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  • Senate committed to $13.3b oil project

    The Senate has assured Nigerian Agip Oil Company (NOAC) and other stakeholders of its support and commitment for the start of the $13.5 billion offshore Zabazaba crude oil production project that is awaiting Final Investment Decision.

    Chairman of the Senate Committee on Local Content Senator Solomon Adeola spoke at a NOAC/Oando and NNPC organised Research and Development Forum/Exhibition of Emerging Technology with the theme “Research and Development-Emerging Technologies in the Nigerian Oil and Gas Industry”.

    A statement by Adeola’s media adviser, Kayode Odunaro, said: “The National Assembly is interested in the project as it will help actualise the participation of Nigerians in this critical sector of our economy in terms of personnel, training and increase in crude oil production.”

    Adeola praised NAOC for turning out another set of highly skilled subsea engineers for deep sea projects like Zabazaba, stressing that as representatives of the people, it is the role of the National Assembly to ensure that Nigerians benefit directly in the production and processes in crude oil exploration and exploitation.

    Read Also: Senate committed to $13.3b oil project

    “The goal of Local Content is not to drive away foreign investors, but to have Nigerians participate in the production process with a view to mastering some aspects of these processes in due course. The industry has since achieved 28 per cent of Local Content and the goal is that by 2027, it would have achieved 70 per cent,” he added.

    The statement quoted Vice Chairman and Managing Director of NAOC, Mr. Lorenzo Fiorillo, as saying the company is committed to promoting value addition in Nigerian economy by deliberately utilising Nigeria human resources, materials and services in its gas and oil activities, in compliance with Local Content Act. He added that the exhibition is to showcase research and development in emerging technology towards growing Nigerian Content in the Oil and Gas Industry.

    Other participants at the exhibition included Mr. Bello Rabiu, the Chief Operating Officer (COO) NNPC (Upstream), Mr. Bambo Ibidapo-Obe, the General Manager Oando and Simbi Wabote, Executive Secretary of NCDMB.

  • Kidnappers demand N3m ransom for Fire Service chief

    The kidnappers of the Lagos State Fire Service Acting Director Rasaki Musibau have demanded N3 million from his family, The Nation learnt on Tuesday.

    Musibau and six others were abducted at Iwoye along the Epe-Itoikin road, Ikorodu, last Saturday.

    The incident, it was gathered, occurred while the Fire Service chief and others were going to Epe.

    The kidnappers blocked the Itoikin bridge, ambushed occupants of a Sienna, Corolla and a Sports Utility Vehicle (SUV) and took them away.

    The Nation learnt that the abductors are also demanding N500,000 from the families of six other abductees.

    Some neighbours told The Nation that the Fire Service chief’s family are planning to raise the money.

    According to them, the response of the government has not been encouraging.

    Musibau, who they said, is the chairman of the Landlord Association in the area, is due for retirement in two months.

    A neighbour, who simply gave his name as Segun, said he heard from some leaders of the community that the kidnappers are demanding N3 million ransom.

    He said the community may assist the family to raise the money if the government is not proactive.

    Read Also: Navy takes war to kidnappers, others

    “We are yet to see delegation from the office of the Commissioner for Special Duties, Mr Seye Oladejo. Although, it was learnt that the commissioner is not in the country, that does not stop the permanent secretary or any other top official from the ministry from visiting the family. We only saw the vehicle of the Fire Service the following day the incident occurred,” Segun said.

    Corroborating Segun’s statement, another neighbour, Wale, said the commissioner for Special Duties ought to have returned to the country immediately the incident occurred.

    “This is the normal practice across the world. Somebody in that calibre was kidnapped and the whole place is quiet as if it’s nothing big. I expect the  government delegation to have visited the family and neighbours. Mr Musibau is a community leader in this area,” he said.

    According to him, the kidnappers are asking the families of other people abducted to pay N500,000 each.

    “I am not surprised they are demanding such amount. They have been in this business for a long time without security officers stopping their unlawful activity. Many families who have been victims don’t inform the police because they are afraid that the kidnappers may kill their loved ones. It is because of the personality of the fire fighters’ boss that led to police intervention,” Wale said.

    Lagos State Government has urged Lagosians not to despair over the abduction of Musibau.

    It said all hands are on deck to ensure he and others return safely.

