Category : Economy

Business / Economy - 1 day ago

Fajemirokun emerges AIICO’s boss

AIICO Insurance Plc has  announced Mr Babatunde Fajemirokun as its new Managing Director and the Chief Executive Officer (CEO) with effect from Aug. 14. A statement said the new development came on the heels of Fajemirokun’s approval by the National Insurance Commission (NAICOM). The underwriting firm said prior to Fajemrokun’s appointment, Mr Edwin Igbiti was the Managing Director and CEO of the company until July 11 adding that he led the company meritoriously for 27 years. According to AIICO, Fajemirokun holds a Masters in Business Administration (MBA) from University of Chicago with a concentration in Finance, a Master Degree in Business Information Technology System from the University of Strathclyde. He has BA (Hons) degree in Business Economics from the Glasgow Caledonian University. “He is also a qualified associate (ACII) of the Charted Institute of Insurance (UK and Nigeria) with a Chartered Status (Chartered Insurer), he is also a member of the Institute of Directors (IoD),” the company said. &

Business / Economy - 1 day ago

Teacher emerges millionaire on Betway’s AFCON Jackpot

A 26-year-old classroom teacher, Temitope A, has become N2 million richer after winning Betways’ African Cup of Nations prediction jackpot. Betway, an internationally recognised and reliable online betting provider, had offered bettors on its platform a chance to win big by predicting multiple games during the recently concluded football competition hosted in Egypt. Temitope, a dedicated football fan, was one of many bettors who grabbed the unique opportunity offered by Betway to predict games for free. The Osun State native couldn’t believe his luck when he was notified of his win from the betting platform he says he has been using since 2018. Read Also: AFCON 2019: A competition of numbers “I was very very happy… I wanted to scream but I was invigilating in an exam hall,” the Arsenal fan says after receiving his money. Temitope says he intends to continue using Betway as the betting platform is one of the bookies with the highest odds for bettors and a reliable payment structure. “I deposited in my account yesterday. I am now waiting to select some good games for the new football season,” he added. & & &

Business / Economy - 1 day ago

‘325 Corpers benefit from BoI’s N540m loan’

THE Director-General, National Youth Service Corps (NYSC), Brig-Gen Shuaibu Ibrahim, on Friday said the Bank of Industry (BoI) has given loan of N540 million to 325 corps members who are entrepreneurs under the scheme’s Graduate Empowerment Fund. He also said the Central Bank of Nigeria (CBN) in partnership with Heritage Bank has disbursed another N15million to seven corps members under the NYSC/ CBN Youth Entrepreneurship Development Programme (YEDP). The DG said 1,132,409 corps members have so far been equipped with Skills Acquisition and Entrepreneurship Development (SAED) package of the scheme. He spoke at a media parley with editors and reporters in Abuja. Read Also: NYSC boss wants corpers to be security conscious He said: “The SAED was established in 2012 with the mandate to drive the scheme’s collaboration with various stakeholders toward addressing the problem of graduate youth unemployment. “The scheme is collaborating with national and international organisations toward providing material, technical and financial support for the programme. “So far, 1,132,409 corps members have been sensitised and over 70,000 have undergone various forms of skills training. “The BoI-NYSC Graduate Empowerment Fund, which is a product of our partnership with the Bank of Industry, is yield...

Business / Economy - 1 day ago

Kyari urges professionals on pipeline security

THE Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has tasked members of the Pipelines Professionals Association of Nigeria (PLAN) to come up with appropriate technology to stem the current challenges associated with oil and gas pipelines vandalism. A statement from the oil firm on Thursday stated that Kyari threw the challenge while playing host to the executive members of PLAN who paid him a courtesy visit at the NNPC Towers, Abuja. He noted that security and integrity of pipelines were a big challenge in the industry, and called on all stakeholders to collaborate to arrest the situation. “For us, what is of concern is the safety and security of our existing infrastructure, beyond just laying and maintaining the pipelines, their security is an issue for us today, the Association needs to focus on that, and we can ensure greater efficiency. We count on you in that regard because about 70 per cent of pipelines in the country belongs to NNPC,” the GMD stated. Read Also: Fuel import to end in 2023, says Kyari He said the corporation was working in collaboration with the Nigerian Content Development and Monitoring Board (NCDMB) to optimise the participation of Nigerians in pipeline construction and to get more value from them. Speak...

