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  • YABATECH Rector counsels new deans

    Rector of the Yaba College of Technology (YABATECH), Obafemi Omokungbe, has charged newly-elected Deans of various schools to provide harmonious and conducive environment for teaching and learning.

    Speaking at the inauguration of the new Deans, Omokungbe congratulated them for their electoral success.

    He noted that the office of Dean also serves as the Rector’s representative in each School.  He admonished them to live by the rules of the College.

    “As the Chairman of your School Board be open-minded and treat each case on its merit. Be transparent and show respect for all shades of opinion. The ultimate, however, is for you to always play by the extant rules and regulations. Deans of School must take their place in the scheme of things and be held accountable for the activities of their staff and students. Therefore, this inauguration is not a welcome party but a solemn occasion to bring home publicly the enormity of the responsibilities of the office of the Deans. I wish you the strength, guidance and wisdom to cope with the demand of this office,” he said.

    REad also: Yabatech Rector marks one year in office

    Also speaking, the Registrar Dr S.O. Momodu said it was the first time a ceremony held to inaugurate newly-elected deans.

    He said the event was organised to stress the importance of the dean’s office, in view of the key role they play in determining the successful administration of the college.

    Responding on behalf of the others, the Dean, School of Environmental Studies, Dr Julius Oke thanked the Management team for the initiative, urging that it should be followed by a retreat on what is expected of them.

    He also pledged support the college management.

    “I want on behalf of the Deans to pledge the support to the Rector and Management. As a major stakeholder in this project called YABATECH, we are behind you and when we say this.  It is in two ways as we pledge our supports and seek for Management encouragement and patience, we want likewise for Management to support, encourage and be patience with us knowing that as stakeholders we would not want this project to fail,” he said.

    The new Deans are: Dr. Adekunle Adeyemi (School of Arts and Printing); Dr. Julius Oke (Environmental Studies); Mr. Aderohunmu Joseph (Science); Dr. Peter Okolie (Technology);  Ikpen Willington (Liberal Studies); Mr. Olalekan Alaba (Technical Education); Mr. Ojo Williams (Management and Business Studies); Ize Balogban (Engineering); and Mrs Olajumoke Shobande (Student Affairs).

  • Subscribers get upgrade in StarTimes Easter promo

    Pay TV Company, StarTimes is offering an upgrade on all its bouquets for subscribers.

    The promo which runs from April 1 to May 15, 2019, gives customers the opportunity to pay for package on Nova, Basic, Smart and Classic bouquets and get an instant upgrade to view a higher bouquet within hours of activation.

    The company says the essence of the promo is to allow its subscribers enjoy the Easter holiday with access to an array of channels on a higher bouquet than they normally watch and unlimited entertainment at a very little cost.

    Read also: MTN, StarTimes partner on special bundle

    He enjoined subscribers to take advantage of the promo, noting that this was an opportunity to watch more channels on a higher bouquet for less of what it would originally cost.

    StarTimes is a foremost digital TV operator in Africa, serving nearly 22 million users with a signal covering the whole continent and a massive distribution network of 200 brand halls, 10,000 convenience stores and 15,000 distributors in 30 countries.

  • Amnesty coming for owners of undeclared foreign assets, ministers assure

    NIGERIANS with assets and investments overseas who failed to declare such in a bid to evade paying taxes have been promised amnesty by the Federal Government.

    Ministers for Justice and Attorney-General of the Federation Abubakar Malami and his Finance counterpart, Mrs. Zainab Ahmed, gave the hint in Abuja yesterday while unveiling the “Voluntary Offshore Assets Regularisation Scheme (VOARS).”

    Malami explained that, just like the Voluntary Assets and Income Declaration Scheme (VAIDS), the rationale for the VOARS is to provide an opportunity for taxpayers or amnesty for tax defaulters to voluntarily declare their offshore assets and income from sources outside Nigeria relating to the preceding 30 years of assessment.

    The AGF said that anyone, who voluntarily declare his/her offshore assets will be entitled to “permanent waiver of criminal prosecution for tax offences and offences related to the offshore assets, penalties and interests concerning such declared offshore assets.

    He added that such Nigerian will enjoy “immunity from tax audit of the declared and regularised offshore assets; waiver of interest and penalties on the declared and regularized offshore assets.”