    Briefing reporters yesterday after the Security Council meeting chaired by Governor Akinwunmi Ambode, Police Commissioner Zubairu Muazu confirmed Musibau’s abduction with others, but said security agencies were working to rescue them.

    Muazu, alongside heads of other security formations, expressed optimism of positive result, but declined to give details on the move to rescue the victims.

    “I confirm that there was kidnapping involving the director of Fire Service. Security agencies are working towards the safe release of the victims. We are working to ensure their safe return,” the CP said.

    On the fears being expressed over likely return of the spate of kidnapping, Muazu said security agencies were working to stop it, noting that there was nothing to worry about.

    “This present case does not mean kidnapping has returned to Lagos. I see this as a very unfortunate incident and I assure Lagosians that security agencies are putting their heads together to ensure we stop this menace,” he said.

    Muazu said the council reviewed the security situation since the last meeting was held, adding that the government, in partnership with security agencies, was working to ensure smooth transition of government to the incoming administration of Mr. Babajide Sanwo-Olu and Dr. Obafemi Hamzat.

     

  • Ambode sets up 20-man transition committee

    Lagos State Governor Akinwunmi Ambode on Tuesday inaugurated a 20-member Transition Committee that would be saddled with the responsibility of ensuring a seamless transition to the next administration on May 29.

    Inaugurating the Committee, Ambode, who was represented by the Secretary to the Government, Mr. Tunji Bello, said a smooth transition to the next administration was imperative to ensure that the machinery of government continues to run smoothly without any hitch, considering the economic importance of Lagos to Nigeria.

    “In about seven weeks from now, the tenure of this administration will come to an end and a new administration will commence under the leadership of His Excellency, Mr. Babajide Sanwo-Olu.

    “A smooth transition to the next administration is imperative to ensure that the machinery of government continues to run smoothly. Our State is a delicate one with very significant importance in the economic and social stability to our nation.

    “To maintain this stability, build on the solid status of our State and give the next administration a smooth take-off, it is imperative to quickly put in place a transition committee whose major responsibility will be to ensure a seamless transition to the next administration come May 29, 2019,” he said.

    Ambode commended Lagosians for keeping faith with the progressive ideals of the All Progressives Congress (APC) in the last two decades and also his administration, expressing optimism that the incoming administration would build on the achievements recorded so far.

    Read Also: Ambode sets up 20-man transition committee

    ‘Let me use this opportunity to once again express my profound appreciation to all Lagosians for keeping faith with this administration and the rare privilege to serve. Government is not a sprint or a short distance race. It is an unending race.

    “For us in Lagos State, it has been a progressive race in which every successive administration builds upon the achievement of the past administration.

    He charged the Committee, which would be co-chaired by the Deputy Governor-elect, Dr. Obafemi Hamzat and the Secretary to the State Government, Mr. Tunji Bello to accord the assignment the diligence and commitment it deserves.

    Members of the committee include the Head of Service, Mr. Hakeem Muri-Okunola; Attorney General and Commissioner for Justice, Mr. Adeniji Kazeem; Commissioner for Finance, Mr. Akinyemi Ashade; Commissioner for Works and Infrastructure, Mr. Ade Akinsanya, Special Adviser to the Governor on Education, Mr. Obafela Bank-Olemoh and Special Adviser on Urban Development, Mrs. Yetunde Onabule.

    Other members include Permanent Secretary, Works and Infrastructure, Mr. Jimi Hotonu; Accountant General and Permanent Secretary Treasury Office, Mr. Abimbola Umar; Permanent Secretary, Economic Planning and Budget, Mr. Abayomi Kadiri, Ayo Gbeleyi; Sam Ngube; Dr. Muyiwa Gbadegesin; Engr. Tayo Bamgbose-Martins; Mr. Bayo Sotade; Solape Hammond; Mrs. Bunmi Fabanwo; Mrs. Bukola Odoe and Mrs. Toke Benson Awoyinka.

    In his vote of charge, the Deputy Governor-elect assured that the Committee would immediately commence its work and ensure that everything done is in the interest of the State, adding that it would be a transition of the same government as the incoming administration would build on the existing template to move the State forward.

