapele, Oghara and Koko will not function if there are security challenges, yet they are functioning.

    “Furthermore, it is the same route that the oil and gas cargoes take to discharge their products,’’ he said.

    Asite commended the Federal Government for approving contract for dredging of the Warri/Escravos channels, saying that it would help to revive the moribund Delta Ports, and consequently boost employment,” hr said.

  • STI Golf: Partnering stakeholders for insurance penetration in Nigeria

    When Finance Minister, Mrs. Kemi Adeosun, at an event organised by Nigerian Council of Insurance Brokers  (NCRIB), decried insurance industry’s contribution to the country’s gross domestic product (GDP), saying it has been less than one per cent over the years, she was only stating the obvious. According to her, the abysmal contribution is not a welcome development “if our economy is to grow exponentially and government of Nigeria is not happy with this”.

    It would be recalled that former Minister of Finance and Co-ordinating Minister of the Economy in the last administration, Dr. Ngozi Okonjo-Iweala, also made the same remark at the 2014 NCRIB conference in Abuja that such situation is not acceptable to the government of Nigeria.

    To redress this situation, different players in the insurance industry have engaged the insuring public to enhance insurance contribution to the gross domestic product of the country. One of the insurance firms, Sovereign Trust Insurance Plc, appeared not to be leaving no stone unturned at ensuring that the industry’s contribution to the gross domestic product of Nigeria increases from below one per cent. This, perhaps, could be one of the reasons the firms has been sponsoring the Ibadan Open Golf Tournament for the past six years.

    This, again, conforms to Prof. Anne Gregory of the University of Huddersfield, United Kingdom’s position that stakeholders should be involved in developing corporate brands. In her paper, published in the Journal of Marketing Management, entitled: Involving Stakeholders in Developing Corporate Brands: the Communication Dimension, Prof. Gregory underlined four strategies that should be used to develop the corporate brand and these include information, consultation, involvement and partnership.

    It is because of this, according to Sovereign Trust, that it is partnering stakeholders through golf with the mind that it is a strong way of increasing insurance penetration in Nigeria through information sharing on insurance, consultations and involvement as golfers across the country are major stakeholders.

    The insurance industry has not been able to tap into the economic potential, as how will Nigeria, which is the largest economy in Africa, explain that in a country of 198 million people insurance has only contributed less than one per cent to the economy.

    However, South Africa, the second largest economy in Africa, contributes 15 per  cent to the continent’s economy while Morocco has three per cent. Kenya, which is the largest economy in East Africa, contributes three per cent.

    It should be underlined that the problems of insurance in Nigeria is multifaceted, but partnering the stakeholders as Sovereign Trust is doing as a leading brand, is a step that will not only work towards higher insurance penetration in Nigeria, but  address some of the shortcomings insurance is facing as information about insurance will be shared along with consultation and involvement of the stakeholders as posited by Prof. Gregory. The positive multiplier effects of this development will benefit the industry in particular and the Nigerian economy in general.

    This year’s tournament, the 6th Sovereign Trust Open Golf Tournament, was won by Olajide Owolabi of Abeokuta Golf Club, while Evelyn Oyome won the female category with Chief Babajide Olatunde-Agbeja clinching the insurance practitioner prize. Folasade Ajala emerged victorious in the net category.

    Commenting on behalf of the Managing Director/Chief Executive Officer of the company, Mr. Olaotan Soyinka, the Assistant General Manager/Head of Corporate Communications and Brand Management, Mr. Segun Bankole, assured the club of the firm’s resolve in supporting the game of golf and sports development in general. “We still remain true to our commitment of sponsoring the tournament in perpetuity as part of our contribution to the development of golf and sports generally in our country. Our foray in this regard is not fortuitous but rather a management well-thought out decision to always give back to our operating environment at all levels of management as it relates to health, sports and environment.

    “As a socially responsible corporate entity, we will, as much as the opportunity avail us, to continue to support and promote sporting excellence and qualitative recreation both locally and  internationally. Our unmatched records are testimonies of our unflinching commitment towards the enhancement of human capital through sporting activities,” Bankole added.

    Beyond its generous support for the development of the game of golf, what holds significant is the ingenuity of STI to deploy its sponsorship of the elite game as a tool to penetrate the vast insurance market. The logic is glaring enough.

