Tag: The Nation newspaper

  • Customs command generates N814.7m

    The Niger/Kwara/Kogi Area Command of the Nigeria Customs Service have generated over N814.7 million in the first quarter.

    Briefing reporters in Minna yesterday, Customs Area Controller of Niger/Kogi/Kwara, Comptroller Yusuf Abba-Kassim said the amount generated was the highest the command had recorded in the last three years.

    “In spite of lull …the command has generated N814,755,563.86 …even when the command is yet to receive official communication of the revenue target for the fiscal year, 2019.”

    Giving a breakdown, the comptroller said in 2016, it generated N539.1 million; in 2017, N417.3 million was generated; and in 2018, N387.2 million was generated.

    Read also: Onne Customs generates N94b revenue

    Kassie added N210.4 million was generated in January, N4.3 million in February, and N599.9 in March.

    He said in the first quarter, the command seized 732 bags of 50kg rice, 175 litres of vegetable oil and 11 different used vehicles with duty paid value of N5.5 million, adding the total duty paid value for all seizures was N19,120,700.

    The comptroller warned smugglers to steer clear and engage in meaningful venture.

    Noting that the command would surpass target set for it by the management, Kassim said “it is our hope that our joint efforts in this year will yield better result as we anticipate going beyond the revenue achieved in 2018.”

  • Mile12 market needs upliftment, says consultant

    THERE is need for the government to provide basic amenities at Mile 12 market, Lagos, an expert has said.

    The consultant to the market, Femi Odusanya, stated this in an interview.

    He said the popular market has remained in a dilapidated state for years, thereby posing a health challenge to the public.

    He bemoaned the government’s attitude to the market, noting that it is for this that members of the Arewa Perishable Foodstuff Market Association have sponsored projects in the market with the hope that the government would encourage them by coming to their aid.

    Odusanya said: “This is not an ideal market if you compare it to what is obtainable in advanced and even developing countries. Almost everything in this market was self done. The contribution of the state government is very minimal. So, we are calling on the state government to come and rebuild the market because that is the most important need of the market.

    Read also: Scarcity of LAKE Rice hits Lagos markets

    “This is a food market where consumable goods are sold; hygiene is key to sustaining a healthy life. We want an ultra-modern market where people can drive in, have car parks, people moving at ease without wearing boots and shade to protect from the scorching sun and rain.’’

    He was hopeful that the in-coming government would respond to the plea through having a Public-Private Partnership (PPP) template for the reconstruction of the market, urging governor-elect Babajide Sanwo-Olu to put the market on its priority list.

    Also, the expert called on the Federal Government to fix the bad roads, leading to the market, which, he said, have remained a burden in transporting goods from the north as well as hasten the construction of the railways.

    “We need the Federal Government and state government to assist the stakeholders and the players in the agric business value chain by providing good roads.

    ‘’The time we spend on the road, we incur lots of losses, which invariably affect the price.  It is even a plus that the Federal Government is trying to fix the rail. If they can fast-track that, that would really assist the farmers and the agric business players in the sense that it will reduce the number of days for goods to be transported down to Lagos and prevent post harvest wastages,” Odusanya added.

     

  • Leveraging gender parity to boost productivity

    The global campaign for gender equality, particularly in the workplace, is gathering momentum. In Nigeria, where the gospel of gender inclusion has gained significance, some private sector operators, the government, and the society latched on this year’s International Women’s Day to renew the push for a gender-balanced workforce. They noted that enhanced access to the different but complementary leadership skills, wider talent pool, and insights women bring to management will drive economic growth and development. Assistant Editor CHIKODI OKEREOCHA reports.

    Multinational food and beverage company Nestlé has raised the bar in the global campaign to prioritise workplace gender balance to boost productivity. With the launch of its Gender Balance Acceleration Plan, the company has moved a notch higher in its quest to become the reference point in the push for a gender-balanced and truly equal workplace.

    Essentially, Nestlé, through the plan tagged: From aspiration to action, said it was enhancing its performance by increasing the number of women in departments that traditionally hire men. Consequently, to close the gender gap, its Technical and Supply Chain Management departments are looking to recruit a majority of women as graduate trainees.