    Malami added that those who voluntarily declare will “receive from Federal Government of Nigeria an Offshore Assets Regularisation Compliance Certificate on the declared and regularised offshore assets.

    Read also: I’ll base appointment of new ministers on merit, spread — Buhari

    “Be free to use or invest their duly regularised residual offshore assets in any manner in Nigeria or overseas and be subject only to annual tax to Federal Government of Nigeria on the income earned on such residual offshore assets.”

    The AGF expressed optimism that President Muhammadu Buhari will grant an extension since, the scheme, meant to last a year, beginning from October last year was just being unveiled.

    Malami said the legal basis for VOARS exists in the Executive Order 8 (EO8) signed by President Muhammadu Buhari on October 8, 2018.

    He said the EO8 also provides the legal basis for a group, the Swiss Consortium to approach third-party holders of offshore funds, with a view to accessing information on the owners.

    The minister said the third party intended in the scheme include: banks, estate managers, auditors and accountants.

    Mrs. Ahmed said the introduction of VOARS aims to serve as an additional opportunity and mechanism for Nigerian citizens to continue to fulfil their tax obligations by extending the scope to offshore assets and foreign-sourced income.

    She said the EO8 provides a platform for taxpayers, who have defaulted in the payment of their taxes, to voluntarily declare all offshore assets and foreign-sourced income relating to the preceding 30 years of assessment.

    Mrs. Ahmed explained that the VOARS provides a one-year window, commencing from the October 8, 2018 for affected taxpayers to declare all offshore assets and foreign-sourced income without the threat of criminal prosecution for tax offences related to undeclared offshore assets.

    She added: “Through this scheme, it is our aim that the culture of accountability and I honesty in citizens to fully declare any income and assets owned will begin to grow and will encourage more citizens to readily come forward to declare without any threat of interrogation and/or prosecution.”

  • Senate backs SON on local goods campaign

    The Senate Committee on Industry has pledged to support the Standards Organisation of Nigeria (SON’s) campaign for the patronage of made-in-Nigeria goods.

    Chairman of the Committee, Senator Sam Egwu, said SON is vital to achieving the present administration’s Executive Order 003 aimed at providing support for local content in public procurement by Ministries, Departments and Agencies (MDAs) as well as increasing the demand for locally made goods and services in the country.

    Egwu at an oversight function on SON’s laboratory complex in Ogba, Ikeja, Lagos, yesterday said promoting made-in-Nigeria goods could only be achieved through SON’s quality assurance programmes and activities across the nation.

    REad also: Ndume steps up campaign for Senate President

    “We have visited other laboratories outside this country and compared to what we have seen outside the country, I will say SON has come to stay. A lot of mileage has been achieved since our last visit in 2018. Within a period of seven months, it is good to see that staff have moved into the laboratory and almost all the laboratories are in operation which is a good development.  This feat could not have been achieved without the Director-General, the management and staff of SON. We just wish you maintain the standards.

     

  • NFI set to commence Masters in film archiving

    As part of the preparations for the commencement of the Masters Degree Programme in Film Archiving by the National Film Institute (NFI), Jos, three staff of the NFI and a staff of the Department of Theatre & Film Arts of the University of Jos, have arrived the Goethe University, Frankfurt, Germany, for a two months intensive under study.

    The programme is an educational collaboration between the Goethe University, Frankfurt; University of Jos and the National Film Institute, Jos.

    According to a statement signed by Head of Public & Intergovernmental Affairs of the Nigerian Film Corporation (NFC), Mr. Brian Etuk, the Masters Programme which is being funded by TNB-DAAD of Frankfurt for an initial period of four years to the tune of over 400,000 Euros, will run at the NFI from September 2019.

    The statement quotes NFC’s Managing Director, Dr. Chidia Maduekwe as saying that the Master Degree Programme is the first of its kind in Nigeria and indeed sub-Saharan Africa. The German government, Maduekwe said, should be commended for facilitating the programme at the Institute, as well as for other support and assistance to the Nigerian Film Corporation.