    “Lagos State has always been a pace setter in everything and that’s exactly what we would do here. Everyone on this table is a prominent Lagosian and everything would be in the interest of the State; it’s the same government and it should be pretty straightforward,” he said.

     

  • NSE lifts suspension on Afromedia

    The Nigerian Stock Exchange (NSE) has lifted suspension on trading in the shares of Afromedia Plc; one year after it suspended the advertising media company for failure to comply with post-listing requirements.

    The NSE stated that the lifting of suspension on the shares of Afromedia was sequel to the submission of its relevant financial statements to the Exchange.

    The NSE had on April 9, 2018 suspended trading in shares of Afromedia for failing to adhere to best corporate governance and extant post-listing requirements that require quoted companies to submit their periodic financial statements and reports within stipulated timelines.

    Post-listing rules at the NSE require quoted companies to submit their audited earnings reports, not later than 90 calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.

    Read Also: NSE launches multi-asset brand campaign

    Not less than 83 per cent of quoted companies use the 12-month Gregorian calendar year as their business year. The business year thus terminates on December 31. While March 31 is usually the deadline for submission of annual report for companies with Gregorian calendar business year, the deadline for the quarterly report is a month after the quarter.

    The Exchange stated that “Afromedia Plc has now filed its outstanding financial statements”, thus the suspension placed in trading on the shares of the company was on Monday, April 8, 2019.

    Incorporated in 1959 and listed on the NSE in 2009, the Afromedia Group consists of five subsidiaries and associated companies. These include Afromedia Gambia Limited, Afromedia Africa Propriety Limited, Optmedia Limited, Outdoor Exchange West Africa Limited and Independent Poster Care Limited.

  • Court to open hearing in N50b suit against INEC, two others

    Federal High Court in Abuja has scheduled hearing for May 27 this year in a suit seeking to among others, bar the Independent National Electoral Commission (INEC) from further use of transparent ballot boxes, permanent voters’ card and related devices for elections.

    The suit, filed by a firm – Bedding Holdings Limited – is intended, among others to enforce two pending judgments given by the Federal High Court on June 5, 2012 and January 28, 2014 which affirmed the firm’s exclusive patent rights over some inventions that formed the core of INEC’s electoral operations.

    Bedding identified the inventions on which it has patent rights to include: “the Transparent Ballot Boxes (TBB), Electronic Collapsible Transparent Ballot Boxes (ECI’BB), Direct Data Capturing Machines, Electronic Card Reader (ECR), its derivable Permanent Voters’ Card (PVC) and Proof of Address System Scheme (PASS) Embedded with the Concept of the Coded Metal Plate and the Process and Application of these products to produce the Voters’ Register respectively.”

    The suit, marked: FHC/ABJ/CS/1537/2018, has Bedding listed as the sole applicant, with INEC, the Attorney General of the Federation (AGF) and the Registrar of Patents, Federal Ministry of Commerce and Industry, listed as respondents.

    The applicant wants an order, compelling the respondents to abide by the judgment of the court delivered on June 5, 2012 in a suit marked: FHC/ABJ/CS/82/2011 and on January 28, 2014 in suit: FHC/ABJ/CS/816/2010.

    Bedding is also praying praying the court for an order, directing the respondents to pay it N50billion “as exemplary damages for the continued use of the Transparent Ballot Boxes, Electronic Collapsible Transparent Ballot Boxes and Direct Data Capturing Machines for the registration of voters and or the collation/compilation and production of the voters’ register” without its prior and express consent.

    Read Also: Court remands suspected killer of police corporal

    It equally seeks an order of perpetual injunction, restraining the respondents from using its inventions and anything derived thereof, without the prior and express consent, and “to declare any action or actions whatsoever and however or purported to have been taken in connection thereto, as illegal, unlawful, unconstitutional, null and null.”

    On December 18, 2018, Justice Nnamdi  Dimgba (also of the Federal High Court, Abuja) restored the judgment given by Justice Adamu Bello on July 5, 2012 and gave bedding the permission to commence the process of enforcing the judgment.

    In a supporting affidavit, deposed to by its Chief Executive Officer (CEO), Sylvester Odigie, Beddings claimed that the respondents have continued to disregard  the judgment of June 5, 2012 and a subsequent one of January 28, 2014 which further confirmed its (the firm’s) exclusive patent rights over the said inventions.