    The company’s strategic decision to tilt the gender balance in favour of women also includes, at least, one female candidate in its final interview stage for job applicants. In doing so, Nestlé was convinced that embracing diversity and increasing the number of women in leadership roles and in the workforce was key to driving productivity and growth.

    The Factory Manager of the Flowergate Factory, which includes the first 100 per cent female production line in Nestlé Nigeria, Ibukun Ipinmoye, confirmed this when he admitted that there has been an increase in productivity because of Nestlé’s commitment to enhancing gender balance in its workforce and empowering women across the entire value chain.

    Ipinmoye saidx: “We realised that the female production lines are very productive, thanks to their highly committed and collaborative spirit and their careful handling of the equipment. Gender diversity has helped to boost productivity. As a result, we plan to introduce female operators to more complex lines to utilise their multi-tasking skills, and aim to hire 80 per cent of female management trainees.”

    The Nation learnt that 43.2 per cent of Nestlé’s manager positions are held by women, while 31.8 per cent its senior leadership roles are held by women. The launch of the plan was part of its activities to highlight this year’s International Women’s Day (IWD). It was also to help achieve her vision to be a gender-balanced and truly equal workplace that can serve as an example to others.

    The IWD is celebrated on March 8 yearly to achieve one of the Sustainable Development Goals (SDGs) in the United Nation (UNs’) 2030 Agenda, which seeks to “achieve gender equality and empower all women and girls”. This year’s edition was themed: Balance for Better. The 2019 initiative was also aimed at creating greater awareness of discrimination and a celebration of women’s achievements.

    Nestlé rode on the platform of this year’s IWD to bring its Gender Balance Acceleration Plan to life through its multi-pronged initiatives, such as trainings to raise awareness on gender biases, career development and mentoring programmes for women.

    Other initiatives include its gender-sensitive succession planning, offering breastfeeding rooms and nurseries at work, as well as the implementation of its Maternity Protection Policy.

    However, Nestlé was not the only company that leveraged on this year’s IWD to draw attention to its gender-inclusive milestones and also articulate strategies to further close the gender gap. PZ Cussons Nigeria Plc was also not left out.

    The multinational said it joined the global community to celebrate the event as part of its responsibility to set and drive the momentum towards achieving a more gender-balanced and enabling workplace.

    The company, which deals in beauty care and household products, reaffirmed its commitment to the advancement of affirmative action, noting that it was the panacea for an all-inclusive development as enshrined in the UN SDG 5.

    At a colloquium it organised in Lagos to celebrate this year’s IWD, PZ Cussons Chief Executive Officer (CEO) Christos Giannopoulos said women in the company had contributed immensely in providing consumer insights and crafting winning marketing strategies.

    He stated that PZ Cussons was an equal opportunity employer and that opportunities were opened to all, irrespective of their gender. And to underscore this fact, Giannopoulos said PZ Cussons’ Global Chairperson is a lady.

    PZ Cussons Nigeria Plc Executive Director, Human Resources and Administration, Ms Joyce Folake Coker, confirmed this much when she said: “For a long time, PZ Cussons Nigeria prides itself as a company with a number of women on its Board and it has women in both senior managerial and other positions.”

    The key guest speaker, Chief Nike Akande, reminded the audience that women remained the foundation of any society. The former President of Lagos Chamber of Commerce and Industry (LCCI), therefore, called for action to accelerate gender parity.

    Workers of management of Dairy firm FrieslandCampina WAMCO also took time off to mark the IWD at its premises in Ogba-Ikeja, Lagos. Its Corporate Affairs Director, Ore Famurewa, reaffirmed the company’s commitment to achieving gender balance in the workplace.

     

    Public sector joins the fray

    However, the renewed campaign for gender parity was not entirely a private-sector driven initiative. The public sector also threw its hat in the affirmative action ring.

    For instance, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, was emphatic that “Gender equality is a driver for economic growth and a prerequisite for achieving the 2030 global development agenda.”

    Speaking at an event organised by the CBN to celebrate the IWD in Abuja, he said there is the need to increase the level of participation of women in key positions in the private sector, noting, for instance, that the present situation where only three out of the 27 chief executive officers of banks in Nigeria were women was not acceptable.

    He said the CBN was mindful of the importance of women in the society, which was why it had championed the cause of women in the society.

    According to Emefiele, the number of female directors in the CBN moved up from one in 2001 to six in 2017. The percentage of women employees in the CBN also moved up from 24 per cent in 2013 to 28 per cent in 2017.