    Read also: iREP: Tunde Kelani screens film shot with Smartphone

    He listed the restoration and full digitization of the film “Shaihu Umar” as well as the donation of a restoration and digitization scanner which has been deployed at the National Film Video & Sound Archive, Jos, as a pointer to the readiness of the NFI to commence the Masters Degree programme successfully.

    The programme is expected to enable Nigerian scholars, especially film professionals, to acquire the necessary skills and capacity to drive the nation’s quest to par with developed nations in archiving and film culture. The statement added that efforts are also being made to enable the NFI commence Post Graduate Diploma Programmes in Film, Television Studies and Film Engineering.

  • Access Bank hits new ranking as NSE lists merger shares

    Access Bank leapt by two steps to become one of the six most capitalised financial institutions in Nigeria as the first-tier commercial bank fully consummated its business combination with Diamond Bank Plc with the listing of the merger shares and the delisting of Diamond Bank.

    The Nigerian Stock Exchange (NSE) listed 6.617 billion ordinary shares of 50 kobo each issued as consideration to shareholders of the defunct Diamond Bank in the name of Access Bank Plc. The additional listing of scheme shares increased Access Bank’s total outstanding shares from 28.93 billion ordinary shares of 50 kobo each to 35.545 billion ordinary shares of 50 kobo each.

    With the listing of the new merger shares allocated to shareholders of the defunct Diamond Bank, the NSE also simultaneously delisted the entire paid up shares of Diamond Bank totaling 23.16 billion ordinary shares of 50 kobo each.

    The listing and delisting followed the approval of the National Council of the NSE, after the banks had completed the due diligence and merger process including approvals of their shareholders, approvals of the regulators, sanctions of the Federal High Court, payments of considerations and allocation of the relevant scheme shares.

    However, the NSE was unable to commence trading on the listed scheme shares yesterday citing “certain operational reasons”.

    “The Exchange regrets any inconvenience caused the holders of the affected shares. The Exchange is working assiduously with Central Securities Clearing System (CSCS) and the Registrar to the company to produce a swift resolution and will be providing further updates as soon as we can,” the NSE stated.

    Meanwhile, Access Bank has also listed its N15 billion green bond on the NSE and FMDQ OTC Securities Exchange. The listing followed approval of the bond by the Securities and Exchange Commission (SEC).

    The green bond is the first of its kind to be issued by an African corporate and represents a major milestone in the development of the local green finance market.

    REad also: Access Bank bridges N800b agric funding gap

    The Five-Year Fixed Rate Senior Unsecured N15 billion Green Bond was awarded an Aa- rating by Agusto & Co, the underlying framework verified by PwC (UK) and the bond was certified by the Climate Bonds Initiative as having met the global climate bonds standard. The offer for the green bonds was achieved by way of a book build which was fully subscribed. The bonds priced at a coupon of 15.5 per cent, with participation from a wide range of asset managers and pension fund administrators.

    The listing of the bond came on the heels of the completion of the bank’s merger with Diamond Bank and the launch of its new brand identity that fuses the bank and Diamond Bank’s visual identities symbolizing their shared philosophy.

    Group Managing Director, Access Bank Plc, Mr. Herbert Wigwe, said the green bond issuance highlights the bank’s commitment to sustainability and its status as a pioneer in green financing in both the domestic and international capital markets.

    He noted that the bond comes amidst a global drive for responsible and sustainable green financing and will allow the financing of new loans and refinancing of existing loans in accordance with the bank’s green bond framework.

    He said the green bond will support projects directed at flood defense, solar generation facilities and agriculture.

    “At Access Bank we are a pioneer in both domestic and international capital markets, leading the way with our commitment to sustainable banking. We hope that this bond issuance inspires other African companies to support the long-term development of the green finance market whilst simultaneously realizing the growth potential of the fast-developing low carbon economy,” Wigwe said.

    Deputy Chief Executive, Climate Bonds, Justine Leigh-Bell, praised Access Bank’s efforts in promoting sustainability in Africa through the financing of green projects.

    Leigh-Bell said Access Bank’s Climate Bond-certified corporate green bond represents a major milestone in the development of the local green finance market.

    “In addition to being an inspiration to other private companies, the leadership demonstrated by Access Bank is critical for the long term development of the green finance market in Nigeria and a great example for other African nations to follow,” Leigh-Bell said.

