The Nation Newspaper

Tag: UK

  • EU, UK, others invest N900b in agriculture

    The Federal Government has said key development partners under the New Alliance Cooperative Agreement Framework/Grow Africa initiative are committed to injecting $500million (N100billion) to Nigeria’s agricultural sector.

    It also stated that international and local business establishments were committed to make investments of about $4billion (N800billion) in the agricultural sector.

    The government said  the funding will last for a three-year period.

    The Permanent Secretary, Federal Ministry of Agriculture and Rural Development, Mr. Sonny Echono,  spoke during the validation workshop on the New Alliance Report between Nigeria, private sector investors and its development partners.

    The development partners, according to Echono, include the European Union (EU), United Kingdom (UK), Japan, France, Germany and the United States (U.S).

    The permanent secretary, who was represented by the Director of Special Duties, Mrs. Ademola Abiri, said the New Alliance was a collaborative approach geared towards developing the agricultural sector of the economy.

    He said: “In Nigeria’s new alliance agreement, the government is committed to 13 major policy actions in the areas of seed and fertilizer, Bank of Agriculture, agriculture insurance, nutrition, land tilting, staple crops processing zones, commodity exchange, enterprise registration and power availability.

    “Key development partners including the EU, UK, Japan, France, Germany and U.S, are committed to funding equivalent to about $500million for Nigeria’s agriculture sector in the 2013 to 2016 period. International and local business establishments are committed to make investments of about $4billionn in the agricultural sector.”

    Echono said the Federal Government was hopeful that through the partnership, more investments would come to the sector as the ministry implements the 13 policy actions in order to improve the environment and attract investors.

    He explained that the New Alliance was formed in Nigeria about two years ago when the Federal Government, private sector players and development partners made written commitments on key actions to be embarked upon.

    Echono said this was in order to improve agricultural investments and food and nutrition security in line with the principles of the Comprehensive African Agriculture Development Programme.

    He said: “Each stakeholder is therefore accountable to other stakeholders for commitments made.  The Nigerian government made policy reform commitments while the private sector made commitments on the level of agricultural investments in the medium term. “Development partners on their part committed to funding levels for the medium term. The civil society is to ensure that the commitments reflect the views of the intended beneficiaries.

  • UK public finances record surplus in July

    The UK government spent less last month than it received in taxes and other forms of income, official figures have shown.

    Government borrowing was in surplus by £1.3bn in July, the Office for National Statistics (ONS) said.

    That was the first July surplus since 2012, thanks largely to higher amounts of income tax receipts. The government received £59.1bn in income in July 2015, which is about 4 per cent higher than last year’s figure. The ONS said July is traditionally a month of higher tax receipts. Public sector net debt, excluding public sector banks, now stands at £1.5 trillion, which is 80.8 per cent of gross domestic product (GDP), the ONS said.

    “The recovery is well established, tax revenues are up and we have more than halved the deficit,” George Osborne said.

    “But with debt over 80 per cent of GDP, the job is not done,” the chancellor added.

    Annual borrowing has been falling since hitting a peak in the financial year ending March 2010, according to the ONS.

  • Nigerian, UK firms explore opportunities at Shell’s business summit

    A total of 100 delegates representing 56 companies from Nigeria and the United Kingdom explored opportunities for collaboration at the annual Nigeria-UK Supplier Engagement programme organised by Shell Nigeria Exploration Company Limited (SNEPCo) in conjunction with the United Kingdom Trade and Investment (UKTI).

    The event which held in Lagos weekend, according to Shell’s Corporate Media Relations Manager Precious Okolobo brought together companies engaged in a wide variety of activities in the oil and gas industry including engineering, maintenance, fabrication and subsea support services. The UK delegation, which included Nigerian experts in the diaspora who SNEPCo had reached in previous business summits in Aberdeen and London, first met with Shell Companies in Nigeria companies on areas of need and technical gaps.

  • UK, Nigeria push for more investments

    UK, Nigeria push for more investments

    • Joint commission launches long-term plan

    United Kingdom and Nigeria yesterday launched a major joint investment and development initiative aimed at boosting investment and capital flows between the two countries by deepening and widening access to both Nigerian and London capital markets.