    The CBN boss added that the apex bank had over the years been implementing various programmes and policies aimed at developing the economic potential and development of women.

    This was in realisation of a 2017 McKinsey research, which showed that if women’s economic participation were at the same level as men, $28 trillion could be added to the world’s economic growth by 2025.

    This is particularly true for the financial services sector, where a 2018 study by the International Monetary Fund (IMF) showed that greater inclusion of women as users, providers, and regulators of financial services have benefits beyond addressing gender inequality.

    “Narrowing the gender gap would foster greater stability in the banking system and enhance economic growth,” the study said.

    Overall, a World Economic Forum Gender Gap Report (2018) said there is an average 32 per cent gender gap that needs to be closed and going by the trend, the overall global gender gap will close in 108 years.

    But, with the Nigerian Government throwing its weight behind the push for gender equality, hopes of closing the gap are getting brighter. The Minister of Finance, Mrs Zainab Ahmed, said in Nigeria, women comprised more than half of the population, adding that for sustainable growth to be achieved, women should be given the requisite support to succeed.

    “It is important that government continues to develop and implement policies, regulatory frameworks, and programmes that are inclusive and gender-sensitive. This will help remove the socio-economic and cultural barriers that prevent women from participating fully in society and from reaping the economic benefits of their participation,” the Minister said, in Abuja.

    Ahmed said this was especially important given the evidence that gender-neutral policies are often applied in ways that exclude and disenfranchise women stakeholders and other vulnerable communities. “Women must have a ‘seat at the table’, and be co-creators of any strategic interventions aimed at ensuring gender parity in the long run,” she said.

    The World Bank is also involved in the effort to address gender inequality in workplaces. The bank in its latest reports identified improved job opportunities for women and girls at all levels of productive engagements as key to ongoing efforts aimed at alleviating poverty, increasing GDP in national economies and bridging the gender gap between men and women across the world.

    It noted that policy makers, private sector and other job providers would be contributing to the global socio-economic agenda targeted at closing the gender-inequality gap if they showed commitment to removing all barriers to women and girls employment and by implication, adding significantly to the global development values.

     

    The challenges

    Despite the avowed commitment of the private and public sectors to close the agenda gap especially in the workplace, it is still not a walk in the park. Creating gender balance on the factory floors or in offices does not come without some obstacles.

    Pressure to conform to gender stereotypes, resistance from men, adapting work patterns to family life and maternity commitments, and the shortage of females in certain fields like engineering, are just some of the gender balance challenges that working women face.

    The case of the Production Manager for Milks in Nestlé Ghana, Julia Atta, perhaps, brings the challenges nearer home. Atta was appointed as the first female production manager for Nestlé CWAR last year – marking a milestone for the company in the region.

    She explained that she went into this ‘non-traditional’ line of work for women to change mind-sets and make an impact, but this came with its challenges. “For any women in a male-dominated environment, even a genuine reason can become a woman’s excuse.

    “For example, I felt I had to turn down an opportunity to go into production because I got pregnant, even though factory management made me an offer. At the time, I was unsure it was the right decision to join, as production was not seen as an ideal environment for my ‘condition’,” Atta said.

    She, however, added: “Thanks to the support of management, I had another opportunity to take up a role outside of the country for five months. However, others made me feel like I had made the wrong decision to leave my young child behind – but I was determined to make it work.”

    Today, Julia heads the milk production and technical team, leading the production, quality, safety, cost and delivery of 130 tonnes of evaporated milk a day, while also developing her team of junior and senior employees.

    But, beyond her obvious commitment to succeed in a male-dominated work environment, what is also required to close the gender gap or at least, reduce it significantly is, in the words of Emefiele, “collective action”.

  • NSE launches multi-asset brand campaign

    As part of efforts to boost investor education and increase investor participation in the Nigerian capital market, the Nigerian Stock Exchange (NSE) has launched an above-the-line marketing campaign that amplifies the Exchange’s credential as a leading securities exchange that provides investors with varied investment options.

    Besides quoted equities, the NSE is showcasing other investment options such as fixed income, Exchanged Traded Products (ETPs), derivatives and others. Themed “The Multi-Asset Sustainable Exchange”, the campaign will be featured across print, broadcast, outdoor and digital media.