     

     

     

  • OPL 310: ‘Lekoil needs minister’s consent’

    A Federal High Court sitting in Lagos, and presided by Justice Sule Hassan, has ruled that Lekoil’s acquisition of an interest in OPL 310 still requires consent from the Minister of Petroleum Resources.

    Justice Hassan said the Executive Order issued by Acting President, Prof. Yemi Osinbajo in 2017, which should have deemed the consent to have been granted, could not supersede the powers of the Minister of Petroleum Resources to grant such consent.  More specifically, the Judge disagreed that the consent could be deemed granted and obtained in default which Lekoil believes is contrary to the provisions of the Executive Order.  The Judge further said the Executive Order was signed in 2017, while Lekoil’s application for consent to acquire the 22.86 per cent participating interest in the block was made in 2016 and so could not be applied retroactively.

    Justice Hassan further ruled that the Sale and Purchase Agreement executed by and amongst Lekoil 310 Limited, Afren Nigeria Holdings and the administrators for the purchase of Afren Investments Oil and Gas Nigeria Limited (AIOGL) was inchoate based on the fact that Consent is pending.

    Based on the judgement, OPL 310 interest is still held by the seller, Afren Investments Oil and Gas Nigeria Limited. Lekoil still holds a 17.14 per cent participating interest in the block, however, which received ministerial consent back in 2017.

    Commenting on the development, Chief Executive Officer, Lekoil, Lekan Akinyanmi, said: “The company is yet to receive the judgement in writing, and believes it has strong grounds to appeal against this judgment by the Federal High Court; intends to file a notice of appeal and a stay of execution of this judgement with the court of Appeal within a week. The company will take all necessary action to preserve its right to the 23 per cent interest in OPL 310.”

     

    The OPL 310 licence originally ended in February, but Lekoil has applied for the licence to be extended due to regulatory issues. The Department of Petroleum Resources (DPR) has recommended that the extension be granted, although it is still awaiting Presidential approval.

    “The company believes that the OPL 310 licence is still in good standing given that the extension is in process and there has been no communication from the regulators to indicate that an extension will not be granted,” Akinyanmi said.

     

     

     

     

  • Buhari turns down $1b Ajaokuta completion fund bill, seven others

    President Muhammadu Buhari has declined assent to the Ajaokuta Steel Company Fund Bill transmitted to him by the National Assembly. The bill was transmitted to the Presidency in February.

    The Bill stipulated that the Federal Government should set aside $1 billion from the Excess Crude Account (ECA) for the immediate completion of the moribund Ajaokuta Steel Company.

    Buhari also withheld assent to seven other bills passed by the National Assembly and transmitted to him.

    Senate President Bukola Saraki yesterday read separate letters which informed the upper chamber about the President Buhari’s decision to withhold assent to the bills.

    The President cited several reasons, including infractions on extant laws, duplication of responsibilities of existing agencies, to financial constraints for his decision to decline assent to the bills.

    In a letter dated March 19, President Buhari explained that he declined assent to the Ajaokuta Completion Fund Bill because “appropriating $1 billion from the Excess Crude Account” as decided by the National Assembly, “is not the best strategic option for Nigeria at this time of budgetary constraints.”

    The letter reads: “The nation cannot afford to commit such an amount in the midst of competing priorities with long term social and economic impact that the funds can be alternatively deployed towards.

    “Bills, which seek to make appropriation of revenues to fund public expenditure should be consolidated in the annual Appropriation Act such that these proposals pass through the traditional scrutiny that budget proposals are subjected to by the Ministry of Finance, Ministry of Budget and National Planning and the National Assembly.

    “Furthermore, as the Excess Crude Account Funds belong to the Federation, it would be proper to consult with the National Economic Council where the States are represented.

    “Relevant stakeholders such as the Ministries of Mines and Steel Development, Industry, Trade and Investment were not fully consulted.

    Read also: Ajaokuta Steel ’ll soon come to life, says Osinbajo

    “The inputs of key stakeholders are necessary to create the optimal legal and regulatory framework as well as institutional mechanism to adequately regulate the steel sector.”

    In another letter dated March 27,  Buhari cited provisions of Section 32 of the Small and Medium Enterprises Development Agency Bill 2018 as reasons for his refusal to assent to the Small and Medium Enterprises Development Agency Bill.