    The high-level initiative under the Nigeria-United Kingdom (UK) Capital Markets Project yesterday launched its inaugural report and further consolidated a nationwide stakeholders’ consultative engagement with the Nigerian Stock Exchange (NSE) and the Lagos State Government.

    The Nigeria-United Kingdom (UK) Capital Markets Project was an offshoot of the UK’s Emerging Capital Markets Taskforce (ECMT), which aimed at fostering innovative collaboration between government, the private sector and UK missions overseas, and the Nigeria Delivery Group, which included capital market operators, regulators and subject matter experts.

    At the presentation and consultative ceremonies at the Lagos House, Ikeja, and the NSE, Governor of Lagos, Mr. Akinwunmi Ambode; president, NSE, Mr. Aigboje Aig- Imoukhuede and former Lord Mayor of London, Sir Roger Gifford, who are both co-chairs of the EMCT, underlined the importance of the joint initiative to Nigeria-UK relationship and pledged the commitments to take necessary actions to implement recommendations that would lead to development of the capital markets. Gifford had visited Vice President of Federal Republic of Nigeria, Mr, Yemi Osinbajo.

    The inaugural report titled ‘Nigerian capital market – legal and regulatory review and recommendations’ highlighted the imperatives for sustained and deliberate actions to strengthen market infrastructure, legal and regulatory framework and national capital market policies with the overarching aim of deepening the market capacity and attracting domestic and international investments.

    The report called for establishment of a broad industry platform that comprises of all capital market operators to forge a common front for the market development as well as implementation of action plans that would lead to greater disclosures and corporate governance and reduced costs of transactions in the market.

    The report, among others, underlined the need for efficient and reliable dispute resolution mechanism, tax reforms, investors’ education and additional incentives to deepen capital market.

    Governor Ambode said the Nigeria-United Kingdom (UK) Capital Markets Project has the potential to greatly impact the transformational development of the Nigerian capital market and bring economic growth to the country.

    He pledged the commitment of the Lagos State Government to work for the realization of the objectives of the project noting that Lagos State has an important role to play in this process, not just as the host of key market platforms including the Nigerian Stock Exchange, NASD, FMDQ OTC, but as the largest issuer of sub- sovereign bonds in the Nigeria capital market”.

    “The capital market has indeed played an important role in the ability of Lagos State to achieve the level and pace of growth we have witnessed over the last decade. The capital markets can however provide the more robust capital flows into the various economic sectors; not just for the state government, but the millions of young entrepreneurs who see Lagos as a place where they can realize their hopes and dreams, by empowering our Small and Medium Scale Enterprises(SMEs) and large companies with greater access to longer term capital and introducing innovative financial product,” Ambode said.

    According to him, Lagos State clearly understands the vital role it plays in providing investor confidence through the delivery of an efficient judicial dispute resolution and arbitration system and it is further committed to working with Nigerian stakeholders to achieve relevant recommendations within the purview of the state.

    Gifford said the initiative would allow for greater access to funding for Nigerian companies and enhance investment opportunities for individuals and institutions in Nigeria and UK, thereby creating a chain of benefits for all stakeholders.

    He noted that the report focuses on four areas of integrity of the market, regulatory infrastructure, capacity building and market development.

    “The report reviews and makes recommendations for reforms that would deepen the Nigeria capital Market and attract both domestic and international institution player. This is essential to the benefit of Nigeria as we also hope it would be to the benefit of the international institutions,” Gifford said.

    Aig-Imoukhuede said the initiative represents a collective action to engender long-term development of the Nigerian capital market noting that significant time and effort been put into the research and delivery of the.

    “I look forward to working with the delivery unit and all other stakeholders to take forward the recommendations of this report and am particularly happy to see the level of interest within the group to institutionalize this new structure for long-term benefit,” Aig-Imoukhuede said.

  • NIBSS, OIS Services extend BVN to US, UK, others

    NIBSS, OIS Services extend BVN to US, UK, others

    The Nigeria Interbank Settlement System (NIBSS) and an international technology firm, OIS Services, have  extended the Bank Verification Number (BVN) registration to account holders in the United States of America (USA), United Kingdom (UK), China and India.