    Head, Corporate Communications, Nigerian Stock Exchange (NSE), Mr. Olumide Orojimi, said the campaign was coming against the backdrop of the innovative offerings NSE has birthed since its intentional transformation that commenced in 2011.

    He noted that during this period, the Exchange has achieved phenomenal milestones including the deployment of cutting edge technology for trading and the use of artificial intelligence to monitor its market.

    He added that the Exchange had also upscale securities in its market with the flagship listing of the first sovereign green bond in an emerging market; establishment of an investors protection fund; launch of a corporate governance rating system and more recently the unveiling of the NSE Sustainability Disclosure Guidelines for quoted companies.

    “As the Exchange transits to a demutualized Exchange, its credential as multi-asset securities Exchange will be adequately communicated through series of creative messaging in this campaign. While investors’ appetite for capital market products continues to evolve, this campaign highlights NSE’s offering which transcends stocks,” Orojimi said.

    He reiterated the commitment of the Exchange to driving sustainable products, responsible investment in a market that is orderly and transparent whilst leveraging cutting edge technology.

     

  • Umahi, Saraki greet Wike on re-election

    Ebonyi State Governor David Umahi has congratulated Rivers State Governor Nyesom Wike on his re-election.

    A statement by his Chief Press Secretary, Emmanuel Uzor, described Wike’s as winner of the March 9 election as victory for democracy and a pointer to a better democratic norm.

    Umahi extolled Wike’s dogged spirit in fighting for his rights, and recovering the people’s mandate.

    He praised the Independent National Electoral Commission (INEC) for standing firm and doing the right thing, saying that there is still hope that Nigeria will get it better in terms of conducting credible elections.

    The governor called on political actors in the state to unite to move the state forward, adding that Nigerians should eschew politics of bitterness and see politics as a vehicle to render service to mankind.

    The Senate president, Bukola Saraki, has congratulated Wike on his victory.

    In a statement by his media aide, Yusuph Olaniyonu, said: “Wike’s victory, despite the desperate antics of some opposition forces, is a testament to his determination to develop Rivers State for his people.

    Read also: Rivers election: INEC declares Wike winner

    “Congratulations, Governor Nyesom Wike, on your decisive victory in the Rivers State governorship election. As you prepare to begin your next term, I wish you and the great people of Rivers State great success and many more achievements in the years to come.

    “As a committed and resilient leader who has constantly demonstrated your commitment to the development of your state, in particular, and Nigeria as a whole, the new decisive mandate that your people have entrusted in you is not surprising to anyone.

    “As you prepare to embark on the new mandate that the people have entrusted in you and our great party, PDP, I wish you the utmost grace and wisdom of the Almighty for the task ahead.”

  • Who is next minister for Ondo?

    President Muhammadu Buhari will be sworn in for a second term on May 29. There is intense lobbying for ministerial position for Ondo State.

    The President will likely retain some of his high performing ministers while the cabinet will be injected with fresh faces to help him to consolidate on the administration’s achievements.

    Ondo State Governor Oluwarotimi Akeredolu (SAN) is from the Ondo North Senatorial zone. The general view is that the ministerial nominee should come from either the Central Senatorial Zone or the South Senatorial Zone of the state.

    This is anchored on the principles of fair and equitable distribution of major offices across the state.

    Unlike 2015 when the President delayed in the appointment of his ministers, feelers indicate that he is likely to want to unveil his team, shortly after inauguration.

    Besides, there are expectations that, the President will like to bring in highly cerebral and proven technocrats who have the capacity to add value to the administration’s efforts at fulfilling its second term mandate.

    To this effect, prominent names have begun to feature as likely nominees from Ondo State, amid intense lobbying.

    One of them is Prince Soji Ehinlanwo from Ilaje local government in Ondo South District. A close associate of President Buhari, the Ilaje-born technocrat and politician is perceived as a very trusted and reliable ally of the President, who has been a strong and rabid supporter of the President when he was the leader of the All Nigeria Peoples Party (ANPP) and the defunct Congress for Progressives Change (CPC) days.

    He is regarded as one of the earliest torchbearers of the clamour for a Buhari Presidency in the Southwest, helping to establish strong roots for advancing the Buhari candidature in the Southwest, the Communication Minister Shittu – even before and during the defunct CPC merger with the defunct Action Congress of Nigeria (ACN) that crystalised into the All Progressives Congress (APC).