    Bedding stated that its core speciality is in the fabrication and manufacture of steel metal products such as transparent ballot boxes, electronic transparent boxes, among other products.

    It added that: “On 12th January, 1998 the applicant (Bedding) was issued with Certificate of Registration of Patent Rights No. RP 12994 and Registration of Industrial Designs Rights No. RD 5946 in and over the invention named Transparent Ballot Boxes (“TBB”) by the 3rd respondent (Registrar of Patents).

    “Also on 27th November, 2006, the applicant registered and was issued with the Patent Rights No. RP 16642 and Copyright Designs No. RD 13841 in and over the invention named “Electronic Collapsible Transparent Ballot Boxes”, an improved derivative of TBB, which integral features include the Electronic Card Reader (ECR) and it’s derivable Permanent Voters’ Card (PVC) thereof and Patent Rights NORP NG/P/2010/202, Proof of Address System/Scheme (PASS) (Embedded with the concept of the Coded Metal Plate) the process and-application of which is used to produce the voters’ register.

    “The above stated Patent and Industrial Designs Rights of the applicant is still valid and subsisting till date having been extended at various times by the 3rd respondent upon the application of the applicant.

    “By virtue of the above and the applicant being the exclusive and bona fide patentee of the said Patent and Design Rights over the inventions named Transparent Ballot Boxes (TBB),, Electronic Collapsible Transparent Ballot Boxes (ECTBB); Direct Date Capturing Machines, Electronic Card Reader (ECR), Permanent Voter’s Card, (PVC) and Proof of Address System Scheme (PASS) Embedded with the Concept of the Coded Metal Plate and the Process and Application of these products to produce the voters’ register respectively, the applicant and the 1st respondent (INEC) executed a license agreement on the 29th day of January 2003 wherein the applicant granted to the 1st respondent license over Transparent Ballot Boxes (“TBB”) till 29th of March 2003.

    “Further to the above, the 1st respondent, in issuing out award letters to its agents and contractors with respect to the transparent ballot boxes, included a clause informing them of the applicant’s right to the patent.”

    Bedding further stated that despite the subsistence of its patent rights over the inventions, the 3rd respondent, on October 14, 2010 issued similar certificates to three other firms in relation to the inventions over which it already had exclusive patent rights.

    The firm stated that upon the its “discovery of the multiple registrations and issuance of certificate of patent rights and/or designs rights to Tambco United Nigeria Limited and  Anowat Project & Resources Limited in and over the exact product of the applicant,” it filed the suit on January 11, 2011, on which the judgment of June 5, 2012 was given.

    It said another judgment was also given in suit: FHC/ABJ/CS/816/2010 on January 28, 2014 by the court, which among others compelled the respondents (including INEC) to always obtain permission from the applicant (BHL) before buying or using the said inventions.

    Bedding stated that “The 1st respondent, in deliberate and further defiance and contempt of the order of this honourable court, has perfected plans and are against taking steps to use the applicant’s Transparent Ballot Boxes (“TBB”) and Electronic Collapsible Transparent Ballot Boxes for the conduct of the 2019 general election without the consent, license and authority of the applicant.

    “The applicant has continued to suffer great financial loss and hardship due to the act of the respondents in deliberately refusing to pay the royalties accruable to the applicant for the patented materials used for conducting past general elections and other elections in the years between 2007 and 2018 despite the fact that there were appropriation for every election cycle for each of the patented materials illegally ‘used.

    “In spite of the judgments of this honourable court, the respondents have deliberately failed and neglected to comply or abide by the orders of this honourable court.

    “The 1st respondent, in brazen disregard of the honourable .court’s orders, continued to make pronouncement with respect to Continuous Voters Registration Exercise (CVR) at different times leading up to the year 2018.

    “The respondents cannot claim ignorance of the existence of judgments and orders of this honourable court as same were published in The Nation Newspaper of Wednesday 4th of July 2012 in respect of Suit N0. FHC/ABJ/ CSI82/2o11 in respect of (TBB) and (ECTBB) and the applicant’s letter of demand in respect of judgment sum in suit N0. FHC/ABJ/CS/816/2010 through its counsel, dated 12th February, 2014.