Business / Economy - 1 day ago

Minimum wage: no worker should be cheated, says Wabba

THE President, Nigeria Labour Congress (NLC), Comrade Ayuba Wabba has assured workers, especially those in the states and local government, the group will do everything to ensure that they are not short-changed in any way in the payment of the new national minimum wage. Wabba who spoke in an interview in Abuja  on Thursday also lashed out at the Chairman of the National Salaries, Income and Wages Commission, Chief Richard Egbulue for deliberately stirring controversy that labour leaders were delaying the implementation of the minimum wage. Wabba who was reacting to media reports quoting on the implementation of the minimum wage wondered how workers and their leaders who have been agitating for the implementation of the wages would be the ones delaying its implementation. He said: “Despite the fact that the NLC and TUC are not directly driving the process of consequential adjustment, the process is ongoing. This morning, the report I read from the joint Public Service Negotiating Council is that they are meeting and if there is any stalemate, we will be informed and we will step in to assist them. “I think they have also made the details of their discussions public. So, for anybody on that table to come out and say Labour is delaying the process is not saying the obvious. “Workers...

Business / Economy - 1 day ago

Masters Energy Group repositions for excellence

THE  board of  Masters Energy Group has constituted a new management following the  resignation of Dr Uchechukwu Sampson Ogah from the board. This follows the appointment of Dr Ogah as Minister Designate  to represent Abia State by His Excellency, President Muhammadu Buhari. The ministerial appointment follows Ogah’s several grand achievements in business and his myriad contributions to the nation and Abia State in particular. The board had appointed Barr. (Mrs) Patience Dappa as Acting Group Managing Director/CEO, following the resignation of Dr Ogah who accepted the invitation to contest as the Governor of Abia State under the aegis of the All Progressives Congress (APC). Ogah had announced his decision to step down as the president of his business enterprise, Masters Energy, while proceeding to contest in accordance with the laws of the country that require any person aspiring to public office to step down from whatever enterprise he/she was engaged in the public sector/private sector before  assumption of public office. &

Business / Economy - 1 day ago

15 ships at Lagos ports with petroleum products

FIFTEEEN ships conveying petroleum products and other commodities have berthed at Apapa and Tin-Can Island ports in Lagos, the Nigerian Ports Authority (NPA) has said. Excerpts from the NPA daily publication, Shipping Position, a copy of which was sighted  yesterday in Lagos revealed that the vessels were waiting to berth with their consignments at the ports. According to NPA, four of the 15 vessels were waiting to berth with petrol, while the other 11 will berth with containers and general cargo. The Authority said that no fewer than 24 ships were expected to berth at the ports between Aug. 15 and Aug. 30. According to the News Agency of Nigeria (NAN), it added that the expected ships would sail in with general cargo, bulk salt, bulk sugar, frozen fish, buckwheat, bulk gypsum and containers. NPA further said that 18 ships were currently discharging vehicles, containers, general cargo, petrol, diesel, bulk gas, buckwheat and frozen fish at the ports.

Business / Economy - 1 day ago

Buhari’s directive anti-people, says PDP

THE People’s Democratic Party (PDP) has urged President Muhammadu Buhari to rescind his directive to the CBN. Warning that the directive was capable of inflicting more damage on the polity, it described the directive as ill-timed and completely against the wellbeing of Nigerians. In a statement on Thursday,  PDP spokesman, Kola Ologbondiyan, said the directive would worsen food scarcity, exacerbate the already harsh economic situation, general depression, frustration, resentment and despair in the country. He said: “It is indeed appalling that instead of bringing solutions to the depreciating living conditions in our nation, President Buhari is rather imposing more suffering by ordering the removal of subsidy on food even when it is manifestly clear that he had failed on all fronts to achieve any level of food security despite the huge resources available to his administration. Read Also: Ex-MEND leaders, others hail Buhari on Boroh “By this directive, the Buhari Presidency and the All Progressives Congress (APC) have again demonstrated their insensitivity towards millions of Nigerians who are already suffering acute hunger and starvation due to severe food shortage and high prices brought by President Buhari’s misrule.” Stating that Nigerians do not in any way deserve such suffe...