    This was disclosed at the weekend by the NIBSS Managing Director/CEO, Ade Shonubi during a meeting with the reporters at the weekend, in Lagos.

    He said that 18 million bank accounts have been enrolled since the project began  over a year ago and that it is the primary responsibility of all stakeholders to ensure that bank customers are identified and their accounts fully secured.

    Shonubi explained that the BVN enables each individual to have a single identification within the financial system and gives each customer maximum protection and security of transactions. “In many advanced countries, biometric technologies have been used to analyse human characteristics as an enhanced form of authentication for real-time security processes. Biometrics refers to identifying an individual based on physiological or behavioral attributes – fingerprint, signature among others. The customers unique BVN is accepted as a means of identification across all banks,” he said.

    He said that the handler of the offshore BVN Registration, OIS Services, is experienced on the job, given that it had conducted similar exercises in other countries before.

    Shonubi said the firm was engaged because in many countries, the law prevents data of their nationals captured abroad and that OIS Services is already conducting the registration exercise at the Nigerian embassies in those countries.

    “We looked at the Nigerian embassies and we were confident that they can help implement the project. We also looked at the issue of cost. We made applications to some countries, and we are waiting for approvals. We need people who are already on ground and OIS was duly qualified,” he said.

    He said that NIBSS data will remain local, for its own protection and that a 50 Pounds Sterling fee is to be paid by bank customers registering abroad.

    He said the collaboration between the Central Bank of Nigeria (CBN) and banks have helped to get more customers enrolled within the West Africa sub region, adding that Ecobank Plc and Diamond Bank Plc are all involved in the West African registration.

    Head, BVN Project in NIBSS, Seyi Ademonsu said that to achieve a seamless registration process, OIS Services is now conducting appointment booking for bank customers in the UK, who are required to enroll with after providing their identity cards.

    He said that BVN gives a unique identity that can be verified across the banking industry making it easier for customers’ bank accounts to be protected from unauthorised access. It is expected to address issues of identity theft, and reduce exposure to fraud in the banking sector.

    Adenmosun said the BVN would also provide a uniform industrially accepted unique identity for customers and authenticate transactions without the use of cards using only biometric features and PIN.

    Collaborating Bankers’ Committee position, Adenmosun said “the enrolment process is simple and easy”. He explained those banks customers are expected to walk into any branch of you’re their bank, fill and submit the BVN Enrolment form and also do data capturing (such as fingerprint, facial image among others.

    He said an acknowledgment slip with the transaction identity is issued to the customer. Within 24 hours, the system confirms the application, the BVN is generated, and SMS is sent to the customer for pickup.

    He said a customer can only enroll once, while his BVN will be linked to all his bank accounts across Nigeria banks. “The BVN solution is to ensure accountability, protect bank customers’ account from unauthorised access, reduce exposure to fraud, check identity theft, enhance credit advancement to Bank customers, and also encourage financial inclusion,” he said.

    He said the initiative addresses issues of identity theft and ensures that your bank accounts is protected from unauthorised access, thus reducing your exposure to fraud. It will also promote a safe and sound financial system in the country, especially as it will keep records of suspected fraudulent individuals in the banking system.

    “It will make life and banking operations easy for bank customers as BVN is accepted as a means of identification across all banks in Nigeria. This will improve speed of service and reduce queues in banking halls.

    At the point of enrolment, individuals shall be required to submit an acceptable means of identification, and update their information at the bank branch physically. Customers of banks will be required to enroll within a fixed period after which they shall no longer be able to operate their bank accounts,” he said.

  • From UK with charity

    From UK with charity

    Remi Badozi, an immigration officer in the United Kingdom, works long and hard. So, work-offs and vacations mean so much to her. This year, her plan was to be at the exotic beaches in Spain for a well-deserved rest. Everything appeared set until she realised the Grace and Mercy Programme (GAMP) of a group she belongs to was scheduled for June.

    She dropped all her engagements and family ties,  headed for Lagos for the GAMP in company of no fewer than eight team members from the UK.

    “I had no hesitation in cancelling all previous arrangements to be here,” she said, adding. “There is no way on earth I would miss a charity work for anything.”