    “The applicant avers that one of the two patents used in the suit FHC/ABJ/CS/816/201O ECTBB is the Improved Derivative of (TBB) which electronic features includes the Electronic Card Readers (ECR) or otherwise known as Optical Card Reader (OCR) and other implements.

    “The applicant loses a minimum of N10, 000,000,000.00. (Ten billion naira only) for every election cycle conducted using the applicant’s Transparent Ballot Boxes (TBB), Electronic Collapsible Transparent Ballot Boxes (ECTBB), Direct Data Capturing Machines, Electronic Card Reader (ECR), its derivable Permanent Voters’ Card, (PVC) thereof and Proof of Address System Scheme (PASS) Embedded with the Concept of the Coded Metal Plate and the process and application of these products to produce the voter’s register respectively, without the applicant’s consent, license and authority?.”

  • Hajj: Lagos kicks off weekend lectures

    The Lagos State Muslim Pilgrims Welfare Board (LSMPWB) has fixed Sunday for the inaugural lecture for intending pilgrims at the Old Secretariat Central Mosque GRA, Ikeja.

    Secretary of the Board, Mr. Ishola Rahman made this known on Tuesday while briefing the staff on the hajj exercise.

    Ishola said intending pilgrims across the 20 local governments and 37 local council development areas of the state have been invited to the lecture.

    This, he said, is to acquaint them with the dos and don’ts of hajj and to enrich them with the required knowledge that will enable them to performed acceptable hajj.

    Read Also: Hajj: Lagos kicks off weekend lectures

    Ishola said the lecture is compulsory for all Lagos State intending pilgrims.

    According to him, the lecture will provide the opportunity for the pilgrims to meet their coordinators and other travellers for the purpose of networking and chatting the way forward for the exercise.

    The Board Secretary appealed to intending pilgrims to complete their payments and submit their forms for processing as Biometric capturing will begin soon.

  • Travel agent in alleged N3.7m Canada visa scam

    A travel agent, Chinedu Nwosu, who allegedly obtained N3,700,000 from an applicant, under the guise of procuring him a visa to Canada, was yesterday brought before an Igbosere Magistrates’ Court, Lagos.

    Nwosu, 43, is standing trial before Magistrate M.F. Onamusi, on a three-count charge of conspiracy, obtaining under false pretence and stealing.

    Prosecuting Inspector Jimoh Joseph alleged that Nwosu committed the offences in January 2018.

    The court heard that Nwosu, alongside accomplices, who are still on the run, presented himself as a travel agent.

    He allegedly obtained the sum from a would-be traveller, Ngwu Chukwuma, under false pretence that he would procure a Canadian visa for him, “an information he knew was false.”

    Read also: Court discharges bus driver charged with armed robbery

    The court also heard that the defendant stole the N3.7million from the complainant.

    According to the prosecutor, the offences contravened sections 411, 314 and 287 of the Criminal Law of Lagos State, 2015.

    Nwosu pleaded not guilty.

    Magistrate Onamusi granted him N500,000 bail with two sureties in the like sum.

    One surety must be a relation, the second surety must be a cleric, who must have known the defendant for not less than three years, among other conditions.

    The case continues on May 6.

     

  • Why we want to delist our shares from NSE, by First Aluminium

    The board of directors of First Aluminium Nigeria Plc yesterday explained that the aluminium company is seeking to delist its shares from the Nigerian Stock Exchange (NSE) because of inactivity on the shares of the company and inability of the current listing to help in realizing the corporate objectives of the company.

    In a statement on the voluntary delisting, the company stated that the purpose for listing was to raise capital as well as provide liquidity to its shareholders but the current illiquidity nature of the market has rendered this primary corporate objective unattainable for the company.

    According to the company, over the last 12 months, there has been a significant fall in average daily trading volumes to 2,918 shares between July 2017 and June 2018 and further dip to 2,816 shares between July 2018 and December 2018.

    “Neither the company nor any shareholder is benefiting from the continued listing on the NSE. Furthermore, rationalization of operational expenses to support the company’s business and to meet the needs of various stakeholders as the attendant cost required to comply with its listing requirements including filing fees, penalties or sanctions, are not commensurate with the benefits to the company,” First Aluminium stated.