    He was the governorship candidate of the fefunct CPC in the 2012 governorship election and was believed to have made the singular sacrifice of quitting his prestigious job at the European Commission (EC) to contest on the platform of the defunct CPC.

    Ehinlanwo is described by those who know him as an incredible bridge builder who has very good relationship with many of the leaders within the APC.

    He has worked for well known global organisations such as the UK National Health service (NHS), Electronic Data Systems (EDS) – now part of Hewlett Packard (HP) – UK, Cap Gemini UK, Atos origin Belgium , Carillion Energy Services Limited – UK, The European Commission -Luxembourg, UK Department of Work and Pensions and Tesco PLC, providing expertise and leadership in diverse areas and  currently Business Analyst/Data Lead for Tesco PLC – the biggest UK Retail Outlet.

    Read also: Behave as a statesman, Ondo APC urges Olanusi

    Another prominent name on the lobbying list although his not a member of the ruling APC is former Governor Olusegun Mimiko from  Ondo West local government in Ondo Central Senatorial District.

    While Mimiko is yet to formally declare for the APC, prior to the House of Assembly elections, he was believed to have been approached by some chieftains of the APC to use the machinery of his ZLP to help boost the chances of APC candidates in the said elections.

    A source confirmed that the said arrangement was implemented during the recent House of Assembly elections where APC clinched 23 seats out of 26 seats after its not-too-impressive performance at the Presidential election.

    The appearance of his name has elicited reactions and jitters amongst some of those who are angling for the nomination as they fear he has powerful backers.

    It is believed that those who are lobbying for Mimiko are pushing the argument that he will be a good material for the Health Ministry.

    An APC stalwart, Chief Olusola Oke, SAN also from Ilaje, Ondo South is also a big name on the ministerial list.

    Oke is a big name in Ondo and national politics. He is politician of considerable experience. He worked very closely with the late Dr Olusegun Agagu.

    He was the Ondo state representative for the Niger Delta Development Commission (NDDC) while Dr Olusegun Agagu was the state governor, he was National Legal Adviser of the Peoples Democratic Party (PDP) during Dr. Goodluck Jonathan’s administration.

    He contested for governorship election twice; first in 2012 as PDP Candidate and in 2016 as Alliance for Democracy (AD) Candidate.

    Prior to the 2019 general elections, he was appointed Southwest Zonal Co-ordinator of the Buhari/Osinbajo Campaign Organisation, a move many regarded as an acknowledgement of his political sagacity and experience. He is believed to have a very good relationship with the National leader of the APC – Asiwaju Bola Tinubu.

    If political experience is a strong yardstick for the choice of the nominee, it is believed the Ilaje born legal icon and astute politician could be the likely nominee.

    Also from Ondo South is another eminent politician and legal practitioner, Morayo Lebi.

    He was the senatorial candidate of the APC in the 2015 elections. A loyal and committed party man, many people rated him high for contributing immensely to building the party in Ondo South, especially at the time when the Labour Party (LP) and the PDP were the dominant political parties in the South District of Ondo State.

    Many think he should have been given the party ticket in 2019. Although he did not get the ticket, he worked assiduously for APC and President Buhari’s re-election.

    Many people believe he should be compensated with the ministerial slot.

    Also, another likely nominee is Isaacs Kekemeke, an Ijaw-Arogbo born politician from Ese-Odo, in Ondo South District.

    He was a close associate of the former Governor, Olusegun Agagu. A lawyer, he was at various times Attorney General/Commissioner for Justice and later, Commissioner for Works under the PDP’s Government headed by Agagu between 2003 and 2009.

    At a time, he was the Secretary to the Ondo State Government (SSG).

    Kekemeke was also former Chairman of the APC in Ondo state. He was edged out of office over allegations said to have been plotted and orchestrated by his political foes within the ruling party he built.

    His supporters point to the fact that he was State Chairman when Ondo State delivered victory for the President in 2015.

    However, a big challenge that has been identified as a potential threat to his quest for ministerial nomination is the fact that the current Deputy Governor, Agboola Ajayi hails from the same Ese-odo Local Government with him.