    The team ran an eight-day empowerment scheme for residents of Isawo Community in Lagos, which ended last week. No fewer than 1,000 members of the community benefited from the charity activities of the group. Food items, clothing, shoes and medical check-ups were offered freely to residents.

    Badozi said there was no greater feeling than giving back to her native country. “I feel refreshed and fulfilling seeing the joy on the faces of people. There is something helping others does to one’s humanity. I feel great with myself and perfectly at peace,” she explained.

    She said spending her vacation for a charitable cause was exhilarating. “Yes, I could have been in Spain, at a remote beach enjoying myself and relaxing. But this is the perfect way of vacationing for me. It feels great to spend time helping others cope with economic and social pressure. It is something I would never trade off for anything,” she said.

    Chima Ihenacho is into shipping business back in the UK. He also runs a digital and mobile solutions firm across the UK where he has resided in the last 12 years. But for some weeks in June and July, he is putting business considerations in the back foot to participate in the charity works.

    “I look forward to my annual vacation because this is how best I love to spend it. It is refreshing to be able to draw smiles from people and help them out of the woods. When people smile at you while helping out, a glow comes into your heart. There is nothing that can replace that feeling,” he said.

    Ihenacho, said: “Of course, we spend a lot of money to come on our own. You don’t even want to talk about it but that is nothing compared to helping people smile in a place where there isn’t much to smile about.”

    He is delighted he has imbibed the culture of giving back, especially to his fellow Nigerians. “I just feel that life is not just about grabbing and grabbing. There comes a time in one’s life that you realise the greatest happiest is in helping others overcome challenges of living.

    “Some of us have travelled to Europe and imbibed their values. So, what we are doing is bringing them back home. UK is an aid-giving nation and we want to replicate that too in our own little way. We are creating a chain of change and it is so reinvigorating,” he added.

    A sweat dropped from his chin as he packed the charity items into what the team called the goodies bag. Reminded that he shouldn’t be working this hard at a time he should be on vacation, Ihenacho let out a big smile. “It’s fun actually. It may be a little stressful physically but it is mentally fulfilling. You get to rest your bones after a few hours, you know, “he reasoned.

    Mrs. Tina Adewemimo has been  nurse in the UK for almost nine years. She first participated in GAMP last year. “The experience was touching for me. It was a great privilege that we could give back and the people were so friendly and grateful.” This year, she almost didn’t make it. But she considered it a miracle she was granted her annual leave she applied for it.

    “It is summer time in the UK and this is when everybody wants to be on leave. I asked for it and was granted. I’m happy because a part of me would have been sad if I couldn’t make it,” she stated. Adewemimo, who was part of the medical team, said working while on vacation was a great idea.

    “I am enjoying myself. This is the best way to rest. I tell you what when you help others, you don’t get tired. You can always draw from your inner strength and a part of you is fulfilled. So, I have no complaints. I’m having the time of my life and will keep coming for as long as there are people to help.”

    Mrs. Lola Oseni runs a travel agency based in the UK. But making money will have to wait for some weeks because she is in Lagos for the charity works. “This is what I love to do. I’m just bouncing in my heart. I feel great; I feel good. I feel elated,” she stated as she worked on the goodies bag.

    “For me, there is no rest when there are needs to meet. You cannot rest when there are people suffering. You get overwhelmed looking at the level of poverty here. But it also makes you want to stop at nothing to help. So, this is it for me. This is where to be. I don’t feel out of place at all,” Oseni shared.

    Beyond giving out food and clothing  to meet immediate needs, the team also empowered four graduates of its Grace Fashion Institute with sewing machines. Each of the graduates received N30, 000 for take-off. “The plan is to teach them how to fish as against just handing them fish every year,”  Pastor  Atinuke Adesanya, the team’s leader said.

    Adesanya, senior pastor  Grace to Grace International Church, said: “We are in Isawo to make a difference. We want to completely transform the community. We have started already and we hope to do much more. We believe that lifting people is the way to go.”

    She stated that the team had concluded plans to construct a free purpose-built walk-in hospital for the community where residents can receive free medications and treatment. “In the next one year, the clinic will be functional. There would be a doctor and nurses from the start that can attend to people. We believe health is wealth. A healthy community will make prosperity easier,” she added.