    ALUCON Holdings SA, the majority core investor that holds about 75.48 per cent equity stake in First Aluminium Nigeria, is offering to buy out willing minority shareholders. Minority shareholders hold about 24.52 per cent equity stake in the company. ALUCON Holdings is offering to pay 55 kobo per share. Alternatively, shareholders can trade their shares on the NSE. However, a shareholder that desires to remain a shareholder of an unlisted First Aluminium Nigeria Plc shall be free to do so.

    According to the company, over the past seven years, there have been little or no trading activity on the shares held by the minority shareholders while the share price was stuck at 50 kobo for about six years. It has since dropped further below nominal value.

    “Shareholders are not benefitting from the continued listing as they are not getting exit opportunities and their investments have been locked up, thereby finding it difficult of their shareholding. Neither the company nor its shareholders have benefitted as the company’s shares continue to trade at a significant discount to the intrinsic value,” First Aluminium stated.

    The company noted that the voluntary delisting will offer exit opportunities to shareholders who do not wish to remain in an unlisted public company.

    Following a resolution by the board of directors of the company on August 08, 2018, shareholders of First Aluminium Nigeria had at the annual general meeting on September 25, 2018 approved the voluntary delisting of the entire issued share capital of 2.11 billion ordinary shares of 50 kobo each. First Aluminium Nigeria was listed on the NSE in 1992.

    The voluntary delisting will become effective upon the obtainment of the written approval of the NSE.

     

  • Council presents N2.9b budget

    Chairman of Somolu Local Government AbdulHamed Salawu has presented a N2.7 billion budget to the legislators.

    Tagged: Budget of Infrastructural Sustainably, Salawu said the budget will focus on infrastructural sustainability and people-oriented programmes.

    According to him, a new office complex would be constructed while ongoing projects will be completed.

    He added that roads construction and rehabilitation would also be carried out in all eight wards in the council.

    Salawu said there will be increase in funding social services programmes as well as environmental, health, empowerment and education.

    He hailed the legislators and the people of the council for their support for his administration.

    Leader of the Legislative Council, Yomi Oshunkoya assured the chairman of speedy passage of the budget.

  • SAHCO’s IPO records 65% subscription

    The initial public offering (IPO) of Skyway Aviation Handling Company (SAHCO) Plc was undersubscribed by 35.35 per cent as the company was only able to raise N1.22 billion out of IPO value of N1.89 billion.

    Official final allotment report for the IPO showed that a total of 1,212 applications were received for 262.52 million ordinary shares of 50 kobo each at N4.65 per share, totaling N1.22 billion.

    SAHCO had floated an IPO of 406.074 million ordinary shares of 50 kobo each at N4.65 per share. The IPO was an offer for sale, implying that the net proceeds of the IPO would go to the existing majority core investor in SAHCO, which was divesting partially to allow retail minority ownerships. Ten per cent of the shares offered for sale were earmarked for staff of SAHCO under an Employee Stock Ownership Plan to be set up and administered by a Trustee.

    The IPO, which opened on November 5, 2018 and was scheduled to close on December 19, 2018, was extended for 12 working days to January 09, 2019 as concerns over valuation and slowdown in the equities market appeared to weaken demand for the shares of the ground handling company.

    SAHCO was privatised by the Federal Government in 2009. Sifax Group acquired the entire share capital of the company. The Share Sale Purchase Agreement (SSPA) however mandates the majority core investor to divest 49 per cent of the shares of the company to the general Nigerian investing public.

    The board of the company had stated that SAHCO planned to ride on the back of the success of its IPO to further push its vision of becoming the leading provider of aviation handling services in the West African region.

    Chairman, Skyway Aviation Handling Company (SAHCO) Plc, Barrister Taiwo Afolabi, said the said the IPO opened up opportunities for Nigerians across the federation to be part of the privatisation success, noting that SAHCO is the leader in aviation cargo and Nigeria’s only ground handling company with affiliation with maritime cargo.

    He outlined that the company’s future strategy is to create long term shareholder value through the profitable operation and expansion of its business into other West African markets with a vision to become the leading provider of passenger, ramp and cargo handling services in the West African region.

    “In order to achieve this objective, SAHCO seeks to pursue growth and opportunities consistent with its business operations by focusing on operational excellence and efficiency, enhanced service delivery, strategic partnerships and alliances that would enhance its capability both in the domestic market and globally as well as strategic investments among others,” Afolabi said.