Business / Economy - 1 day ago

‘Forex ban on food import’ll lead to 3.5m job loss’

MIXED reactions from stakeholders continued to trail President Muhammadu Buhari’s directive to the Central Bank of Nigeria (CBN), to stop providing fund for food importation. The National President, Rice Farmers Association (RIFAN), Mallam Aminu Goronyo described the directive as a welcome development and a good deal to achieve food self-sufficiency in the country. He recalled that in 2015, similar ban was placed on importation of rice but was criticised, adding that today, it has made the rice sector strong and viable. According to him, the current ban will make the country great as it will empower Nigerians economically in terms of employment. “At least 90 per cent of Nigerians will be gainfully engage, through agriculture. “We have over 54 commodities in the country and the moment we can provide employment through these 54 commodities, Nigeria will be economically variable. “It is 100 per cent a welcome idea; we had experienced this in 2015 in the rice sector and for now that it cuts across all commodities, Nigerians will be happy at the end.’’ The Onitsha  Chamber  of  Commerce,  Industry,  Mines  and  Agriculture (ONICCIMA) expressed concern that about  3.5 million jobs will be  negatively  affected  by  the  policy  if  implemented. Its Director-General,  Stanley Anyadufu, ...

Business / Economy - 1 day ago

Reps summon NNPC, DSS, Customs, CBN chiefs over ports

THE House of Representatives on Thursday summoned the Group Managing Director, Nigeria National Petroleum Corporation (NNPC), Mele Kolo Kyari,  Director-General, Department of the State Security Service (DSS),Yusuf Bichi, the Governor of the  Central Bank of Nigeria,  Godwin Emefiele and the Comptroller-General, Nigeria Customs Service (NCS), Col Ali Hameed (rtd). According to the lawmakers, they are to appear before the panel because they failed to attend an investigative hearing into the non -utilisation of Eastern and Southern ports. The  decision was sequel to the public hearing by the a d hoc committee mearnt  to determine why the ports in Warri, Delta State, in Calabar, Cross River State, in Onitsha , Anambra State, and the one in Port Harcourt, as well as in Onne, Rivers State, are not meeting up with the expectations of stakeholders. The Nigeria Ports Authority (NPA), the Nigeria Navy, Ministry of Transport, Nigeria Shippers’ Council, Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Ports Authority (NPA), Intel, amongst others are also expected to be part of the hearing. They had  told the Hon Buba Yusuf Yakub-headed panel that insecurity through kidnapping, and piracy,  lack of infrastructure, lack interconnected road network, multiple charges from di...

Business / Economy - 1 day ago

Lending: Banks race to beat CBN’s deadline

BANKS are in a race to beat the September 30 deadline given by Central Bank of Nigeria (CBN) to implement the 60 per cent minimum Loan to Deposit Ratio (LDR) policy. They are scrambling for credible borrowers, The Nation learnt on Thursday. The apex bank had mandated banks to give out 60 per cent of their deposits as loans. The regulator said banks that did not comply with the directive would have their Cash Reserve Ratios (CRR) increased. Cash reserve ratio is the share of customers’ deposits kept with the CBN. To ensure compliance as the timeline nears, Tier-1 banks, lenders with assets greater than or equal to N1 trillion, are luring credible borrowers in Tier-2 banks with mouth-watering interest rates. The industry average lending rate is around 23 to 26 per cent per annum, but premium borrowers still get credit at 16 to 17 per cent per annum. Confirming the development during the presentation of banking sector report in Lagos, Senior Analyst, Banking & Insurance Department at Agusto & Co, Mrs. Ada Ufomadu, said Tier-1 banks are now going for big and credible borrowers in Tier-2 banks, offering them reduced lending rates for new loan plan. FirstBank, Access Bank, Zenith Bank, United Bank for Africa and GTBank fall within the Tier-1 bank category. According to Ufomadu,...