    Despite the inconveniences and costs during the trip, the team said they would be here in 2017.

  • Nigerians in UK to organise disability day

    Nigerians in UK to organise disability day

    All is now set for the first ever Nigerian disability day scheduled to hold September 19, 2015.

    The event is expected to provide Nigerians in the UK a platform to hold an open day for all disabled diasporans in the country is also aimed at enabling parents of children with disabilities to network with each other and share their experiences.

    Organised by the Central Association of Nigerians in the UK (Canuk), the event has been christened Canuk Disability Day and will take place at the Enfield Town Hall in north London.

    Already several Nigerian charities and organisations that work with disabled people including the Pamela Douglas Foundation Worldwide, Ovo Foundation, Star Children Initiative and the XN Foundation have indicated support and preparedness to be part of the event.

    Speaking on the expectations of the event, Babatunde Loye – Canuk chairman said; “It is expected to attract many Nigerians living with disabilities across the UK and the day has been designed to provide them with a range of activities and entertainment. Starting from 11am and lasting until 6pm, the event will have Nigerians with disabilities at the centre of its activities, with many of them taking leading roles in managing affairs.”

    According to Loye: “This is the first step in a move designed to reach out to our disabled community who we have not really got involved with up until now. As things stand, nobody knows how many Nigerians living with disability are in the UK and we have not put together a programme to involve them in Canuk’s activities.

    “We are hoping that with this event, those with disabilities and the parents of children with disabilities can come together and get to know one another. If they network, get to share their experiences and offer each other support, it will go a long way to help address the isolation many of them feel as well as address the stigma within our community.”

    An earlier event held in April this year, had brought hundreds of Nigerian together in south London.

    The programme titled Poverty & Disability: An Overview in African Context, led to a communiqué on how to address disability within Africa.

    The Nation learnt that this draft is being sent to several African countries with a view to getting them to put measures in place to care for the disabled.

    Former mayor of Enfield, Kate Anolue, who helped book the venue, said that the matter has now become urgent as Nigeria, like a lot of other African countries is doing nothing about the growing number of disabled people among the population.

    She added that with the rest of the world taking the issue head on by providing disability access to all public buildings, visual and hearing aids, as well as training and assessment, it is time to try and catch up.

    Ms Anolue added: “It is unthinkable for a public building to be built in Europe today without a disabled ramp being provided but in Africa, we are not even looking at the basics. Primary things like wheelchairs Braille and hearing aids are not provided for the disabled but hopefully, this open day will kick-start the fight back.”

    On his part, Dr Ife Akintunde, of the XN Foundation, a visually impaired Nigerian harped on why the disabled should know that they can have a fulfilling life like everyone else.

    He pointed out that he ended up getting a PhD despite being visually impaired.

  • Return of relics of the famous Chief Nnana from UK excites Koko residents

    The ancient city of Koko, headquarters of Warri North Local Government Area of Delta State is in celebratory mood as the town prepares to receive ancient relics of the famous Nnana/British War from a museum in the United Kingdom.

    The artefacts are expected to boost tourism potentials of the town as well as increase the value of the Nnana Living History Museum in the Itsekiri town.

    The artefacts, which have already arrived Nigeria, are to be presented to the Director-General of the National Commission for Museums and Monuments, Mallam Yusuf Abdallah Usman by the Ayomike family in Koko.

    A statement signed by Edward Ekpoko (Esq) said the relics included photographs of scenes of the famous Ebrohimi before and during the British/Nanna War of 1894 .

    He said, “The Nanna Living Museum, Koko will on the 24th June, 2015 witness another epoch-making event as some photographs from a foreign museum of scenes in Ebrohimi before and during the British/Nanna War of 1894, will be formally unveiled.”

    The photographs to be unveiled, according to Ekpoko, include the Nanna palatial residence, adjoining warehouses, stores and town hall as well as the four British Warships: Phoebe, Widgeon, Alecto and Philomel “on 20th September, 1894 (Commanded by Admiral Bedford) in hot exchange of booming canon with Ebrohimi every 5 minutes with smokes filling the air over the choppy Benin River.