     

     

     

    “Since the elite love to play golf, STI’s sponsorship is inevitably a sure way of driving its brand into the consciousness of the golfers and indeed, the general public as a brand that truly covers. That certainly suggests a strategic business partnership for the insuring public and the organisation towards insurance penetration in Nigeria,”he said.

     

  • Stakeholders mull plan for Exchange-based commodities trading

    CAPITAL Market stakeholders have outlined plans for Nigerian commodities trading system development through regular Exchanges.

    A report on commodities ecosystem development underscored the importance of concerted efforts by the public and private sectors to promote a viable commodities trading ecosystem in Nigeria.

    The report by the Technical Committee set up by the Capital Market Committee (CMC) stated that the public sector should principally focus on providing the enabling environment, such as physical infrastructure, legal and regulatory framework and the right policies, including access to finance, which supports the market.

    The CMC, chaired by Securities and Exchange Commission (SEC) Director-General, consists chief executives of all registered capital market operators, including stockbrokers, solicitors, custodians, fund managers, issuing houses, rating agencies, registrars, reporting accountants, trustees and consultants among others.

    Other members included chief executives of the Chartered Institute of Stockbrokers (CIS); Nigerian Stock Exchange (NSE); Abuja Securities and Commodity Exchange (ASCE) and Central Securities Clearing System (CSCS), among others.

    “Government should not be involved in the ownership and operations of commodity exchange. It has not worked in Nigeria. The private sector on the other hand should drive commodity exchange development; investing in and operating the exchanges like commercial ventures,” the report stated.

    According to the report, for an organised commodities market to thrive, there must be large demand and liquidity, evidenced by good quality network of physical and market infrastructure such as an efficient standard and grading system, price transparency and effective risk management tools, collateral management system and logistics services, among others.

    The report noted that in order to build investors’ confidence in the market, there must be an efficient trading and delivery system, clearing and settlement infrastructure and a good legal and regulatory environment to ensure equity and fairness in all dealings on the exchange.

    The committee came up with recommendations on how to develop a thriving ecosystem and assigned responsibilities to relevant stakeholders. The recommendations are grouped into four phases for effective implementation. In the first phase, the objective is to ensure food sufficiency and security, price discovery and market development while in the second phase, focus should include developing strong trades in export commodities. The third phase should see the introduction of solid minerals, energy and derivatives while the last phase should be geared towards ensuring strong international presence in the local exchanges.

    As part of the committee’s recommendations, there is a need to commence advocacy for macro-economic stability and policies, which will promote the commodity market; advocacy for amendment of existing legislations such as the Land Use Act and Bankruptcy Law, which impede the development of the market; review SEC rules and regulations relating to commodity exchanges, especially rules on the spot market, and make rules on collateral management.

    The report pointed out that one major impediment towards having a vibrant commodities market is the financial exclusion of farmers, especially smallholder farmers, who produce most of the commodities traded, though in small individual units.

    “These farmers should be organised into cooperatives to aggregate produce and be encouraged to become members of the exchange. Introduction of the Electronic Warehouse Receipts (EWRs) and the enactment of a warehouse receipt bill into law will go a long way in ensuring that farmers can access credit easily and affordably,” the report stated.

    Stakeholders called for deliberate efforts to be made to develop public enlightenment and education roadmaps for the commodities market to improve understanding and encourage participation.

    The report added that it was also vital to encourage investment in the entire requisite supportive infrastructure such as warehouses and storage facilities by exchanges and the private sectors.

    According to the report, in order to enlarge the scope of participation, existing commodity merchants and other relevant stakeholders should be encouraged into the exchanges either as traders or investors.

    The report noted that high value export commodities such as cocoa, sesame and ginger should be designated as flagship products and trading of such commodities through the Exchange should be incentivised.

    The report added that Exchanges should install traceability system for Nigeria’s flagship and other export commodities that are traded through their platform.

    The report identified about 20 benefits of promoting commodity exchanges and the ecosystem in general, which include provision of a transparent pricing mechanism, assist in moderating consumer prices, promote attractiveness of agribusiness, foster financial inclusion and improve industrial output and profitability as well as government revenue.

    Also, commodities exchanges enhance the wellbeing of the farming community and help reduce rural – urban drift while they also provide risk management tools and promote quality and standards for Agro-based export commodities.

    Viable commodities exchanges create opportunity for investment in the commodities value chain with multiplier effect on socio-economic development.