Business / Economy - 1 day ago

IOCs get two weeks’ ultimatum to pay dockworkers

The Federal Government has given International Oil Companies (IOCs) a two-week ultimatum to pay outstanding debts to dockworkers employed by stevedoring contractors appointed by the Nigerian Ports Authority (NPA). President-General of the Maritime Workers Union of Nigeria (MWUN) Comrade Adewale Adeyanju said the directive was issued at a meeting convened by the Federal Ministry of Transportation with the IOCs and industry stakeholders in Abuja. He said: “A resolution has been reached on the issue of IOCs. From the meeting we held last week, the IOCs have been given two weeks, beginning from Wednesday when we had the meeting. “Since then, their level of compliance has reached 30 per cent. They have started allowing the stevedoring contractors to register with them and I believe within two weeks, something reasonable will come out of it.” Adeyanju said with the level of compliance of the IOCs, he was optimistic that the union’s demands to engage the services of NPA-appointed stevedores and registered dockworkers would be addressed. He warned            that the union would not fail to resume its suspended strike, should the IOCs renege on the ultimatum. He said: “We only suspended our strike, if anybody plays against the resolution that all of us have agreed upon with the Permanent...

Business / Economy - 1 day ago

NLC to govt: release Sowore, others

The Nigeria Labour Congress (NLC) has described the arrest of Omoyele Sowore and other protesters in the last  peaceful protest as a breach of their fundamental human rights, as well as other Nigerians’ collective right to freedom of expression and association as enshrined in international and national instruments that strengthen democracy. The NLC, in a statement by the General-Secretary, Dr. Peter Ozo-Eson, said Sowore and other protesters were not carrying arms against the state and demanded their immediate and unconditional release. He said: “His continued detention by the State Security Service lacks any justification, as his actions were not in any way a threat to the sovereignty of Nigeria nor the democratically constituted government of Nigeria. “He was just one out of several Nigerians demanding for good governance being the minimum demand citizens can make from a government they democratically elected.” The NLC said it was with deep consternation that it viewed the attacks and arrest of peaceful protesters in some parts of the country by security agencies and military personnel. “There is no where in our Constitution or laws that security agencies are empowered to brazenly attack peaceful protesters and hound its organisers into detention, as the right to peaceful prote...

Business / Economy - 1 day ago

Traders urge National Assembly to ratify AfCFTA agreement

The National Association of Nigerian Traders (NANTS) has advised the National Assembly to ratify the African Continental Free Trade Area (AfCFTA) agreement to ensure its speedy implementation. NANTS President Mr. Ken Ukaoha, who gave the advice in Abuja, said the ratification would enable Nigeria to join the comity of nations that would benefit from the AfCTA. President Muhammadu Buhari had on July 7, at the 12th African Union (AU) Extraordinary Summit in Niamey, Niger Republic, signed the agreement establishing the AfCFTA. Ukaoha, a lawyer, said the National Assembly had a major role to play in  ratifying the agreement, adding that after signing it, its endorsement should follow. “And of course we know that courtesy of Section 12 of the 1999 Constitution of Nigeria as amended, no international agreement or treaty can come into force except it is ratified by the National Assembly. “So, the National Assembly should also be seriously and urgently doing so in recourse to provisions of Section 19 of the Constitution, which is part of the fundamental objectives of the government. “One, is that our foreign policy objective is in tandem with the AfCFTA, therefore the National Assembly should look at AfCFTA from that angle and ratify it because the implementation is knocking at the door,...

Business / Economy - 1 day ago

‘Agribusiness key to unlocking economy’

Agribusiness, not agriculture, remains the key to unlocking the economy, the Programme Director, Lagos Business School (LBS), Mr. Kelikume Ikechukwu, has said. Ikechukwu, who described agriculture as activities, such as crop production, fishery, forestry and animal husbandry, however, said agribusiness encompassed  land, people, packaging, processing, transportation and the export of produce which goes beyond just farming. “For instance, an agribusiness practitioner will take maize and extract ethanol and raw starch from it to produce industrial starch needed by textile industries. “The industrial starch is produced outside Nigeria, but the raw starch that is  used in producing  industrial starch comes from Nigeria,” he said. The LBS director added that if agriculture were truly the key to unlocking the economy,  then Cote d’Ivoire, the richest country in cocoa production, would have ranked the  biggest in the cocoa value chain. His words: “Switzerland, however, is the biggest in the cocoa value chain, but it does not produce cocoa. That is why agribusiness is the key to unlocking the Nigerian economy. “If we begin to expand it, you will see how big the agribusiness space is compared to agriculture; that is why it holds the key and not agriculture.” Ikechukwu advised youths inter...

LOAD MORE