    “The formal presentation of these photographs by the Ayomike family to the Director-General of the National Commission for Museums & Monuments, Mallam Yusuf Abdallah Usman for the Nanna Living History Museum is scheduled to hold on Wednesday 24th June, 2015 at 11:00am at Koko in Warri North Local Government Area of Delta State.

    “Notable personalities expected at the occasion include His Excellency, Brigadier S. O. Ogbemudia, two-time Governor of the Old Bendel State (present Delta and Edo States), HRH Prince Edun Akenzuwa and other personalities. Chief Victor Nanna will be the Chief Host.”

     

  • Lloyds shares to be offloaded by UK government

    The government has launched another massive sale of publicly-owned shares in Lloyds, in a sell-off comparable to the massive privatisation schemes of Margaret Thatcher.

    Proceeds from previous sales have now reached half the original bail-out package of £20 billion. New plans should raise money for the government while giving some people in the UK their first taste of the stock market. The total raised should exceed the billions raised by Thatcher from the sale of British Telecom and British Gas.

    Chancellor George Osborne has told UK Financial Investments to continue the drip-drip sell-off of taxpayer shares through broker Morgan Stanley which began last December. Since then the broker has sold 4.2 billion shares in the market at an average price of just over 80p raising a total of £3.4 billion.

    That represented just over five per cent of Lloyds and thanks to the reintroduction of dividend payments, the disappearance of Labour’s threat to banks at the General Election and rising profits from Lloyds the shares were all sold above the average 73.6per cent paid by the taxpayer in 2009’s bail-out.

    Morgan Stanley has now been mandated to sell a further five per cent or so of the Government’s stake so long as it can do so above that bail-out price. After sales on Friday the stake has come down to below 19p. It was just under 25per cent in December.

    Osborne said: “The trading plan has been a huge success, with almost £3.5 billion raised for the taxpayer so far. This means we have now recovered over £10.5 billion in total, more than half of the taxpayers’ money put into Lloyds, and we now own under 19per cent of the bank.

    “But we’re determined to get on with the job of returning Lloyds to private ownership. That’s why I’m extending the plan for six months so that we can make even more progress in returning money to the taxpayer and paying down the national debt.”

    He added that this would be part of his Budget announcement that the Treasury planned to raise £9 billion through further Lloyds shares sales in the current fiscal year. That includes just over £1 billion already raised by the first tranche of Morgan Stanley sales.

    The Chancellor made no mention of his pre-election pledge to offer Lloyds shares to retail investors at a five per cent discount to the stock market price and with the promise of a bonus one-for-ten free share to those who held on for at least a year. That sell-off could come late this year or, more likely, early next year.

  • UK should not fear EU exit

    The chairman of construction equipment firm JCB has said the UK should not fear an exit from the European Union.

    “We are the fifth or sixth largest economy in the world. We could exist on our own – peacefully and sensibly,” Lord Bamford told BBC Midlands.

    Lord Bamford said an exit would enable the UK to “negotiate as our country rather than being one of 28 nations”.

    Prime Minister David Cameron has promised an in-out referendum on the UK’s EU membership by the end of 2017.

    British Chambers of Commerce director general John Longworth said that 55 per cent of his members were in favour of a “reformed Europe”.

    “The ‘reformed’ part of it is quite important, and if you look at a lot of the economic reports… the in-out debate is more nuanced than a lot of people would have us believe,” he told the BBC.

    He said the BCC was waiting to see what shape reform proposals would take, and that it was down to UK politicians to explain to business what reforms they would be pursuing from Brussels.

    Mr Longworth said that, while businesses were used to dealing with uncertainty, an in-out referendum should “take place as soon as is practical”.

    Lord Bamford was speaking as JCB, a privately-owned firm, reported £303m in underlying earnings for 2014, compared with £313m in 2013.

    JCB said the UK’s construction boom had helped offset weaker markets globally.

    The construction equipment market in both Brazil and China dropped by 17 per cent last year, with Russia down 27per cent and India by almost 15 per cent, it reported.

    In contrast, the market for plant machinery in the UK surged by 30per cent, while in the US it rose 13 per cent.

    Overall JCB said sales totalled £2.5bn, down 6% on 2013.