    He said: “Section 32 of the Bill, introduces (I) a 2.5% levy on the profit before tax of the target companies which will increase the tax burdens of the companies while offering no direct benefit to them : (ii) a one per cent   levy on  imports which will also add to the cost of doing business in the country , (iii), a  five per cent levy on luxury goods which duplicates efforts by the Federal Ministry of Finance to raise excise on such goods in a more sustainable manner to the benefit of the Federal Government treasury.”

    He noted that if signed into law, the agency will have similar objectives to the Bank of Industry particularly with regard to the funding of Small and Medium Enterprises.

    He said: “Accordingly, it is important to streamline its functions to avoid a duplication or overlap of functions with other government institutions performing similar functions aside the likelihood of increasing public re-current expenditure by the proposed creation of new public sector bodies.”

    Other affected Bills include the Nigerian Aeronautical Search and Rescue Bill 2018; Chartered Institute of Training and Development of Nigeria (Establishment) Bill 2018; Federal Mortgage Bank of Nigeria Bill 2018; the National Housing Fund Bill 2018;, National Institute of Credit Administration Bill 2018 and National Bio- Technology Development Agency Bill 2018.

    On each bill, President Buhari gave his reasons for withholding assent.

  • Chams rebounds to profit

    Chams Plc has recovered from a loss of N1.27 billion in 2017 to a profit of N380 million in 2018, as the identity management and electronic payment company started to reap from a recent restructuring.

    Key extracts of the audited report and accounts of Chams for the year ended December 31, 2018 showed that the company’s total assets rose by 10 per cent to N5.25 billion in 2018 as against N4.77 billion in 2017. Total liabilities also reduced by 14 percent to N3.60 billion in 2018 compared with N4.20 billion in 2017. For the first time in several years, earnings per share turned positive at a modest 7.0 kobo.

    The company’s net profit margin increased on the back of 54 per cent growth in revenue while finance expenses declined by 34 per cent. Turnover grew by 54 per cent due to increased income from identity management services, sales, maintenance of Bank Verification Number (BVN) services, supply of cards, sales of the Access control as well as income from switching service. The report also showed significant increase in other operating income due to amount recovered from impaired receivables and rental income.

    Chams had in 2018 restructured its operations for global competitiveness, including a change in business model, placing premium on identity management and introduction of innovative products and services.

    Its Group Managing Director,  Femi, Williams said the results showed improvement in internal efficiency and the positive effects of the management’s determination to revamp the company’s operations for enhanced profitability in other performance indicators.

    According to him, the 2018 performance was a result of the group’s doggedness and the pragmatic approach it adopted in tackling the array of issues that plagued it and the industry for a long time now.

     

     

  • ‘Why Nigerian musicians can’t win Grammy award’

    Musician and recording artiste, Akintunde Brown, has said that Nigerian musicians cannot win Grammy award because, “we sing in our local dialect and the sounds are poor.”

    Brown who spoke with NAN said, “We have sounds from different parts of Africa, the mixture will make it a world class sound but we are not complying with that,” adding that Nigeria’s hip hop and other genres do not conform to world music standards.

    According to him, “We also do not use the right nomenclatures which consist of dynamic and partly subjective set of songs, which can be identified by having been performed or recorded by variety of musical acts, often with different arrangements.

    “At the Grammys, you have a best R&B album category, but someone who calls his music Afro-Soul, or fuji Blues and some other names in Nigeria, cannot win in that category.”

    He noted that, Sikiru Adepoju who in 2009 won the “Best World Contemporary World Music Album” achieved the feat because he was part of Mickey Harts group Planet Drum US-1991.

    “Ayodeji Balogun, popularly known as ‘Wizkid’, got a nomination for his contribution in one dance by drake in the album of the year category.

    “That song has been streamed over a billion times, that is what data, brings to the table.

    “They create category, when they feel like honouring an artiste and their people must be involved,” he said.

    Brown noted that the genre of music we create in Nigeria cannot blend with what obtains in the international music.

    “David Adeleke aka Davido and Olamide Adedeji, and their likes do not even stand a single chance to win anything because the beats and sounds are nothing to that of drake or Jay Z,” he said.