    For now, as the jostle and speculations persist, it is clear that President Buhari is keeping the cards to his chest and ultimately, he is in position to determine who will be picked for this important National service, as anxiety mounts. Another likely contender is Ife Oyedele, an engineer and associate of President Buhari. He currently holds a federal board position.

     

  • Afreximbank president urges Fed Govt to sign AfCFTA

    President of African Export Import Bank (Afreximbank), Prof. Benedict Oramah, has urged the Federal Government to sign the African Continental Free Trade Agreement (AfCFTA).

    He gave the advice while speaking in Lagos last Tuesday as guest lecturer at the 2019 edition of the annual Bullion Lecture organised by the Centre for Financial Journalism (CFJ Nigeria).

    Professor Oramah, who spoke on the topic: Leveraging the African Continental Free Trade Agreement to Boost Nigeria’s Economic Development, urged the Federal government to take urgent steps to endorse AfCAFTA in order to key into what he called a window of opportunity for the country to maximise its economic potential.

    He expressed concern over the inability of the  government to endorse the agreement, which was produced from the decisions and milestones articulated at the Abuja Treaty of  1991 aimed at defining clear plans for Africa’s economic integration.

    According to him, the AfCFTA was signed in Kigali, Rwanda on March 21, 2018 by 44 of 55 African countries while Nigeria which hosted the forum that gave birth to the initiative was yet to decide on what to do with it.

    Oramah said it was worrying to well-meaning Nigerians and other countries of Africa that a treaty, which Nigeria gave birth to had to be delivered in Rwanda while smaller countries that looked up to her had endorsed the agreement and went forward to ratify it.

    “The AfCFTA, which was signed in Kigali, Rwanda on March 21, 2018, was in line with the Abuja Treaty expectations. So … the child that was conceived in Nigeria was born in Rwanda. And with the emergence of that child, Africa sees a renewed hope, a reinvigoration to chart a new course,” Oramah told the audience in Lagos.

    Tracing the historical and economic imperatives that necessitated the birth of the AfCFTA, the Afreximbank boss noted that Africa benefited a little from many years it was ruled by colonial powers whose main focus was to draw the raw materials it needed for its home industries while it dumped its own manufactured goods in return.

    He said the AfCFTA was meant to change the narrative as a continent that was called the “Basket Case”, is now on the path to becoming the “Bread Basket” of the world.

    Read also: Afreximbank invests $1b in Nigeria’s EPZ

    Enumerating the benefits of the AfCFTA to Africa and to Nigeria in particular, Prof. Oramah said the treaty would create the environment for the continent to chart a new development path and eliminate the causes of weakness while upholding the areas of strength among the 55 countries of the continent.

    He also said the initiative would create the required economic integration that would promote sub-regional and continental supply chains such as the automotive industry, as “the AfCFTA offers opportunity for African countries to begin to create and nurture infant industries”.

    Oramah added that : “The AfCFTA creates opportunities for African economies, including Nigeria, to take over from China as the World’s manufacturing hub. China exports $45 billion of light manufacturers into Africa. Nigeria and other African countries can expect to fill that void if they take advantage of the tariff and non-tariff reductions in the AfCFTA.”

    The Afreximbank chief said Nigeria stands a great chance of enlarging its Foreign Direct Investment (FDI) inflows through the AfCFTA given its position as the largest economy and the most populous in Africa.

  • Oando sells stake in gas firm for $41.5m to cut debt

    Oil firm, Oando Plc, yesterday said it had sold its 25 per cent stake in local gas and power company Axxela to majority investor Helios Investment partners for $41.5 million as it works on cutting its debt.

    Oando has in recent years transformed itself from a fuel retailer to an oil producer competing with multinationals such as Shell and Exxon Mobil, but its growth has been largely funded by debt.

    It hived off its power and gas subsidiaries in 2015, selling a 75 per cent stake in the new business, Axxela, to Helios for $115.8 million in 2016.

    The Soros-backed private equity firm now owns 100 per cent of Axxela following Oando’s divestment, Axxela said yesterday.

    Axxela said it delivers up to around 80 million standard cubic feet (scuf) per day to over 160 industrial and commercial customers.

    REad also: Oando finalises N14b Axxela divestment

    “This transaction favourably positions us to significantly reduce our debt profile and remain focused on growth through our dollar denominated businesses,” Oando said in a statement.