    Attempt to establish a commodity exchange in Nigeria began in 1989, when an Inter-Ministerial Committee was established to examine the possibility of setting up a commodity exchange, following the abolishment of the commodities marketing board.

    Although the Committee recommended the establishment of a commodities exchange, nothing came to fruition until August 8, 2001 when the Federal Government directed the conversion of the then Abuja Stock Exchange to a commodity exchange, which is now called Nigeria Commodity Exchange (NCX). NCX was the only commodity exchange in Nigeria for more than a decade when in 2014, the Securities and Exchange Commission registered AFEX Commodities Exchange, the first private sector commodities exchange.

  • Itsekiri development: Stakeholders call for concerted efforts

    Former Delta State Governor Emmanuel Uduaghan has called Itsekiri leadership to mobilise for the physical development of their homeland as everything cannot be left to the government.

    Uduaghan, who spoke at the weekend during the 10th anniversary lecture of the Itsekiri Progress Club (IPC) in Warri, called for a closer study of the circumstances which led to the past ethnic turbulence to prevent a repeat.

    The former governor, who was the Special Guest at the event, also emphasised the need for his people to do everything possible to banish the culture of restiveness from all their communities, noting that it had robbed the Itsekiri nation of needed development.

    He said: “I hope we move from blame game to strategic thinking and discussion. There is a critical issue the guest speaker did not talk about and that is peace in Itsekiri land. We must look at peace in Itsekiri land.

    “I beg us to examine the causes of the various wars to avoid a repeat. Let me also say we should have small houses in our villages. The Government alone can’t do it; we have to take responsibilities for development of our communities.”

    Dr Jackson Ireyefoju, who spoke on “Restoring the dignity of the Itsekiri nation”, called for stringent scrutiny of the way and manner the commonwealth of the people had been deployed by those responsible for it

    Ireyefoju, who suggested a larger gathering of Itsekiri key stakeholders to discuss what he called “The Odyssey of Waste – a case for Itsekiri development master plan”, said this would be key to restoring the dignity of Itsekiri nation.

    He said: “Itekiri summit of the royals, Omajaja and the chiefs should be conveyed to discuss “ The Odysey of Waste – a case for Itsekiri development master plan IRDC 12 disciples and their master should appear to give account to the summit, NDDC projects done and abandoned should be scrutinized and DESOPADEC projects in the kingdom may be torched. The Chairmen of DESOPADEC, past and present should be invited to the summit…”

    Club chairman Gbesimi Akperi said the club was formed years ago to unlock the Itsekiri potentials and promote development in the communities. He said the club had established an Itsekiri Education trust that was impacting lives in the area of education.

    The event was graced by the Olu of Warri, Ogiame Ikenwoli, who was represented by Chief Otimeyin Adams, Chief Olivia Agbajor and Chief Wilifred Gbejule,

     

  • Ambode to stakeholders: be flexible

    Lagos State Governor Akinwunmi Ambode yesterday urged stakeholders to be open-minded and flexible in their demands for minimum wage, in the interest of everyone. He said there was an opinion on the need for workers to be reasonably remunerated in line with the present economic realities.

    The governor spoke in Alausa-Ikeja at a public hearing on national minimum wage for workers.

    It was organised by the Tripartite Committee of the National Minimum Wage for Southwest Zone.

    He said a provision was made in the law for periodic review of the national minimum wage, as every worker deserved a wage that would guarantee decent standard of living.

    Ambode, represented by the Head of Service, Folasade Adesoye, said at N18,000 minimum wage, the state’s monthly wage bill was in excess of N10 billion for a workforce of 103,000, besides retirement benefits.

    He said while it was true that Lagos State generated the highest Internally-Generated Revenue (IGR), it must be noted that due to the growing population, “we also shoulder the highest responsibility in terms of the resources that must be spent on social and physical infrastructure renewal and development.”

    “The issue, which I believe is more peculiar to the public sector is striking a balance between what goes into recurrent expenditure of which salaries and allowances are a major component and the ability of the government to fulfil its obligations to the larger society.

    “In this instance, the revenue profile of each state becomes a major determinant of what can reasonably be afforded in terms of wages, without jeopardising the ability of the government to fund social services critical to the well-being of the citizens,” the governor said.