    Two days ago, Oando’s Chief Executive – Adewale Tinubu – said the oil company aimed to raise fresh capital over the next two years and cut its long-term debt after it bought Conoco Phillips’ Nigerian assets for $1.5 billion in 2013.

    He told Reuters he was confident with the capital raising initiatives and that over the next 24 months Oando would raise funds as plans were far advanced.

    Oando said yesterday that it would use the proceeds of the Axxela stake sale to repay part of the group’s term loan.

    Shares in Lagos-listed Oando, which are down 86 per cent from their peak of N33.47 in 2014, rose 3.1 per cent yesterday.

  • NECA lauds Buhari for rejecting Housing Bill

    The Nigeria Employers’ Consultative Association (NECA) has commended President Muhammadu Buhari for declining assent to the National Housing Fund (Establishment) Bill 2018, sent to him by the National Assembly.

    It said the proposed Sustainable Development Levy will increase the cost of building materials.

    Its Director-General Mr. Timothy Olawale said Buhari’s action was laudable and a demonstration of his government’s responsiveness to the concerns of organised businesses; and an affirmation of the government’s commitment to the Ease of Doing Business Initiative.

    Olawale listed some of the contentious provisions in the bill as the introduction of a levy of 2.5 per cent for a 50 kg bag of cement.

    He listed the implications of this provision to include increase in the cost of building materials and that cement manufacturers will lose market competitiveness.

    Read also: NECA hails Buhari on Micro Pension Plan

    He said manufacturers and businesses were already saddled with several challenges, such as infrastructural decay and power, among others.

    “Some companies are closing shop due to some of these challenges; others are struggling to stay afloat. The proposed levy would  lead to an increase in the cost of doing business, and would likely be passed to the consumers whose purchasing power is already weak,” he said.

    Olawale noted that the levy is a form of VAT and that the  courts had frowned against imposition of double taxes on businesses.

    He said: “The contribution by  workers was changed from 2.5 per cent of monthly basic salary to 2.5 per cent of monthly income (which is total emolument). This will weaken the purchasing power of the average worker and could lead to defiance and deliberate attempt at non-compliance.”

    He raised concern over the huge sanctions in the bill, which is up to N100 million, adding that this could be seen as pecuniary-driven, adding that it would defeat the objective of the national housing scheme.

    As a way out, the NECA boss urged the government to amend the contentious provisions.

  • Fed Govt budgets N24b for East West road

    The Federal Government has proposed N24 billion for the East West road from the N46 billion budgeted for the Niger Delta in 2019, it was learnt yesterday.

    But the House of Representatives has condemned the allocation of just 17 projects to the region. It described as unacceptable, “the litany of uncompleted projects across the region”.

    Minister of Niger Delta Affairs Usani Usani, presenting the 2019 budget proposal for the ministry, said the entire envelope for the ministry was N46 billion.

    Usani complained that the budgeting process needed to be reviewed, saying: “Projects in 2017 were rolled over in 2018 and in 2019. We are concentrating on ongoing projects. Only 17 new projects were initiated in the 2019 budget.

    “I agree perfectly that the budgeting process deserves a review because, for now, it appears budgeting is like a discussion.”

    On the breakdown of the proposal, the minister said N24 billion was projected for the East West road and N914.7 million for agriculture.

    Read also: FEC approves N6.17bn for dualisation of Ikot-Ekpene-Aba-Owerri Road

    He added that while 17 new projects were introduced in 2019 budget, N1.092 billion was budgeted for electricity projects, N980.9 million for building of schools and 4.5 billion was for Erosion control.

    The minister added that N970.7 million was budgeted for water facilities, while N349.025 million was for hospital and clinics.

    The House Committee, however, expressed displeasure over numerous uncompleted projects in the nine states of the region.

    Committee Chairman Etuk Ekpeyong said: “There are so many uncompleted projects littered around the Niger Delta. I want to draw the attention of the Ministry that this session is drawing to a close and the Ministry has to inaugurate some of these projects.

    “Why has the Ministry refused to allocate the houses? The level of waste in government is terrible. Houses have been completed but not allocated. It is like this all over the nine states in the region, and there is no step in the 2019 budget to show the Ministry’s will to allocate those projects. We should not allow these investments be a wasted.”