    The Chairman of the committee, Kebbi State Governor Atiku Bagudu, represented by his deputy, Col. Samaila Dabai, said the national minimum wage was first fixed in 1981 and reviewed in 1991, 2000 and 2011.

    “It, therefore, means that hitherto, there appeared to be an unwritten cycle of 10 years between reviews,” he said, adding that the committee set up by the Federal Government comprised governments at the federal and state levels, the organised labour and organised private sector in accordance with the Conventions of the International Labour Organisation.

     

     

  • Stakeholders rally supports for stockbrokers’ institute

    Capital market stakeholders yesterday underscored the important roles of the Chartered Institute of Stockbrokers (CIS) in the development of the Nigerian capital market and the economy as the self regulatory organisation commissioned its new corporate headquarters.

    The CIS was established by Act 105 of 1992 as the institute that trains, certifies and regulates professionals in the investment and securities market.

    Capital market regulators, operators and other stakeholders yesterday showered encomiums on the institute at the commissioning of its new corporate headquarters in Lagos, pledging supports for the efforts to globalize its operations. The new headquarters, located at 71, Raymond Njoku Street, Ikoyi South West, was unveiled by the oldest surviving stockbroker in Nigeria and founder, First City Monument Group, Otunba Subomi Balogun.

    Acting Director General, Securities and Exchange Commission (SEC), Ms Mary Uduk in her address pledged continuous support of the Commission for the Institute. Uduk who was represented by the Director, Lagos office of SEC, Mr Stephen Falomo commended CIS for ensuring that its qualification is widely recognized globally and should not rest on its oars.

    “As we share the joy of inaugurating the Institute’s new home and congratulate all those who have collaborated to make this achievement possible, we also embrace its shared vision and commitment to safeguarding the quality assurance of the training of capital market operators. It is gratuitous to note that the institute’s qualification is widely recognized both within and outside Nigeria as a professional business qualification and this is all the more reason why the Institute cannot afford to rest on its oars, as it has to step up its activities. In order to meet up with the challenges of technology and other innovative developments in the financial world today,” Uduk said.

    Balogun commended the past presidents of the institute and the present administration for achieving this laudable goal despite the challenging operating environment.

    He noted that the capital market is the centre of Nigerian economy, urging both the organized private sector and the government to support its growth and development.

    President, Chartered Institute of Stockbrokers (CIS), Mr Oluwaseyi Abe also commended the past leaders of the institute, describing the acquisition of the new office as a milestone after 25 years of existence of the institute.

    “The dramatic acquisition highlights the resilience and determination of the institute in the face of the odds. It has not been a bed of roses for the institute in view of the economic headwind and its effect on the capital market, the primary constituency of the institute, but the unity of purpose and unalloyed commitment of its members and continuous deployment of creativity and astute management of funds has helped the institute to keep its head above waters,” Abe said.

  • Stakeholders chart new strategies for security in Lagos

    STAKEHOLDERS and security experts have canvassed new strategies and ideas on how to consolidate on the successes recorded by the State in securing lives and property of residents.

    The deliberations took place at the inaugural Lagos State Security Summit held recently at Eko Hotels and Suites, Victoria Island.

    The summit, with the them: “Securing Lagos State: Towards a Sustainable Framework for a Modern Mega City.”

    The forum provided a platform for leaders, leading minds and subject-matter experts to share best practices knowledge and experiences focused on recommendations for a sustainable security framework for the state from 2018 to 2030.

    In his opening remarks, Governor Akinwunmi Ambode who was represented by  Chairman of the State’s Security Trust Fund, Mr Oye Hassan-Odukale, said in a bid to scale up security in the State, there was a need for a concept of collective vigilance to be put in place whereby all stakeholders in security management would have properly defined roles and relationships to stay ahead of all form of violent crimes such as terrorism, cyber and transnational organized crimes, among others.

    He said the concept had become imperative in view of the vulnerability of the State to various security threats due to continuous influx of foreigners and people from other parts of the country into Lagos on a daily basis.

    Also speaking, Executive Secretary/ Chief Executive Officer of Lagos State Security Trust Fund, Dr Abdurrazaq Balogun, said with the population of Lagos which he puts above 21 million, it was certainly important for technology to be fully incorporated into the security architecture of the state.

    He said: “I think technology is just the way to go for security in a state like Lagos with a population of about 21 million people and still counting.